Credit and Debit card customers will need to pay more during cash withdrawal from ATM starting January due to the withdrawal limit from the ATM.
In an official release, the Reserve Bank of India (RBI) stated that all customers will need to pay extra from January next year for ATM transactions in case the limit exceeds. Meanwhile, notifications are also being done by the banks to inform and remind all of the customers of the new rule.
Customers Will Need To Pay More From 2022
Furthermore, ATM transactions that are beyond free monthly limits are now going to be costlier as RBI had permitted the banks to rise charges on non-cash and cash automated teller machines (ATMs), reported News18.
As per the earlier-mentioned notification, customers will now need to pay Rs 21 per transaction to withdraw money at their own banks' ATMs the moment the limit exceeds after the change is implemented. Currently, the cost for that is set at Rs 20.
New ATM Rules To Be In Action From January Next Year
This new rule will come into full effect from January 1, 2022, onwards. The Reserve Bank of India (RBI) permits all bank customers to initiate five free ATM transactions from their own banks before these extra charges are implemented.
Meanwhile, customers will be allowed to make three free transactions from any other banks in metro cities and five more free transactions in non-metro cities as well. In June 2021, the RBI had officially notified about the changes to everyone.
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