Now withdrawing money from ATM will be expensive, from this day onwards you will have to pay this much fee
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If you also withdraw money from ATM frequently, then you will have to change this habit in a few days. Actually, withdrawing money from ATM is going to be expensive from May 1. Let us tell you that the Reserve Bank of India (RBI) has allowed banks to increase the ATM interchange fee. Due to which, if any withdrawal is done or balance is checked from ATM outside the home bank network, it will cost you a little more than before.
Charges will increase on withdrawing money from ATM and checking balance
Now if you withdraw money from the ATM of any other bank other than your bank. So earlier where 17 rupees were deducted, now 19 rupees will be deducted. Similarly, now you will have to pay 7 rupees instead of 6 rupees for checking balance.
However, these charges will be applicable only when your free transaction limit is over. Let us tell you that in metro cities, 5 free transactions are available from the ATM of another bank. Whereas in non-metro cities this limit is limited to 3 transactions.
What is the reason for increasing ATM fees?
The decision to increase ATM fees came when white label ATM operators demanded an increase in charges citing rising costs. They said that it was becoming difficult to operate ATMs at the current fee rates.
What are white label ATMs?
RBI had introduced white label ATMs to increase banking facilities in small towns and rural areas. These do not have the name of any bank. But you can withdraw money from your debit or credit card. These ATMs are not limited to just withdrawing cash. Rather, they also provide facilities like mini statement, bill payment, check book request and cash deposit. In such a situation, if you use ATM frequently, then be a little cautious now. The increased charges from May 1 can affect your pocket.
