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ATM service charges increase from today, to cost Rs 21 per transaction

1/01/2022 at 12:01 PM

New Delhi, Jan 1: Automated Teller Machines (ATMs) across banks are all set to increase service charges per transaction from Saturday.

The customers will have to ₹1 more beyond the permissible free transactions for cash as well as non-cash purposes, following an order from the Reserve Bank of India (RBI).

As per the RBI notification dated June 10, 2021, from January 1, 2022, banks have been permitted to charge ₹21, instead of ₹20 with applicable taxes, if any, shall be additionally payable.

However, the customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs.

They are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs viz. three transactions in metro centres and five transactions in non-metro centres.

The last change in interchange fee structure for ATM transactions was in August 2012, while the charges payable by customers were last revised in August 2014.

The RBI has notified the changes from January 1, 2022, citing the increasing cost of ATM deployment and expenses towards ATM maintenance incurred by banks or white-label ATM operators.

(with ANI inputs)

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