From January 1, 2022, India’s credit and debit cardholders will witness a big change in ATM withdrawals. The Reserve Bank of India (RBI) has announced that ATM charges will be increased for all public as well as private banks, across the country.
RBI has further notified that the hike will be applicable after the monthly limit gets exhausted. The notification further said that the customers will have to pay Rs 1 more than the earlier paid amount. The banks are advised to inform their respective customers about the hike.
According to the RBI, the ATM charges have not been increased since August 2014.
Here are the key points about the new changes, which will be followed from January 1, 2022:
1.) The transaction, which was Rs 20 earlier, will be increased to Rs 21 per transaction.
2.) Customers are allowed to perform five transactions for free from their respective banks.
3.) Customers are also allowed to perform three free transactions in metro cities and five in non-metro from different banks.
4.) This new rule is also implemented on the Cash Recycler Machine.
5.) RBI has taken this decision to compensate the banks for higher interchange fees and general escalation in costs.