Banking services have become expensive from July 1. If you frequently withdraw money from ATM or use banking services more, then it would be better to plan the transaction and keep in mind the free limit.
From July 1, 2025, many big banks of the country have changed the charges levied on their banking services. ICICI Bank, Axis Bank, Federal Bank and HDFC Bank have increased the fees on ATM withdrawal, IMPS, Demand Draft (DD) and other services. Earlier in May, some government banks also changed their transaction charges as per the new guidelines of RBI. Now many private banks have also joined it. This will have a direct impact on the pockets of common customers, especially those who use ATM several times every month.
ICICI Bank’s new charges: Expenses increased on ATM, IMPS, demand draft
ICICI Bank has informed its customers that from July 1, charges have been increased on services like ATM, IMPS and DD. Up to 3 transactions are free every month in metro cities (Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru). Up to 5 transactions will be free in non-metro cities. After this, Rs 21 will have to be paid every time you withdraw money and Rs 8.50 on non-financial transactions like balance check or mini statement. 18% GST will be levied separately on these charges.
Making a demand draft has also become expensive now
If you get a demand draft (DD) or pay order (PO) made in ICICI Bank through cash, check or transfer, then now you will have to pay more charge for it than before. Under the new rule, the bank has fixed a charge of ₹ 50 on an amount up to ₹ 10,000. If the amount of the draft is more than ₹10,000, then a charge of ₹5 will be levied for every ₹1,000. However, the minimum charge will be limited to ₹75 and the maximum to ₹15,000. The bank has also fixed concessional rates for senior citizens, students and customers of branches in rural areas.
NEFT and RTGS transactions from branch become expensive
ICICI Bank customers will have to pay charges according to different slabs for doing NEFT and RTGS through branch. If you go to the branch and do NEFT, then you will have to pay ₹2.25 for transactions up to ₹10,000, ₹4.75 for transactions up to ₹1 lakh, ₹14.75 for transactions up to ₹2 lakh and ₹24.75 for transactions up to ₹10 lakh. For RTGS transactions, a charge of ₹20 will be levied on amounts from ₹2 lakh to ₹5 lakh. The good thing is that if you do NEFT or RTGS online, then you will not have to pay any charge on it.
If you send money through IMPS, then you will also have to pay a charge according to the transaction amount. For sending an amount up to ₹ 1,000 in ICICI Bank, a charge of ₹ 2.50 will have to be paid, for up to ₹ 25,000, ₹ 5 and for an amount up to ₹ 5 lakh, a charge of ₹ 15 will have to be paid. These charges have been implemented from May 1, 2024.
Withdrawing money from ATM abroad is expensive
If you are traveling abroad and withdraw money from ATM, ICICI Bank will now charge Rs 125 and 3.5% currency conversion charge on every transaction. Rs 25 will have to be paid separately for non-financial transactions. Senior citizens will be exempted from these charges.
Axis Bank’s ATM charge increased, extra money will have to be paid on every transaction
Axis Bank has also updated its ATM transaction charges. Now only 3 transactions will be free every month in metro cities, while in non-metro cities, up to 5 transactions will be allowed. After this, if you withdraw money from ATM, then ₹ 23 will have to be paid on every financial transaction and ₹ 10 to ₹ 12 on non-financial (such as balance check or mini statement) transactions.
Charge will be levied on withdrawing money from Federal Bank ATM after the free limit
If Federal Bank customers withdraw money from another bank’s ATM and their free transaction limit is over, then now they will have to pay ₹ 23 on every financial transaction and ₹ 12 on non-financial transaction. However, if the transaction is done from Federal Bank’s own ATM, then no charge will be levied. Apart from this, if the transaction fails due to insufficient balance in a customer’s account, then an insufficient balance charge of ₹ 25 will be levied on it.
Keep these things in mind while using ATM
Banking services have become expensive from July 1. If you frequently withdraw money from ATM or use banking services more, it would be better to plan the transaction and keep in mind the free limit. Apart from this, doing NEFT and RTGS through online channel is free, so adopting digital methods will be beneficial. In such a situation, keep in mind the transaction limit and new charges while using ATM, otherwise it will affect your pocket. Get complete information from your bank’s website or branch in time.
