ATM charges hike? Know new RBI guidelines before your next withdrawal
Now you'll have to pay extra to use ATMs. Yes, you heard that right. This new rule is coming into effect from May 1. So, how much extra will be deducted from customers from now on? Here's the calculation.
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Worries increased for crores of customers in the country. The Reserve Bank of India has now taken an important decision regarding ATM transactions.
Now you'll have to pay extra to use ATMs. Yes, you heard that right. The Reserve Bank of India has approved the increase in ATM interchange fees.
According to some sources, small banks with fewer ATM networks will be most affected by this change.
Because they will have to pay more to use other banks' ATMs. Although there remains a question of whether banks will pass this extra charge on to customers.
However, looking back, we can see that whenever the interchange fee has changed in the last 10 years, its impact has directly fallen on the customers.
As a result, it is believed that banks will pass on the additional cost to the customers this time as well.
Now, an additional charge of âč2 is being increased for financial transactions and âč1 for non-financial transactions.
And this new rule is coming into effect from May 1.
How much did the charge increase?
According to the new rules, as it is known, the interchange fee for financial transactions, i.e., cash withdrawals, is being increased from âč17 to âč19.
Additionally, for non-financial transactions, i.e., balance inquiries or any other service, the interchange fee has been increased from âč6 to âč7.
