ATM withdrawal charges increased

Tags: Economics/Business

 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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