RBI has approved an increase in ATM charges, which will be effective from May 1. After the free transaction limit, a charge of Rs 23 will be levied on every withdrawal. This will have a greater impact on the customers of small banks.
There is an important news for those who use ATM to withdraw money. The Reserve Bank of India (RBI) has approved the increase in ATM charges. The increased charges will be applicable from next month i.e. May 1. After this change, customers will have to pay more charges after crossing the free transaction limit. However, there is no change in the free transaction limit of ATM. You will continue to get 5 free transactions every month from your bank’s ATM. At the same time, 3 free transactions will also be provided from ATMs of other banks in metro cities and 5 free transactions in non-metro cities. But after this, the customer will have to pay more charge for every additional withdrawal.
Under the new rules, after the free transaction limit ends, from May 1, the customer will have to pay Rs 23 for every ATM withdrawal. Currently, this fee is Rs 21. That means you will have to pay Rs 2 more for every additional transaction. Experts believe that this increase in ATM charges will affect the customers of small banks more.
This is because small banks have less ATM network and they do not have ATMs everywhere. Because of this, their customers have to use ATMs of other banks more. If you use ATM only once or twice a month, then it will not affect you much. But customers who use ATM more, their pockets will be affected.
Why ATM charges increased
Third party ATM operators and banks have been demanding an increase in ATM charges for a long time. They argue that running an ATM has become a loss-making deal due to the increase in operating costs. On this issue, the National Payments Corporation of India (NPCI) had also recommended an increase in the charges to the Reserve Bank of India. Which has now been approved.
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