No easy cash! Even Rs 100 withdrawal from bank ATM after free limit to cost Rs 21 next year

Even Rs 100 withdrawal from bank ATM after free limit to cost Rs 21 next year.

Customers will be allowed only three free transactions in metro centres and five transactions in non-metro centres at banks ATMs. 

Bank customers will have to pay more for making more than allowed “free” transactions at ATMs from January 1, 2022. Commercial banks were permitted by RBI to increase charges for cash and non-cash ATM transactions beyond the free monthly permissible limit from next year.No easy cash! Even Rs 100 withdrawal from bank ATM after free limit to cost Rs 21 next year

Customers will only be allowed to make five free transactions every month from the ATM of their own banks as per the rule. Both financial and non-financial transactions will be counted for this purpose, as stated by RBI. you will have to pay Rs 21! Even if you withdraw Rs 100 from your bank’s ATM with your credit card or debit card for the sixth time (after five free transactions), you will have to pay Rs 21 from next year.

“Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs. They are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs viz. three transactions in metro centres and five transactions in non-metro centres,” the RBI said.

RBI also added that “Beyond the free transactions, the ceiling/cap on customer charges is ₹20 per transaction, as prescribed vide circular DPSS.CO.PD.No.316/02.10.002/2014-2015 dated August 14, 2014. To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to ₹21 per transaction. This increase shall be effective from January 1, 2022”.

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