Withdrawing cash from ATM is expensive
The Reserve Bank of India has allowed major changes in the rules related to ATM transactions. After the green signal from RBI, banks have not been allowed to increase the ATM service charge. After getting permission from RBI, now the charges for cash and non-cash ATM transactions have been increased.
how much increase
If this rule is easily understood, after the end of the free transaction limit, if you do cash or non-cash transactions from ATMs, then now you will have to pay more service charge than before. Earlier this service charge was fixed at Rs 20, which has now been increased to Rs 21.
When will this rule be applicable
After the order of RBI, this new rule will be implemented from January 1, 2022. Let us tell you that bank account holders can do free transactions up to 5 times in a month from their bank’s ATM. At the same time, you can do 3 free transactions from any other bank’s ATM.
Interchange charge hike
According to the new rules of RBI, from August 1, 2021, for every financial transaction, now customers will have to pay Rs 17 instead of Rs 15 as interchange charge. Whereas for non-financial transactions, now instead of Rs 5, Rs 6 will have to be paid.