Thursday, 28 October 2021

New Rules for ATM by Banks following is the details

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Changes in Automated Teller Machine (ATM) rules concerning cash withdrawal.

The changes include an increase in charges for transactions beyond the free monthly permitted limit, a new free ATM transaction limit, and an increase in the interchange fee per transaction announced by the Reserve Bank of India on Thursday.

ATM withdrawal-related charges increased by the Reserve Bank of India (RBI)

The new rules are effective from August 2021 onwards.

With new rules come into effect, these rules will put more pressure on ordinary people's pockets; people who mostly rely on ATM withdrawal need to re-calculate atm withdrawals in a month as they have to pay extra charges.

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Change details:

RBI has increased the charges; now Customer has to pay Rs 21 per transaction instead of Rs 20 when exceeding the cash withdrawal limit.

As per RBI Circular, banks can increase the interchange for ATM fee per transaction to Rs 17 from 15 for financial transactions.

Non -financial transactions also to increase Rs 6 from Rs 5. Banks have deployed for their Customer to fewer interchange charges.

Free five transactions include financial and non-financial transactions for customers from their bank ATMs.

After the cap withdrawal limit, the bank will charge Rs 20 per transaction.
Cap of 5 transactions in non-metro cities and three transactions in metro cities.

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