ATM cash withdrawal rules to change from January 1, 2022; Know new charges, transaction limit here

New Delhi: RBI has announced some changes for Debit and Credit card transactions. You will now have to pay more charges from earlier for extra ATM withdrawals made after the allocated monthly limit. According to reports, RBI is going to hike the charges on every ATM withdrawals for every public and private bank once the free monthly limit gets exhausted.

Now, customers will have to pay Rs 1 more than what they were paying earlier to withdraw money, stated the RBI notification. That means, cardholders will have to pay Rs 21 for every transaction after the allotted free transactions. The new ATM withdrawal rules will be applicable from 1st January, 2022.

The banks have been reportedly sending alert notifications to Customers regarding the hiked charges.

So check out the new rules of the RBI that are going to be implemented from next month.

Check New ATM Charges, Transaction Limit and other details here

  • Bank debit and credit card holders will now have pay Rs 21 per transaction instead of Rs 20 per transaction, once the free limit got exhausted.
  • RBI informed that the charges have not been changed since August 2014.
  • The revision is being done to compensate the banks for higher interchange fees and general escalation in costs, said RBI.
  • According to RBI, the new charges will be implemented from January 1, 2022.
  • Bank customers can withdraw money from their own bank ATM without any charges for 5 transactions.
  • And they can withdrawing cash from other banks’ ATMs only for three times in metro cities and five times in non-metro cities per month.
  • The new rule is also applicable to Cash Recycler Machines.
  • Interestingly, RBI revised, upwards, the transaction limit in August 2021.

Let us tell you that RBI made a committee headed by VG Kannan, then Chairman of IBA, to revise the rules of ATM charges and transactions in 2019.

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