ATM cash withdrawals to be high from January
By MYBRANDBOOK
Cash withdrawal from ATM will get costlier from January after the cash withdrawal limit from the ATM gets exhausted. So, credit or debit card customers have to pay more if the limit exceeds.
In a notification, the Reserve Bank of India has said that customers will have to pay even more charges from January 2022 for ATM transactions once the limit exceeds. Notifications are being done by the banks to remind customers of this rule.
Beyond free monthly limits the ATM transactions are set to get costlier as RBI had allowed banks to increase charges on cash and non-cash automated teller machines (ATMs). Customers will have to pay Rs 21 per transaction at their own banks' ATMs to withdraw money once the limit exceeds after the change is implemented. Presently, the charges are Rs 20.
The new rule will be effective from January 1, 2022. The Reserve Bank of India allows all bank customers to do five free ATM transactions at their own banks before these rates are charged.
Customers will be eligible for three free transactions from other banks in metro cities and five free transactions in non-metro cities. The RBI had notified about the changes in June this year. HDFC Bank and Axis Bank have updated their website with the new notification.
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