ATM withdrawal charges increased
From 1 January 2022, banks have increased the penalty charges on the ATM withdrawal beyond the permissible limit.
RBI has allowed the banks to impose a maximum fine of Rs 21 plus GST of 18% on per excess ATM transaction.
According to the RBI:
- Banks have to allow its account holder a minimum three free transactions from other bank ATMs (financial and/or non-financial) in metros and five in non-metros per month
- Banks have to allow its account holder a minimum five free transactions (financial and/or non-financial) every month from their own bank ATMs.
- Financial transaction means withdrawal of cash from ATM
- Non-financial transaction means non cash transaction like balance enquiry, etc.
- Metro ATM transaction means transaction done in ATMs located in Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad .
- ATM stands for Automated Teller Machine
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