With effect from 1.1.2022 Withdrawal of cash from ATMs is going to be more expensive
ATM users will have to pay more charges if the free ATM transaction limit is exceeded.
Also RBI has also approved to increase the interchange fee per transaction.
Indians to pay more ATM operative costs w.ef 1.1.2022
Interchagne fees old rates are bought effective from 1st August 2021. And the new interchage fees rates will be effective from 1.1.2022
The fee for interchange fee financial transactions has been increased from Rs 15 to Rs 17.
The fees for interchange fee has been increased from Rs 5 to Rs 6 for non-financial transactions.
Customers have been allowed to do 3 free transactions from ATMs of other banks in metro cities and 5 transactions at non-metro centres. bank
It is to be noted There is a catch even balance checking or any password change ( a non finacial transcation) will also be counted and thus 3 in metro and 5 in metro is inclusive of both financial and non-financial transactions.
Till now, customers have to pay a charge of Rs 20 for crossing the monthly limit of free transactions.
At the same time, from next month, Rs 21 per transaction plus GST will have to be paid.
The RBI has made a general increase in costs under a circular to compensate banks for higher interchange fees.
Following this Axis Bank said that as per the guidelines of the Reserve Bank (RBI), the fee for financial transactions over and above the free limit at ATMs of Axis Bank or other banks will be Rs 21 plus GST. These revised rates will be effective from January 1, 2022.