The Reserve Bank of India (RBI) on Thursday announced that it will increase the interchange fee from Rs 15 to Rs 17 for every transaction made through ATMs. The increase in the ATM withdrawal fee will take effect from January 1, 2022. This means that you will have to pay extra fees from the first day of the new year.
In addition, the RBI has announced that it will increase the maximum tariff limit for consumers from Rs 20 to Rs 21 per month after withdrawing free ATMs from any bank. Banks currently offer customers 5 free cash withdrawals each month from ATMs. The last time ATM interchange fees were changed was in August 2012, the Reserve Bank said.
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At the same time, the fees applicable to customers 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, the RBI said. With effect from August 1, 2021, the central bank has increased non-financial transaction fees from Rs 5 to Rs 6.