New 2021 ATM rule changes you should know
Here are 5 big rule changes related to ATM card you must know
1. RBI has now permitted banks to increase charges for cash and non-cash ATM transactions beyond free monthly permissible limit from next year.
“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 Rs 21 per transaction.
This increase shall be effective from January 1, 2022,” the RBI said in a circular.
2. Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions.
3. Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs.
4. Customers are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs viz. three transactions in metro centres and five transactions in non-metro centres.
Beyond the free transactions, the ceiling/cap on customer charges is Rs 20 per transaction…Read more>>