ATM charges increase suddenly..!?

The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has revised the charges for ATM transactions and announced new charges. This change will come into effect from May 1. With this change, two rupees will be charged more for financial transactions such as withdrawing money from ATMs and one rupee will be charged more for non-financial transactions such as checking account balance. Although most people in india are using UPI services more and more, cash is needed at many times and at many times. Nowadays, ATM machines are the only thing that helps us. In this situation, the increase in ATM charges has become a new burden for the people. Currently, bank customers living in metro cities can use ATMs of banks other than their own bank five times a month for free. At the same time, those living in non-metro areas can make three free transactions a month. There is no change in this rule.
This new change is expected to affect small banks with less ATM networks the most. This will create a situation where people will have to use ATMs of other banks instead of their own bank ATMs. Also, banks have not yet officially announced how and when they will collect these new charges from customers. In the last ten years, whenever interchange fees were revised, banks collected these charges from customers. Similarly, this time the charges are expected to be passed on to the customers.

ATM interchange fees are the charges that a bank pays when using the ATM services of another bank. This fee is usually calculated as a certain percentage of the transaction and is added to the total charge of the customer. For example, the fee paid when an sbi customer uses an ICICI ATM. The RBI last changed this interchange fee in june 2021, and it is being re-implemented now. According to the new change, the interchange fees for financial transactions such as withdrawing money will increase from Rs 17 to Rs 19. At the same time, the fee for non-financial transactions such as checking account balances will increase from Rs 6 to Rs 7.
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Sowmiya Sriram

24/03/2025 09:16 PM