ATM has made banking easier, but now new limits and charges have been imposed on its use. According to RBI rules, 3 free transactions will be available in metro cities and 5 in non-metros.
After this, a charge will have to be paid on every additional transaction. Also, PAN and Aadhaar have been made mandatory for large cash transactions.
New rules for using ATM:
RBI has issued new guidelines on ATM transactions. Now know how many times you can withdraw money for free and when will the charge be levied.
Free transaction limit:
- 3 free ATM transactions only in metro cities.
- 5 free transactions in non-metro cities.
- To whom the free limit will apply: Cash withdrawal + balance enquiry + non-financial transactions, all included.
Charges for overdrawing
Cash withdrawal: Maximum Rs 23 per transaction (including GST)
Balance enquiry: Maximum Rs 11
Varies according to bank,
every bank fixes some charges as per its policy.
High-value cash rule
requires reporting on cash deposits or withdrawals of Rs 20 lakh or more in a year.
PAN and Aadhar are now mandatory for cash transactions of Rs 20 lakh or more.
Ways to avoid ATM charges
- Use your own bank’s ATM more often.
- se netbanking or mobile app to check balance.
- Keep a record of ATM usage every month.
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