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Charges On Using Other Bank ATMs May Soon Change

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Along with announcing its stance on the monetary policy review, the Reserve Bank of India (RBI) said that it will setting up a committee to review the ATM interchange fee structure. This is a fee the customers pay on using their ATM card at an ATM other than the issuing bank's, beyond the free limit permitted.

Charges On Using Other Bank ATMs May Soon Change
 

Ideally, most banks allow a certain number of free cash withdrawals at ATMs of banks other than its own. For example, SBI customers are allowed 3 free transactions in 6 metro cities (Mumbai, Delhi, Chennai, Kolkata, Hyderabad and Bengaluru) and 5 free transactions (financial and non-financial) in other locations in a calendar month, according to the bank's website. Beyond the limit, it charges, Rs 20 plus GST per financial transaction and, Rs 8 plus GST for non-financial transaction.

Also Read: ATM Withdrawal Limits And Charges On SBI, HDFC Bank And ICICI Bank Cards

In the Statement on Developmental and Regulatory prices, RBI announced, "Usage of Automated Teller Machines (ATMs) by the public has been growing significantly. There have, however, been persistent demands to change the ATM charges and fees. In order to address these, it has been decided to set up a Committee involving all stakeholders, under the chairmanship of the Chief Executive Officer, Indian Banks' Association (IBA), to examine the entire gamut of ATM charges and fees. The Committee is expected to submit its recommendations within two months of its first meeting. The Composition and Terms of Reference of the Committee will be issued within a week."

Read more about: atm rbi
Story first published: Thursday, June 6, 2019, 13:18 [IST]
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