Atm fee hike: The burden on the pockets of those who withdraw cash from the ATM may increase. The Reserve Bank of India has approved an increase in ATM interchange fee. Due to which, withdrawing money from ATM will now become expensive. The new fees will be effective from May 1, 2025. However, everyone will not be burdened with this expense.
ATMs outside the domestic network will be expensive
According to media reports, under the rules changing from May 1, more charge will have to be paid for transaction from ATM machine outside the home bank network. This means that you will have to pay more fees for transactions and balance checks from ATMs of banks other than your bank. Currently, the fee is still applicable on using ATMs outside the domestic bank network. This increase in fees is based on the proposal of the National Payment Commission of India. It is noteworthy that three tests of ATMs of other banks are free every month in metro cities, while five tests in non-Metro cities are free. This means that you can use ATM five times without paying any fee.
how much will it cost?
If customers withdraw money from the ATM of the network other than their home bank ATMs after a limited test, then they will be charged a fee of Rs 100. Rs 100 on each transaction. 17 fee will have to be paid. Which increased to Rs 250 from May 1. Apart from this, a fee of Rs 19 will be charged for checking the balance from other bank ATMs. Increased from 6 to Rs. This will be 7.
ATM operators had demanded
White label ATM operators were demanding an increase in fees levied on the use of ATMs. He argued that old fees were not borne due to rising operational costs. There is a possibility of increasing pressure on small banks with the approval of NPCI’s proposal by RBI. However, due to its limited infrastructure it is dependent on the ATM network of other banks. The interchange fee is applied to avail services like withdrawal from one bank’s network to another bank account.
