Bank ATM Transaction Charges: Under Indian banking rules, you have to pay a fee for withdrawing your money from banks, on which tax is also imposed.
Banks have given a limit to their customers to withdraw money from ATM for free, due to which you will have to pay a fee for more frequent withdrawals. The Reserve Bank has also increased the charges for such withdrawals. We are giving you information about ATM charges and taxes of five such banks.
State Bank Of India (SBI)
The largest government bank SBI has given its customers the facility of free withdrawal from ATM 5 times every month. However, for metro cities this limit is only three times. After five withdrawals, there will be a charge of Rs 5 for every withdrawal from SBI ATM and Rs 10 for withdrawal from any other bank. You can withdraw minimum Rs 100 and maximum Rs 20 thousand daily through ATM.
Punjab National Bank
Punjab National Bank also gives its customers three free withdrawals every month in metro cities and 5 free withdrawals in non-metro cities. After this, a charge of Rs 10 will have to be paid on every withdrawal. Customers of this bank can withdraw a maximum of Rs 25 thousand daily, while card holders like Gold and Platinum can withdraw up to Rs 50 thousand daily.
HDFC, the largest private sector bank, does not levy any charges on its customers on withdrawals up to Rs 5 in non-metro cities and Rs 3 in metro cities. After this, Rs 21 more tax is taken. In this bank also, daily withdrawal of Rs 10 thousand to Rs 25 thousand can be done as per the card. The bank charges Rs 125 per transaction for withdrawing money from an international ATM.
ICICI, the second largest private sector bank, gives its customers 3 free withdrawals every month in metro cities and 5 free withdrawals in non-metro cities. After this the bank charges Rs 21 more tax. If you withdraw money from non-ICICI Bank ATM, you will have to pay a charge of Rs 5 on Rs 1,000 and Rs 150 on Rs 25,000. Rs 50 thousand can be withdrawn daily from the ATM of this bank.
Axis Bank customers can also withdraw free money 3 times every month in metro cities and 5 times in non-metro cities. After this the bank will charge Rs 21 more tax on every withdrawal. Customers of this bank can withdraw up to Rs 40 daily through ATM. The withdrawal limit from ATMs of private banks is higher than that of government banks, so that customers can be attracted.