Financial institution prospects should pay Rs 21 per transaction, as an alternative of Rs 20, with impact from January 1, 2022, in the event that they exceed the month-to-month restrict of free transactions, based on an RBI notification from June 10, 2021. Nevertheless, prospects will proceed to be eligible for 5 free transactions (inclusive of monetary and non-financial transactions) each month from their very own financial institution ATMs. They’d additionally have the ability to do three free transactions from different financial institution ATMs in metro centres and 5 in non-metro centres.
What the RBI has stated
“Clients are eligible for 5 free transactions (inclusive of monetary and non-financial transactions) each month from their very own financial institution ATMs. They’re additionally eligible at no cost transactions (inclusive of monetary and non-financial transactions) from different financial institution ATMs viz. three transactions in metro centres and 5 transactions in non-metro centres. Past the free transactions, the ceiling / cap on buyer prices is Rs 20 per transaction, as prescribed vide round DPSS.CO.PD.No.316/02.10.002/2014-2015 dated August 14, 2014. To compensate the banks for the upper interchange price and given the overall escalation in prices, they’re allowed to extend the client prices to Rs 21 per transaction. This improve shall be efficient from January 1, 2022. Relevant taxes, if any, shall be moreover payable,” acknowledged the notification.
Banks have already notified the hike
In line with the HDFC Financial institution web site, the ATM transaction cost fee past the free restrict of Rs. 20 + taxes will probably be modified to Rs. 21 + taxes as of January 1, 2022. Solely money withdrawal transactions will probably be evaluated for cost at HDFC Financial institution ATMs.
As per the Axis Financial institution web site, “Efficient 1st January 2022, monetary transaction price above the free restrict in Axis Financial institution or different financial institution ATMs will probably be INR 21 + GST.”
Interchange charges hike
From August 1, 2021, the central financial institution allowed banks to extend interchange charges per transaction in all facilities from Rs 15 to Rs 17 for monetary transactions and Rs 5 to Rs 6 for non-financial transactions.