Bank customers to pay more for ATM withdrawals from Jan; here’re details

Sambad English Bureau Published On : Dec 25, 2021 Updated On : Dec 25, 2021

Bhubaneswar: From January 2022, bank customers will pay more for ATM withdrawals if the monthly limit is exhausted. As per the notification by the Reserve Bank Of India (RBI), bank customers will have to pay more charges from January 2022 for ATM transactions if they cross their withdrawal limit.

RBI notified about this upcoming change in June, 2021. The extra charge has been increased to Rs 21 per transaction after the free monthly permissible limit.

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Customers have been paying a charge of Rs 20 on exceeding their monthly limit on ATM withdrawals at present.

RBI mentioned in their notification, “This increase shall be effective from January 1, 2022. Applicable taxes, if any, shall be additionally payable.”

Customers can avail up to five free transactions, including financial and non-financial transactions, every month from their respective banks.

“Effective 1st January 2022, financial transaction fee above the free limit in Axis Bank or other bank ATMs will be INR 21 + GST”, says Axis Bank website.