ATM Cash Withdrawal Charges To Increase From 1 January Know Charges Free Withdrawal Transaction


ATM Cash Withdrawal Charges: In the new year, you will have to pay more charges for withdrawing money after the free withdrawal limit from ATMs. With effect from January 1, 2022, banks will charge a transaction charge of Rs 21 instead of Rs 20 per transaction for withdrawing money from ATMs beyond the free withdrawal limit.

Charges for withdrawals in excess of the stipulated limit

In fact, at present, banks allow customers to withdraw money from their ATMs for free five times every month. Banks charge Rs 20 for withdrawing money after the free withdrawal limit is over. But on withdrawal of money for the sixth time from January 1, you will have to pay a charge of Rs 21 and adding tax on it. However, all non-financial transactions will remain free, from checking balance to mini statement or changing PIN.

Currently, on withdrawal of money from other bank’s ATMs in 6 metro cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad), the first 3 transactions including financial and non-financial transactions are absolutely free and there is no charge to the customers. Does matter.

Whereas in non-metro cities, 5 ATM transactions can be done free of cost. After this, for financial transactions in metro cities, Rs 20 per transaction and Rs 8.50 have to be paid as non-financial transaction.

But the customers of the bank will have to pay Rs 21 per transaction for financial transactions and Rs 8.50 for non-financial transactions after the 5th transaction after the new rates are implemented from January 1. In fact, in June this year, the RBI allowed banks to charge more for withdrawing money or doing other transactions through ATMs more than the fixed free monthly limit.

RBI circular

According to the RBI’s circular issued on June 10, banks should be asked to compensate for the charges for using cards in other banks’ ATMs and in view of the increase in other costs, they should be increased by increasing the charge per transaction. Of
Permission was granted.

Banks gave information on the website

Banks have released information about the increase in ATM transaction charges from January 1, 2022 on their website. HDFC Bank has written on its website that from January 1, 2022, after the free withdrawal limit, a charge of Rs 21 per transaction will be charged instead of Rs 20, which is included in tax. Axis Bank has also informed about the increase in ATM charges.

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