The Reserve Bank of India has declared that if consumers exceed their monthly limit of free transactions on their debit or credit cards, cash withdrawal costs at ATMs will be somewhat higher.
ATM Cash Withdrawal Charges To Increase!
The announcement has related the charges for cash and non-cash ATM transactions.
Banks can charge more for cash and non-cash ATM transactions beyond the free monthly limit. The new rates will take effect on January 1, 2022.
The RBI, in a circular, issued earlier, said, “To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction. This increase shall be effective from January 1, 2022.”
“In line with the RBI guidelines, the financial transaction fee above the free limit in Axis Bank or other bank ATMs will be Rs 21 + GST w.e.f. 01-01-22,” said Axis Bank.
According To The Circular
From next month you have to pay Rs 21 per transaction, instead of Rs 20.