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ATM Transactions Will Be Expensive From January 2022: RBI Rule

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From January 2022, banks customers will have to pay a higher amount for ATM transactions in some cases. If a customer exceeds the number of free monthly ATM transactions, the customer will have to pay an additional charge for that. The Reserve Bank of India (RBI) has allowed banks to hike fees for cash and non-cash ATM transactions after the free monthly permissible limit. This will come into effect from January 1, 2022. So, ATM transactions can be costly or expensive for customers who will exceed the free limits.

 
ATM Transactions Will Be Expensive From January 2022: RBI Rule

The customers will have to pay Rs. 21 per transaction instead of Rs. 20, in case they exceed the number of free monthly transactions. The notice has been published by the RBI on June 10, 2021. The RBI notification said, "This increase shall be effective from January 1, 2022. Applicable taxes, if any, shall be additionally payable."

Bank customers now get 5 free ATM transactions, including financial and non-financial transactions, every month from their respective banks, which will certainly continue. Additionally, the customers will also get 3 free transactions from other bank ATMs in metro centers and 5 free transactions in non-metro centers.

The RBI has allowed this to compensate the banks for the higher interchange fee and the general escalation in costs. However, the RBI notification added, "Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs."

Banks have already started to notify their customers about the new regulation, like Axis Bank and HDFC Bank have recently notified, that the ATM transaction fee rate is beyond the free limit of Rs. 20 + taxes will be changed to Rs. 21 + taxes as of January 1, 2022.

Read more about: atm transactions costly rbi
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