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ATM Cash Withdrawal Rules Changed: RBI

CSLalit Rajput
RBI Updates ATM Rules: Higher Fees After Free Limit, New Free Transaction Limits, Increased Interchange Fees Effective Jan 2022. The Reserve Bank of India (RBI) has revised ATM cash withdrawal rules, including higher charges for transactions exceeding the free limit, new free transaction limits, and increased interchange fees. Customers can make five free transactions monthly at their own bank's ATMs and three to five free transactions at other banks' ATMs, depending on the location. Beyond these limits, banks can charge higher fees, with the interchange fee rising from 15 to 17 for financial transactions and from 5 to 6 for non-financial ones. From January 1, 2022, the charge for withdrawals beyond the free limit will increase to 21. These changes address rising ATM deployment and maintenance costs. (AI Summary)

Reserve Bank of India (RBI) has changed some rules regarding cash withdrawal from automated teller machine (ATM). These ATM cash withdrawal rule changes include higher charges on transactions beyond the free permissible limit, a new free ATM transaction limit and a rise in interchange fee.

The new ATM charges as defined by RBI are as under:

  1. Free cash withdrawal limit from own bank: Bank customers can now do five free financial and nonfinancial transactions every month from their own bank ATMs.
  2. Free ATM transaction limit from other banks: ATM cardholders can do three free financial and nonfinancial transactions in metro centres while five in the non-metro transaction from other bank ATMs
  3. Charges on ATM cash withdrawal beyond the free limit: RBI allowed banks to increase charges on ATM transactions beyond the free ATM transaction limit.
  4. Rise in interchange fee: Interchange fee per transaction changed from ₹ 15 to ₹ 17 for financial transactions while from ₹ 5 to ₹ 6 for non-financial transactions in effect from August 1, 2021.
  5. New charges on ATM withdrawal beyond the free transaction limit: Bank customer will have to pay ₹ 21 (currently it is ₹ 20) for each ATM cash withdrawal beyond the free transaction limit in effect from January 1, 2022.

RBI said these charges have been allowed to increase due to the increasing cost of ATM deployment and expenses towards the maintenance of ATM incurred by banks or white label ATM operators.

 

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