Highlights

  • Customers will have to pay Rs 1 more than what they were paying earlier to withdraw money
  • RBI allowed banks to hike fee on ATM withdrawal once free limit exhausted
  • Customers are eligible for five free transactions monthly

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It will cost your more to withdraw cash from an ATM now

You will have to pay more for ATM transactions from January 1; here's how much and why

ATM cash withdrawal is going to cost you more after you exhaust your five free transactions monthly. As per the RBI notification from January 1, 2022, cash withdrawal fee through debit card or credit card of any public or private sector bank will now cost Rs 21 per transaction.

Previously the customer paid Rs 20 per transaction once the free limit was exhausted so though effectively it seems like a minor hike of just Rs 1 it will also add on a tax under the goods and services tax (GST) regime.

Also read: RBI Governor warns: depositors should be careful while chasing high return

One must remember that even beyond 5 free transactions at your own bank, as per the RBI guidelines, the bank customers can do three free transactions in metro centres and five transactions in non-metro centres from other banks as well.

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