June 16, 2021

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RBI hikes ATM money withdrawal price to Rs 21, different prices additionally elevated, verify right here | Private Finance Information

New Delhi: The Reserve Financial institution of India (RBI) has elevated the charges charged on money withdrawal from Rs 20 to Rs 21. Presently, banks in India provide three to 5 free ATM transactions, together with each monetary and non-financial. 

Which means that Rs 21 will likely be charged from the sixth ATM transaction onwards. Banks will now cost Rs 17, as a substitute of Rs 16, as interchane price, a cost paid by the cardboard issuer financial institution to the financial institution whose ATM is used to withdraw money. 

In the meantime, the central financial institution has additionally elevated the charges for non-financial transactions at ATMs from Rs 5 to Rs 6. Additionally Learn: Do you continuously use ATM card? Listed below are 5 good practices to comply with whereas withdrawing money from ATM

In its official announcement, RBI mentioned that the newly charged will come into impact from August 1, 2021. “To compensate the banks for the upper interchange price and given the overall escalation in prices, they’re allowed to extend the shopper prices to ₹21 per transaction. This enhance shall be efficient from January 1, 2022,” the RBI mentioned in an announcement.

Prospects are allowed to do three free transactions from different financial institution ATMs in metro centres. In non-metro centres, the restrict is capped at 5. Additionally learn: ‘Overlook to gather money from ATM’; know what occurs to your cash

The RBI famous that the banks are allowed to extend the fees to compensate for the rising prices of ATM deployment. Banks and white label ATM operators will even purpose to cowl extra bills in direction of ATM upkeep with the revision of ATM prices

 

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