ATMs were created to avoid congestion in the bank and to reduce the workload of the employees. The number of ATMs is increasing in many parts of the country. Most people complete all types of transactions at ATMs. As the use of ATMs has increased, so has the cost of maintaining them. Banks charge a service fee to deduct a certain amount from customers’ accounts to cover maintenance costs.
Are you a regular cashier at ATMs? – Find rate hikes effective today!
ATM Cash Withdrawal Rules and Transaction Charges Will Be Changed From August 1: Check Details Here | India.com
This amount is determined by the Reserve Bank. The same service rates have been fixed for the last 9 years. As a result, banks have long been urging the Reserve Bank to raise service rates. Accordingly, in 2019, the Reserve Bank met at a high-level meeting and decided to increase the service charge for ATM transactions. The decision will take effect on August 1. Find out what the fee increase is.
Salary, EMI Payments, ATM Charges: Laws Changing From August 1 – Hindustan Times
- If you make a transaction at another bank ATM without your account, you will be charged Rs. 17 (previously it was Rs. 15)
- The fee for non-transactional password change and balance checking at other bank ATMs has been fixed at Rs. 6 (previously Rs. 5)
- The above fees apply to various financial services, including purchases made with debit and credit cards
The government is introducing new rules for banks, ATMs, railways and airlines
Customers can withdraw money only five times a month from the ATMs owned by the bank where the account is held. Service charges will be levied on top of that. The fee will be increased from Rs 20 to Rs 21. Similarly, withdrawals from other bank ATMs will not be charged three times per month in metro cities and five times in non-metro cities. The above service charges also apply. The rate hike will take effect from January 1, 2022.
