nhnhbg RBI Increased ATM Transaction Charges from 1st January 2022 | Check New Charge – Money Up Down
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RBI Increased ATM Transaction Charges from 1st January 2022 | Check New Charge

RBI Increased ATM Charges

After long 9 years, RBI finally increased ATM transaction charges by Rs.1 with effective from 1st January 2022 and so, from now banks may deduct Rs.21 from your account of your free ATM transaction limit.

In the year 2021, on 10th June RBI announced that to compensate banks interchange fee, RBI has decided to increase the charge by Rs.1 which will be levied to customers after they consume all the free transaction limit.

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Here to elaborate, right now customers get 5 free transaction from their own bank ATM and another 3 free transaction from other bank’s ATM, which includes both financial and non-financial transactions. In case of non-metro users, they get 5 free transactions from other bank’s ATM.

But, now onwards, if customers exhausts their free limit they need to pay a charge of Rs.21 along with GST, which was previously Rs.20 with GST.

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Last year the Central Bank put the issue of high expense and ATM deployment cost of the banks and thus in 10th June 2021 RBI released a circular mentioning that from 1st January 2022, banks can levy extra Rs.1 for the excess transactions.

As told by Ashwani Rana of Voice of Banking, the charge which RBI has increased is very nominal compared to the facility that customers get using ATMs as the maintenance and deployment cost of ATMs has increased drastically during last 9 years and it’s a very good decision to offer better service to customers.

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However, as per Nipun Jain, the CEO of RapiPay, Fintech, this new circular doesn’t include AEPS and other micro ATM services and thus people can still enjoy the previous charge on those method of cash withdrawal and other banking services.

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