Withdrawing money from ATMs is about to get more expensive! Many people rely on ATMs for easy access to cash, avoiding long bank queues. However, a major update regarding ATM withdrawal charges may impact your expenses. Currently, there is a limit on free ATM withdrawals, after which a certain fee is deducted from your account. Now, reports suggest that these charges are set to increase, making cash withdrawals costlier for the common man. Let’s explore the details of these new changes.
Increased Charges for ATM Transactions
Frequent ATM users should take note! As per reports, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have jointly approved an increase in ATM withdrawal charges. Previously, customers were charged ₹17 for withdrawing cash beyond the free transaction limit. Now, this fee is set to rise by ₹2, making the new charge ₹19 per transaction. This means additional expenses for those who exceed their monthly limit.
When Will These New Rules Apply?
The revised charges are expected to take effect from May 1, 2025. In addition to cash withdrawals, fees for mini statements, balance checks, and fund transfers via ATMs will also increase from ₹6 to ₹7 per transaction. Many users remain unaware that even balance inquiries and mini statements come with a cost, leading to unnecessary ATM visits.
Free Transactions Per Month
Most banks allow three free ATM withdrawals per month. If you exceed this limit, additional charges apply. Moreover, if you withdraw cash from another bank’s ATM more than three times a month, an interchange fee will be deducted. To avoid extra charges, it’s best to plan your withdrawals wisely!
