Reserve Bank of India has announced some changes in ATM rules. While these rules are in line with the long pressing demands by banks and white label ATM operators for payment services, banks and white label ATM operators may also hit their wallets.
5 big rules related to ATM card, which you must know
1. RBI has now allowed banks to increase the charges for cash and non-cash ATM transactions over the free monthly limit from next year. In a circular, RBI said, "Because of the banks compensating for the higher interchange charges and general escalation in cost, they are permitted to increase the customer charges up to Rs 21 per transaction. This increase will be effective from January 1, 2022." ".
2. Bank customers will have to pay Rs 21 per transaction instead of Rs 20 with effect from January 1, 2022, if they exceed the monthly limit for free transactions.
3. Customers are eligible for five free transactions (including financial and non-financial transactions) every month from their bank's ATMs.
4. Customers are also eligible for 5 free transactions (including financial and non-financial transactions) from other banks.
Customers will get the facility of three transactions in metro centers and five transactions in non-metro centers. Apart from free transactions, there is a maximum limit of Rs 20 per transaction for customer charges.
5. In another announcement, RBI has said, with effect from August 1, 2021, banks will be asked to increase the interchange fee from Rs 15 to Rs 17 per transaction for financial transactions and Rs 5 to Rs 6 for non-financial transactions across all centers.