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

Name: It will cost your more to withdraw cash from an ATM now
Uploaded: 2022-01-01T16:03:09.000+05:30
Duration: T00M47S
Channel: EJ Biz Desk
Description: 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 priva...

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

Updated: Sep 02, 2022 10:53

EJ Biz Desk

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

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.

Frequently Asked Questions

What is the new fee for ATM withdrawals after exceeding the free limit?❯

The fee for ATM withdrawals after exceeding the free limit is now ₹21 per transaction.

What was the previous fee for ATM withdrawals after exceeding the free limit?❯

When does the new fee for ATM withdrawals take effect?❯

How many free ATM transactions are allowed per month at one's own bank?❯

How many free ATM transactions are allowed per month from other banks in metro centres?❯

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

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