The Reserve Bank of India (RBI) has implemented new rules regarding ATM transactions. These include limits on free transactions, rules for cash deposits and withdrawals, and additional fees. Learn about these fees.
The Reserve Bank of India (RBI) has implemented new rules regarding ATM transactions. These include limits on free transactions, cash deposit and withdrawal rules, and additional fees.
What changes are there in the RBI’s new ATM rules?
RBI has clarified the rules regarding ATM transactions, cash limits, and bank charges.
In metro cities, customers are entitled to three free ATM transactions. This includes both cash withdrawals and balance checks.
In non-metro cities, ATM customers are allowed five free transactions.
If you exceed the prescribed limit, banks will charge a fee. A maximum of ₹23 plus GST per transaction is applicable. Some banks charge ₹11 for non-financial transactions (such as balance checks).
There are no charges on cash deposits. Providing PAN and Aadhaar is mandatory for cash deposits/withdrawals of ₹20 lakh or more in a year. This rule is in place to curb black money.
How to avoid charges
Do not use your bank’s ATM frequently. Do so only when necessary.
Use net banking/mobile banking for balance checks and statements.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
Add businessleague.in as a Preferred Source
