RBI Decision: ATM interchange fee increases, these new rules will be applicable from August 1

News India Live, Digital Desk: If you too often ATM If you withdraw cash from, then this news is for you. From 1 August 2024, the fees for other transactions including withdrawing money from ATMs are going to increase. The Reserve Bank of India (RBI) has allowed to increase the ‘interchange fee’ for ATM transactions, which will directly affect banks and eventually customers may have to pay more.

What is interchange fee and why will your expenses increase?

The interchange fee is the amount that one bank pays to another when its customer uses another bank’s ATM. RBI has approved to increase this fee, so that banks can compensate for the cost of operating ATM operations and maintenance. This increase will increase the cost of banks, and there is a possibility that they will collect some part of this increased expenditure from customers.

New fees and changes (effective from 1 August 2024):

• Cash withdrawal: Now increase the interchange fee per transaction from ₹ 15 ₹ 17 Has been done.

• Balance Enquiry, Mini Statement: Now increase the interchange fee per transaction from ₹ 5 ₹ 6 Has been done.

Will you still get free transactions?

Yes, customers will still get free transactions. Its limit will remain the same at the moment:

• From your bank’s ATM: Every month 5 free transactions (Financial and non-objects mixed).

• From another bank ATM:

  • In metro cities: Every month 3 free transactions,

  • In non-metro cities: Every month 5 free transactions,

How much will be charged after free transactions?

Currently, customer per transactions after crossing the border of free transactions ₹ 21 + GST Have to pay After an increase in the interchange fee, this fee may also increase in the future, or banks can reduce their margins to maintain it at this rate.

What should you do?

• Use your bank’s ATM: You can avail more free transactions using your bank’s ATM.

• Plan the transaction: Instead of repeatedly withdrawing the amount, withdraw money according to your needs at once so that you stay within the limit of free transactions.

• Adopt digital payments: Where possible, use digital payment options like UPI, Net Banking or Debit/Credit Card to avoid ATM fees.

This change can affect your habit of withdrawing cash from ATM, so it is important to know these new rules.

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