RBI Rule Change: From tomorrow i.e. from 1 August 2021, the rules for withdrawing money from ATMs are going to change.
Actually, the Reserve Bank of India (RBI) has recently increased the charge on ATM transactions.
RBI has reduced the interchange fee for financial transactions from Rs 15 to Rs 17.
The charge for non-financial transactions has been increased from Rs 5 to Rs 6.
These new rates will be applicable from 1 August 2021.
According to RBI, the interchange fee is paid by banks to the merchant at the time of payment through credit card or debit card.
This charge has always been a matter of dispute between banks and ATM companies.
Rates will be applicable from 1 August 2021
RBI has increased the interchange fee for ATM transactions from Rs 15 to Rs 17 per financial transaction and from Rs 5 to Rs 6 for non-financial transactions.
This will come into effect from August 1.
Changes in the rules for withdrawing cash from ATM
Customers get five free transactions every month from the bank’s ATM.
This includes both financial and non-financial transactions.
After this, the transaction from ATM will have to pay Rs 20 per transaction.
Customers using other bank ATMs to withdraw cash get 3 free ATM transactions in metro cities and 5 in non-metro cities.
This charge will be levied from January 1, 2022.