Get ready to shell out more for ATM withdrawals starting May 1, 2025. The Reserve Bank of India has approved a hike in interchange fees, affecting millions of bank customers nationwide.
Here's what you need to know:
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Cash withdrawal fee: ₹19 per transaction (up from ₹17)
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Balance inquiry fee: ₹7 per transaction (up from ₹6)
These charges apply after exhausting free monthly limits:
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Metro cities: 5 transactions
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Non-metro areas: 3 transactions
The fee hike, pushed by white-label ATM operators citing rising costs, will impact smaller banks and their customers more severely. To avoid extra charges, stick to your home bank's ATMs or embrace digital payment methods.
With this move, the RBI aims to encourage digital transactions while addressing the concerns of ATM operators. As cash becomes costlier, it's time to rethink your withdrawal habits and explore alternatives.
Source: Business Today, Economic Times