New Delhi: With the Reserve Bank of India (RBI) permitting banks to boost charges on cash and non-cash ATM withdrawals beyond the free monthly limitations, the cardholders are in for a big change in the upcoming new year. The hiked charges will be applicable once the free monthly limit is exhausted from January 1, 2022.Also Read – Income Tax Return 2021: 5 Cash Transactions That May Land You In Trouble. Know Here
As per RBI’s notification, the withdrawal charges have been hiked by Rs 1 from the earlier charges. The hiked charges will be applicable once the free monthly limit gets exhausted. Customers have been receiving notifications of hiked charges from their respective banks. Also Read – ATM Rules To Change From January 1, 2022. Check New ATM Charges, Transaction Limit Here
Starting January 1, 2022, if customers exceed the monthly limit of free transactions, they will have to pay Rs 21 per transaction, instead of Rs 20. All bank customers with debit cards will be eligible for five free transactions per month, cash or non-cash, at their own banks’ ATMs. Further, customers can also avail three free transactions from other banks in metro cities and five free transactions in non-metro cities. Also Read – RBI Extends Deadline to Implement Card Tokenisation by 6 Months to June 30
“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,” the RBI had said in a circular.
RBI said the new rule will also be applicable on Cash Recycler Machines.
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