RBI: The Reserve Bank of India (RBI) has implemented new rules regarding ATM transactions. These include the limit of free transactions, rules for cash deposit-withdrawal and extra charges. Know what these charges are..
Free ATM Transactions (in metro cities)
Customers get the facility of 3 free ATM transactions. This includes both cash withdrawal and balance check.
Free ATM Transactions (in Non-Metro Cities)
Customers in non-metro cities are offered 5 free transactions.
What happens after the free limit?
- If you transact more than the set limit, the bank will levy a charge.
- aximum Rs 23 + GST per transaction.
- For non-financial (like balance check) some banks charge Rs 11.
Banks’ charges
- PNB: Rs 23 (financial), Rs 11 (non-financial)
- HDFC: Rs 23 flat charge
- SBI: Old rates are applicable now.
Cash Deposit and Withdrawal
- There is usually no charge on cash deposit (Cash Recycler Machines).
- Charges are levied as per the bank for withdrawals exceeding the limit.
Annual limit of cash transactions:
- It is mandatory to provide PAN and Aadhaar for depositing/withdrawing cash of Rs 20 lakh or more in a year.
- This rule is to prevent black money.
How to avoid unnecessary charges
- Use your own bank’s ATM.
- Use netbanking/mobile banking for balance check and statement.
- Keep track of ATM usage every month.
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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
