The Reserve Bank of India (RBI) recently allowed banks to raise their cash and non-cash ATM transaction rates beyond their monthly free allowance. Bank customers have to pay Rs 21 per transaction to Rs 20. Valid from January 1, 2022, if the monthly limit for free transactions is exceeded.
Currently, most private and public banks in India allow five free ATM transactions (including financial and non-financial transactions) from their bank’s ATMs in urban cities and towns. However, in rural areas, banks allow up to five free ATM transactions. If the one-month limit is exhausted, the bank will charge a small amount to keep the ATM functioning.
In addition, from August 1, 2021, banks will charge an interchange fee per transaction. From 15 to Rs 17 for financial transactions, From 5 Rs According to RBI Circular, 6. for non-financial transactions at all centres. However, some private banks offer their customers unlimited free ATM transactions. These banks are IndusInd Bank and IDBI Bank.
“IDBI Bank offers free ATM transactions according to the minimum free limit set by RBI. Therefore, banks offer 5 free transactions at their ATMs. At other banks’ ATMs, banks Offers 3 transactions free of charge in 6 metro locations and elsewhere. However, banks offer unlimited free ATM transactions in some selected product variations according to product design,” Jorty Chacko, Executive Director of the Bank, said.
IndusInd Bank offers unlimited free ATM transactions at any bank in India. “Unlimited free ATM withdrawals using IndusInd Bank debit cards at all ATMs in India” is stated on the bank’s website.