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ATM Cash Withdrawal to Become Costly Affair From New Year

As per an earlier RBI statement, from January 1st, bank customers will be charged an additional cost for cash withdrawals at ATMs. If consumers withdraw more money than the authorized limit, they will be charged an additional fee. Customers with debit cards will be allowed five free transactions per month at their own bank’s ATM (cash or non-cash).

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Cardholders will have to pay an additional Rs 21 per transaction once the withdrawal limit is exceeded. At present, customers are paying only Rs 20 per transaction if they exceed the prescribed withdrawal limit. The change will come into effect on January 1, 2022. Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) from their bank ATMs.

Several banks, including HDFC Bank and Axis Bank, have updated their websites to reflect the latest RBI notification. With effect from January 1, 2022, ATM transaction charges above the free limit of Rs. 20 + taxes, wherever applicable, will be increased to Rs. 21 + taxes, as per the HDFC Bank website.

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