ATM cash withdrawal charges hiked: Check new fee and other charges INCREASED by RBI—full list here
The Reserve Bank of India has increased certain charges related to ATM transactions. Besides, interchange fee and other charges have been revised too
The Reserve Bank of India has increased certain charges related to ATM transactions. Besides, interchange fee and other charges have been revised too. These changes will come into effect from January 1, 2022, and from August 1 this year respectively. The developments come after the central bank has constituted a committee in June 2019 to review the entire gamut of Automated Teller Machine (ATM) charges and fees with particular focus on interchange structure for ATM transactions.
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Last time charges on ATM transactions were revised in 2012. The move by the RBI comes after almost 9 years.
"The recommendations of the committee have been comprehensively examined. It is also observed that the last change in interchange fee structure for ATM transactions was in August 2021, while the charges payable by customers were last revised in August 2014. A substantial time has thus elapsed since these fees were last changed. Accordingly, given the increasing cost of ATM deployment and expenses towards ATM maintenance incurred by banks/white label ATM operators, as also considering the need to balance expectations of stakeholder entities and customer convenience, these charges have been revised," said RBI In a statement.
Here is the list of charges that have been revised by the RBI
*Customers to be charged Rs 21 per ATM transactions from January 1, 2022 after exhausting limit of free transactions
* New interchange charges effective from August 1
* Financial transactions to attract Rs 17 worth interchange fee per transaction as against Rs 15 earlier.
* Non-financial transactions to attract RS 6 interchange fee as against RS 5 previously
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