Customers will have to pay more if they exceed the free ATM transaction limit from January 2022.
The Reserve Bank of India (RBI) had permitted banks to increase charges for cash and non-cash ATM transactions beyond the free monthly permissible limit from January 1 2022 to June this year. Customers will have to pay ₹21 per transaction, instead of ₹20 if they exceed the monthly limit of free transactions. “To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to ₹21 per transaction. This increase shall be effective from January 1, 2022”, a Reserve Bank of India circular had stated in June 2021.
“In accordance with the RBI guidelines, the financial transaction fee above the free limit in bank ATMs will be ₹21 + GST,” said an Axis Bank official.
