The common man who is suffering from inflation is going to get another setback. It is also expensive to withdraw money from an ATM soon. Recently, the Reserve Bank of India (RBI) has increased ATM transaction fees. Financial transaction interchange fees have been increased from Rs 15 to Rs 17. And the non-financial transaction fee has been increased from Rs 5 to Rs 6. The new rate is effective August 1. According to the Reserve Bank of India, interchange fees are the fees that banks charge merchants through credit cards and debit cards.
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Withdrawing money from an ATM is expensive
Withdrawals from ATMs will be more expensive than before January 1, 2022. The Reserve Bank said it would have to pay up to Rs 21 for additional ATM transactions from January 1. As per RBI rules, the bank cannot charge any of its customers for 5 ATM transactions in a month. In addition, a fee of 20 rupees is required to be paid on the transaction. People who use ATMs of other banks do not have to pay any fees for 3 free transactions in metro cities and 5 transactions in non-metro cities.
In a notification issued by the Reserve Bank of India, a change in the transaction interchange fees of ATMs was made in August 2012. But the fees paid by consumers were last revised in 2014. As such, a lot of time has passed since these tariffs were changed.
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New service charges for SBI Basic Savings Bank Deposit (BSBD) account holders effective July 1, 2021 The bank has decided to increase service charges on ATM withdrawals, checkbooks, money transfers and non-financial transactions which have now been implemented.