If you often withdraw money from ATM, this news is important for you. ATM transactions will become expensive from 1 May 2025. The Reserve Bank of India (RBI) has increased the charge on ATM use. Now after crossing the limit of free transactions, more charge will have to be paid every time on withdrawing money or checking balance.
How much will the charge increase?
Now on withdrawing cash from ATM, you have to pay 19 rupees, which was earlier 17 rupees.
It will cost Rs 7 to check the balance, earlier it was Rs 6.
These charge will be implemented after the free transaction limit is over.
What is the limit of free transaction?
Metro cities will have 5 free transaction facilities every month.
This limit will be of 3 transactions in non-metro cities.
After this, ATM will have to be charged every time.
What else will be changes related to banking?
1. Change the rules of savings account
Big banks like SBI, PNB, and Canara Bank are changing the limit of minimum balance.
It will be necessary to keep separate balance according to the city, town and village.
Penalty may be imposed in case of less balance than the fixed limit.
2. Credit card benefits will be reduced
SBI and IDFC First Bank are reducing the benefits of their Vistara Credit Card.
Now ticket vouchers, renewal benefits and milestone rewards can stop.
Axis Bank has also made changes from 18 April.
3. What is interchange fee?
When you withdraw money from the ATM of another bank, your bank pays that bank a fixed interchange fee.
RBI has increased this fee.
This will increase the cost of banks, and they can put this burden on customers.
4. Impact on small banks
Small banks that use ATMs of large banks can charge more charge from their customers. This will put additional burden on customers.
What to do customers?
Withdrawal of money from ATM again and again will now cost more. In such a situation, try to use more UPI, net banking and digital payment. This can save you charge and transactions will also become easier.
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