ATM transactions will become expensive in the new year (2022). From January 1, 2022, the charge will increase for more than three transactions from other bank’s ATMs. RBI has allowed banks to levy charges on cash and non-cash transactions more than three times in a month from ATMs of other banks. After this, banks have decided to implement it from January 1, 2022. According to the new rules applicable from January 1, 2022, bank customers will have to pay a charge of Rs 21 for making more than three free transactions from ATMs in a month. Earlier this charge was Rs 20. According to the central bank, it is appropriate to allow banks to increase the charge on more than three free transactions due to increasing interchange fees and other costs. According to the bank, these charges will be applicable from January 1, 2022 and applicable tax (if any) will also have to be paid on it.
The facility of 5 free transactions from your bank’s ATM will continue
According to the notification of RBI, customers will continue to get the facility of five free transactions every month from their bank’s ATM. These include both financial and non-financial transactions. Bank customers will continue to get three free transactions from ATMs of other banks in metro cities and five in non-metro cities in a month. Transactions more than this from other banks will attract increased charges. Some banks have started informing their customers about these rules, which will be applicable from January 1, 2022. According to the HDFC Bank website, after the free limit, its charge will be Rs 21 per transaction. Along with this, GST will also be applicable.
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Know what are in Non-Financial Transactions?
Non-financial transactions also come under the purview of the bank’s free limit. Checking balance or viewing or withdrawing mini statement from ATM or changing your PIN by visiting ATM also comes in non-financial transaction. After the free limit, such transactions are also charged. However, some banks do not charge for non-financial transactions.
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