Bad news to ATM users: Money withdrawal charges increased
Confederation of ATM Industry (CATMI) aims to increase ATM withdrawal charges to a maximum of Rs 23 per transaction. The card-issuing bank pays an interchange fee to the bank that used the card to withdraw cash. I
Automated teller machine (ATM) users will soon have to pay more for cash transactions. The Confederation of ATM Industry (CATMI) has urged the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to increase interchange fees.
Confederation of ATM Industry (CATMI) aims to increase ATM withdrawal charges to a maximum of Rs 23 per transaction. The card-issuing bank pays an interchange fee to the bank that used the card to withdraw cash. In 2021, the fee was increased from Rs 15 to Rs 17 and the cap on the fee was fixed at Rs 21.
Banks charge a fee for cash and non-cash ATM transactions if customers exceed the free monthly limit. Till now, if the free monthly ATM withdrawal limit is exceeded, the bank charges an additional tax of Rs 21 per transaction paid by the customer.
The maximum cash withdrawal limit is different for each bank in India. However, the maximum daily limit for some banks starts from 10,000 and goes up to 50,000 for premium clients. Banks now offer savings account users a minimum of five free transactions every month in Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi. Three transactions are free at any other bank’s ATM.
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Currently, Savings Bank account holders get five free transactions every month in six metro cities. Only three transactions are free for withdrawing money at other bank ATMs. For example, if a customer has an X bank account, they can withdraw five times from their banks ATM and three withdrawals are free if they withdraw money from other bank ATMs.
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