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Each month, a set number of free transactions at their own ATMs are permitted by all the main banks, both in the private and public sectors. Typically, banks charge fees and taxes for any additional transactions. This also includes those for financial and non-financial services, once the limit has been reached. This rule, however, complies with RBI (Reserve Bank of India) regulations. Depending on your account type and debit card, the number of free withdrawals at the ATMs may change.
For several banks, including SBI, HDFC, ICICI, and Axis Bank, the RBI has imposed fees on ATM transactions. According to their announcements, banks may provide a minimum of five free financial transactions every month, regardless of the location of the ATMs. In accordance with a regulation released by the Reserve Bank of India in June of last year, beginning on January 1, 2022, banks are permitted to charge Rs. 21 per transaction above the free monthly transaction limit at ATMs.
Previously, banks could charge Rs. 20 for every such transaction. Beyond the permitted free transactions, customers are charged Rs. 1 extra for both cash and non-monetary uses.
Here is a breakdown of the ATM withdrawal charges in different banks:
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Image and article originally from www.bqprime.com. Read the original article here.