PERSONAL FINANCE
The withdrawal charges in ATMs are set to increase from January 1, 2022, beyond the free monthly permissible amount.
According to the latest announcement by RBI, the cash withdrawal charges on ATMs will be slightly heavier on the pockets of users if they surpass the monthly limit of free transactions on their debit or credit cards.
The Reserve Bank of India in June has announced that the banks in the country are now allowed to increase the charges for cash and non-cash ATM transactions beyond the free monthly permissible limit for the users. This change in the rates will come into effect from January 1, 2022.
The RBI, in a circular, issued earlier, said, “To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction. This increase shall be effective from January 1, 2022.”
In accordance with the circular issued by RBI earlier this year, customers at ATMs will now have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022. This amount will be charged to customers if they exceed the limit of monthly free transactions.
Even though the transaction charges have been hiked, customers will continue to be eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs.
Apart from this, customers will also be able to avail three free transactions from other bank ATMs in metro centres and five transactions in non-metro centres. RBI has also allowed central banks to raise the interchange fees per transaction from Rs 15 to Rs 17 per financial transaction and from Rs 5 to Rs 6 for non-financial transactions.
These changes in the ATM withdrawal charges have come into effect as there has been an increase in the cost of ATM deployments expenses towards ATM maintenance incurred by banks/white label ATM operators. The need to balance the expectations of the stakeholders has also increased over the past few months.
No bank holiday on Eid al-Fitr this year? Know reason behind this
Indian doctor claims THIS about paneer, milk, prompts debate on social media, netizens say...
Every home of THIS town owns a private jet, has unique street names, it is located in...
'Delight to meet Elon Musk's family...': PM Modi after call-on by Tesla CEO accompanied by his kids
Meet IAS officer, who cleared UPSC exam after getting inspired by Virat Kohli, her AIR was...
Happy Valentine's Day 2025: Wishes, WhatsApp messages, images, quotes to share with your partner
DNA TV Show: World Records in Mahakumbh 2025
Vidya Balan enjoys Sanam Teri Kasam in theatre, pens special note for team: 'Mawra aap kamaal ho'
Meet woman who owns Delhi's most expensive home worth Rs..., not Nita Ambani, Priti Adani
Samay Raina to perform in Mumbai on March 27 amid India's Got Latent controversy
Little girl's adorable dance to 'Khadke Glassy' wins hearts online, WATCH viral video
'Whole India in one coach’: Viral video shows chaos in first-class train to Mahakumbh, WATCH
Chhaava Movie Review: A groundbreaking epic that redefines the blockbuster experience
Gautam Adani pulls out of BIG Rs 8684 crore power project in THIS country due to...
Group of musicians perform iconic theme of 'Tom & Jerry' but here's a twist! WATCH viral video
ICC punishes Shaheen Afridi, two Pakistan stars for doing THIS vs South Africa
President's Rule imposed in Manipur days after N Biren Singh resigns as CM
Ramadan 2025: When will the holy month of Muslims begin in India? Know all details
Good news for India's richest banker, RBI lifts ban on his Rs 392000 crore company, allows it to...
WPL 2025 Opening Ceremony: Performers list, date, time, venue, live streaming - All you need to know
Meet man, aka coolest grandpa, who still works as actor and model at 89, he is from...
Meet IAS officer, who cracked UPSC exam in 2009, now promoted to key post in GOI as...
Honda, Nissan call off Rs 521825 crore merger, the reason is…
Valentine's Day 2025: Why do we celebrate this day? Know here
Ne Zha 2: Everything you need to know about the Chinese animated blockbuster
How I Can Make Your Child into an Ivy Leaguer: A Parent’s Guide to Success with Caroline Linger
Meet China’s newest billionaire, who runs bubble tea business, his net worth is Rs...
Top Government Schemes for Farmers, Artisans, and Students You Should Not Miss!
Why did RCB chose Rajat Patidar as captain over Virat Kohli? Team director Mo Bobat explains
Valentine’s Day 2025: Perfect last-minute gifts ideas for your partner
Man who saved Rishabh Pant's life in 2022 car accident, attempts suicide with girlfriend, she dies
FASTag New rule: All you need to know to avoid extra charges from February 17
Throwback: How did Rohit Sharma propose to Ritika Sajdeh? WATCH viral video
Did Ram Charan unfollow Allu Arjun after his father took a dig at Game Changer? Here's what we know
Who Are The Top 5 Most Influential Astrologers In India In 2025?
Delhi-NCR schools holiday: Are Delhi, Gurugram, Noida schools closed on Feb 14? Check here
THESE cricketers unfollowed Ranveer Allahbadia on social media amid India's Got Latent controversy?
‘Broke in 50 days’: Accenture employee-investor loses Rs 8 lakh in a day, his net worth is Rs…
Microsoft inaugurates new campus in THIS Indian city, plans to hire...
Shah Rukh Khan once bought laptop for Aamir Khan but he did not open it for...years because...
New Income Tax Bill 2025: FM Nirmala Sitharaman tables the new income tax bill in Lok Sabha
Emirates flight attendant's BTS video sparks firing rumours, airline responds, see post here
Anupam Mittal asks Namita Thapar to quit Shark Tank India because...: 'If you're...'
Meet comedian who was slapped, kicked out of film set by...; his net worth is now...
Top 3 iconic cricket rivalries
Couple recreates dance with same friend squad for sangeet after 10 years, watch viral video
Meet actor who served during Kargil War, put his career on hold for..., he is...
RCB captain announcement LIVE Updates: Rajat Patidar to lead team in IPL 2025
Ranveer Allahbadia cries in viral video over..., the truth behind it will shock you
Meet actress who is queen of Rs 500 cr club, set to enter again with..., she is...
Rohit Shetty teases 'biggest love story of 2025' feat Ranveer Singh and.., fans react