Cash Withdrawing from ATM is expensive

Cash Withdrawing from ATM is expensive

Cash Withdrawing from ATM is expensive : Many rules related to daily life have changed in August 1. The burden of which will also be on your pocket. Withdrawing money from ATM has become expensive from today. Not only this, swiping debit and credit cards has also become expensive.

The Reserve Bank of India (RBI) has allowed all banks to increase their interchange fees with effect from August 1. At present, banks charge Rs 15 as interchange fee for each financial transaction. Now with an increase of Rs 2 from August 1, this charge will be Rs 17. On the other hand, if we talk about non-financial transactions, then at present, an interchange charge of Rs 5 will have to be paid, which will happen now. 6 from August 1

According to RBI, this decision has been taken due to increase in the maintenance cost of ATMs. Also, the RBI says that ‘in addition to the interchange charge, other taxes related to it will also have to be paid separately.’ Let us tell you that while using the ATM card of a bank account holder with another bank’s ATM, interchange fee is levied.

According to the new rules of RBI, customers can do five free transactions every month from their bank’s ATM. At the same time, customers can do three free ATM transactions in metro cities and five in non-metro cities from ATMs of other banks. After that you will have to pay additional charges for every transaction.

Let us tell you that ICICI Bank has also announced to increase ATM transaction fee and check book charge for domestic savings account holders from August 1. The fee has been changed for both bank deposits and withdrawals. Now only four free transactions can be done from ATMs. According to the bank’s website, a hefty fee of Rs 150 will be levied for more than four cash withdrawals.