Axis Bank Customers Pay Attention! You Will Have To Pay More on ATM Transactions From July 1; Check New Rates

Axis Bank Revises ATM Charges: Axis Bank has revised charges and rates on ATM transactions and other facilities for its customers. Most of these revised rates for Axis Bank customers will come into effect from July 1.

In addition to changes for Axis Bank customers, charges for certain bank facilities have been revised by the Reserve Bank of India from 1 May. As per the RBI statement, ATM facility charges (for more than 23 transactions) have been revised to Rs 23 per transaction.

"Beyond the free transactions, a customer may be charged a maximum fee of Rs 23 per transaction. This shall be effective from May 1, 2025. Applicable taxes, if any, shall be additionally payable. These instructions shall also apply, mutatis mutandis, to transactions done at Cash Recycler Machines (other than for cash deposit transactions)," read an RBI statement released earlier.

Axis Bank Revises Rates For ATM Facility

In addition to the revision of ATM transaction charges, Axis Bank has also announced a revision of ATM charges from July 1. From the beginning of July, Axis Bank users will have to pay more for financial transactions, like cash withdrawals or balance inquiries conducted at Axis or non-Axis Bank ATMs.

AS of now, Axis Bank customers will be required to pay Rs 21 per transaction for using these facilities. From 1 July, Axis Bank users will be required to pay Rs 2 additional for every transaction after they exceed the free limit, which is set by the bank.

As per Axis Bank's website, Axis Bank currently charges Rs 8.5 per transaction on 'domestic balance inquiry charge at other ATMs'. International Cash Withdrawal charges stand at Rs 125 per transaction. International balance inquiry charges stand at Rs 25 per transaction.

Free ATM Transaction Limits

As per the RBI order, a bank customer can make up to three free ATM transactions in a month from another bank's ATM without paying any extra charges. However, they will have to pay additional charges for ATM transactions from another bank ATM after exceeding the limit.

Will Banks Charge Customers On Every ATM Transaction?

No, banks do not charge customers for every ATM transaction and only interchange financial transactions are charged to the customers. The charged amount is known as ATM interchange fee. The amount is charged when a bank customer uses ATM facility of another bank for making financial transaction.

For example, an Axis Bank customer will be charged additional amount if he or she withdraws money for the fourth (or more than fourth) time from a Punjab National Bank ATM as an Axis Bank customer in a month.

Starting May 1, ATM users must become more strategic with their cash withdrawal habits due to a surge in ATM fees. Banks such as Kotak are customers to lean more towards digital payment methods such as UPI, mobile, and internet banking. This shift aims to lessen cash dependency and help customers dodge the extra costs that come with frequent ATM use. By scheduling ATM visits carefully, individuals can keep their expenses in check and sidestep unnecessary fees.