ATM: Withdrawing money from ATM will be expensive in 2022

ATM: Jaipur. Withdrawing cash from ATMs is going to be more expensive from the year 2022. 

From next month onwards, ATM users will now have to pay higher charges if they cross the free ATM transaction limit.

ATM: Jaipur. Now the dependence of the common man on ATM machines to withdraw money is not hidden from anyone. In such a situation, now banks are also making ATM machines a means of earning. ATM machines which were initially started in the name of convenience, now withdrawing money from them is also becoming increasingly expensive. Withdrawing cash from ATM ATMs is going to be more expensive from the year 2022. From next month onwards, ATM users will now have to pay higher charges if they cross the free ATM transaction limit.
In June, the Reserve Bank of India had allowed a hike in charges for cash and non-cash ATM transactions beyond the free monthly limit with effect from January 1, 2022. This charge has now been increased further. As per RBI guidelines, the fee for financial transactions over and above the free limit at Axis Bank or other banks' ATMs will be Rs 21 plus GST. These revised rates will be effective from January 1, 2022.

Till now, customers have to pay Rs 20 and GST for crossing the monthly limit of free transactions. At the same time, from next month, Rs 21 per transaction plus GST will have to be paid. RBI has issued a circular allowing banks to increase the charge to Rs 21 per transaction. Along with this, the interchange transaction fee has also increased.

Five free transactions from banks's ATMs

Like before, customers will still be allowed to do five transactions free of cost from ATMs of their banks. It is to be noted that this will include both financial and non-financial transactions. That is, withdraw money or check balance, it will be considered as a transaction. At the same time, customers have been allowed to do 3 free transactions from ATMs of other banks in metro cities and 5 transactions at non-metro centers.