Transactions will be expensive more than 5 times per month from the ATM

More than 5 transactions in a month are now more expensive. Since January 1, 2022, customers are now paying Rs 21 instead of Rs 20 per transaction. RBI has allowed banks to increase fees. This means that if you cross the free cash or cashless transaction limit every month from an ATM, you will have to pay these fees. However, RBI said customers continue to receive five free transactions (including financial and non-financial transactions) per month from their bank’s ATMs. Customers have the option of offering free transactions at three of the other bank’s ATMs in metro cities and five non-metro cities.

This is responsible for the increase in charge

RBI said the charges applicable to consumers were revised in August 2014. In such a situation, after reviewing the recommendations of the Committee, it is decided to increase the interchange fees and customer fees. The decision was taken in view of the convenience of all stakeholders and customers, along with ATM deployment costs and operating costs of banks and ATM operators. With effect from 1st August 2021, the RBI has increased the non-financial transaction fee from Rs 5 to Rs 6.

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In June 2019, the RBI set up a committee under the chairmanship of VG Kannan, then president of the Association of Indian Banks, to review the full scope of ATM fees. The committee’s recommendations were revealed in July 2020. The committee recommended that the population be used as a metric for calculating ATM fees.

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