Withdrawal of cash from ATM (Cash transaction) is now more expensive, starting from the new year i.e. January 1. If the free ATM transaction limit is exceeded, ATM users will have to pay more charges. On crossing the free ATM transaction limit from January 1 itself, ATM users will have to pay more charges.
RBI has allowed to increase the charges for cash and non-cash ATM transactions after the free monthly limit from January 1, 2022. According to the guidelines of the Reserve Bank (RBI), the fee for financial transactions above the free limit at Axis Bank or other banks’ ATMs will be Rs 21 plus GST.
Till now we have to pay a charge of Rs 20 for crossing the monthly limit of free transactions. But, now it is Rs 21 per transaction plus GST will have to be paid. RBI has issued a circular stating that to compensate banks for higher interchange fees and have increased the cost by general.
Therefore, banks have been allowed to increase the charge to Rs 21 per transaction. Three free transactions will be allowed to do five free transactions from ATMs of your banks. This will include financial and non-financial transactions.
Customers have been allowed to do 3 free transactions from ATMs of other banks in metro cities and 5 transactions at non-metro centers.