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3 Banks Offering Free ATM Cash Withdrawals Across India

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The Reserve Bank of India recently authorized banks to charge higher ATM fees after their free limits have been exhausted. The central bank chose to compensate banks for the higher interchange charge and an overall rise in ATM operating costs. From August 1, 2021, banks will be permitted to increase ATM transaction fees.

 

The RBI circular said, "The recommendations of the Committee have been comprehensively examined. It is also observed that 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. A substantial time has thus elapsed since these fees were last changed."

3 Banks Offering Free ATM Cash Withdrawals Across India

Bank ATM Transactions Charges

An interchange fee is a fee paid by a card-issuing bank to ATM operators when a consumer uses an ATM that is not owned by the bank.

Private and public banks in India normally provide three to five free ATM transactions in big cities and towns, with rural banks allowing up to five free ATM transactions.

For financial transactions, the higher interchange fee per transaction would be Rs 17 from Rs 15 starting August 1, 2021.

 

The price for withdrawing cash has been raised from Rs 20 to Rs 21.

Non-financial transactions can now be increased from Rs 5 to Rs 6 in all venues, according to the central bank.

Banks Offering Free ATM Transactions

Customers of three private banks in the country are entitled to unlimited free ATM transactions. IndusInd Bank, IDBI Bank, and Citi Bank are the financial institutions in question.

Customers of IDBI can make unlimited transactions at its own ATMs and five transactions at other ATMs for free at any bank ATM in India.
IndusInd Bank gives unlimited free ATM transactions.
Citi Bank, on the other hand, is about to close its business in India.

Customers can also use ATMs of other banks for three free transactions in metro cities and five free transactions in non-metro cities.

Read more about: atm banks
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