If you use your ATM card a lot, this news is for you. Now withdrawing cash from ATMs as well as charges for debit/credit cards are going to be hiked.
As per the information, if customers withdraw money more than the prescribed limit from the ATM, banks may impose more charges on the transactions. RBI has recently approved a proposal for banks to increase the charge on ATMs to Rs 21 per transaction. These new rates will be applicable from January 1, 2022.
Notably, customers get five free transactions every month from the bank’s ATM. This includes financial and non-financial transactions. In case of more, customers have to pay charges. For this, now an additional amount of Rs 20 will have to be paid per transaction. It is also important to know that for customers using ATMs of other banks to withdraw cash, there is a discount of three free transactions in metro cities and five in non-metro cities.
RBI increased the interchange fee for ATM transactions from Rs 15 to…
