From next month onwards, customers will have to pay more for crossing the free ATM transaction limit. In June, the Reserve Bank of India (RBI) allowed banks to increase charges for cash and non-cash ATM transactions in excess of the free monthly permissible limit with effect from January 1, 2022.
“As per RBI guidelines, there will be a financial transaction fee in excess of the free limit at Axis Bank or other bank ATMs 21 + GST with effect from 01-01-22,” Axis Bank said.
New ATM Transaction Fee
Customers will have to pay from next month 21 per transaction, instead of 20 if they exceed the monthly limit of free transactions. “In order to compensate banks for higher interchange fees and in view of the general increase in costs, they are permitted to increase customer charges. 21 per transaction. This increase will be effective from January 1, 2022,” RBI had said in a circular.
free atm cash withdrawal
Customers will continue to be eligible for five free transactions (including financial and non-financial transactions) every month from their own bank ATM, They will also be able to do three free transactions from other bank’s ATMs in metro centers and five at non-metro centres.
In addition, the central bank had also allowed banks to increase the interchange fee per transaction from 15 17 To and from financial transactions from 5 6 for non-financial transactions across all centres. This was effective from 1 August 2021.
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