The Reserve Bank of India (RBI) on Thursday announced an increase in the interchange fee from Rs 15 to Rs 17 for every financial transaction made through ATMs. The hike in ATM withdrawal fee will be effective from January 1, 2022. That is, from the first day of the new year, you will have to pay more fees.
Along with this, RBI has also announced to increase the maximum limit of charges on customers after free ATM withdrawal every month from Rs 20 to Rs 21 to customers of any bank. Banks are now offering customers 5 free cash withdrawals from ATMs every month. The Reserve Bank has said that the last time the ATM interchange fee was changed was in August 2012.
At the same time, the charges applicable to customers were revised in August 2014. In such a situation, after examining the recommendations of the committee, it has been decided to increase the interchange fee and customer fee. RBI said that this decision has been taken keeping in mind the convenience of all stakeholders and consumers along with the ATM deployment cost and maintenance cost on banks and ATM operators. The central bank has increased the fee for non-financial transactions from Rs 5 to Rs 6, which will be effective from August 1, 2021.