Beware! Withdrawing money from ATM will now be heavy; Know more

Preparations are on for major changes in the ATM withdrawal rules. Due to this, now you may have difficulty in withdrawing more than Rs 5000 cash. There has not been much change in the rules for withdrawing money from ATMs for the last 8 years.

Meanwhile, a committee was set up by the Reserve Bank, which recommended a change in the ATM-related rule. Now the RBI will take further action on the committee’s recommendation. This information has been revealed in an RTI.

Know what is the change in the charge related to ATM

As of now, banks generally offer free cash or non-cash transactions to the account holder 5 times a month. There is no limit on withdrawal. But now there is a preparation for charging more than Rs 5000 from ATM. This will be extra charge.

Know how much can be charged

According to the information, the account holders may now have to pay an additional charge of Rs 24 for withdrawing more than Rs 5000 cash from the ATM. At present, ATMs are charged Rs 20 for the next time after 5 free transactions in a month. In this way, this fee will be higher.

Know what the recommendation of the RBI committee

A committee was set up by the Reserve Bank of India (RBI) to change the rules for withdrawing money from ATMs, based on the recommendations of which this change is being prepared. However, the committee’s report has not yet been made public by the RBI. This information has been received when information was sought under the Right to Information Act (RTI).

When was this committee formed

A committee constituted by RBI to review ATM fees has submitted its recommendations. Based on this, banks can change the ATM fee after 8 years. According to the information given in the RTI, the RBI committee suggested reducing the habit of withdrawing money from ATMs. This report was submitted to the RBI on 22 October 2019. However, it has not yet been made public by the RBI. But in response to an RTI, this information is given.

(With inputs from hindi.goodreturns.in)

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2 Comments
  1. Aboto says

    Why don’t you close the ATM just my suggestion

  2. D Sitaramaiah says

    The heading and lengthy paras confuse the readers, as if Rs24/- will be charged for every ATM withdrawal of exceeding Rs 5,000/-. Actually these charges are applicable in respect of transactions made over and above 5 normal withdrawals of free of charge. In simple, the present facility of 5 free withdrawals would continue

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