ATM costs to become more expensive from May 1 - what you need to know | Mint

Customers warn! Your Automated Teller Machine (ATM) transactions have been set to become more expensive from May 1, with banks increasing the cost by £ 2, for all transactions over the Montly limit. This comes after the Reserve Bank of India (RBI) said it would enable banks to increase ATM costs for money extracted exceeding the free use. ‘Except for the free transactions, a customer can be charged a maximum fee of £ 23 per transaction. It will be in effect from 1 May 2025, ‘RBI said in a circular on March 28. The RBI circular applies to all commercial banks, including local rural banks (RRBS), cooperative banks, authorized ATM network operators, maps network operators and white label operators. ATM levies Step: How much more expensive? This will now cost you £ 23 per transaction from the earlier £ 21 / each, on all transactions / withdrawals from bank kits Banks above the monthly free use. From January 2025, there are 1.30,902 ATMs and cash recycling machines (CRMS), and 85,804 ATMs and CRMs, according to a PTI report. How many free ATM transactions / withdrawals can I do? At the moment, the central bank leaves five free monthly withdrawals at ‘ATMs of your own bank, and three more from other Metro cities banks. Apart from the five free ATM transactions at your own bank, you will get five more transactions from other banks in non-metro cities. Financial (money withdrawal, deposit, etc.) and non-financial transactions (control of the balance, change of PIN, etc.) are included in the monthly free transactions-whether at your bank ATM or an ATM of another bank. Are only ATMs affected by high costs? No. According to the RBI impairment, banks are also allowed to apply, Mutatis Mutandis, the levy increase to transactions done at CRMS (except for cash deposit transactions). Furthermore, the circular also said that the ATM exchange rate fee would be as determined by the ATM network. At present, the exchange rate fee per transaction is £ 17 for financial transactions and £ 6 for non-financial transactions in all centers. Why are ATM loads drawn? The RBI periodically works the number of free ATM transactions and maximum charges that can be applied to a client beyond the mandatory free use. This is part of the review process. “Although this hike can tax regular ATM users, it provides an important opportunity for business correspondents (BCS) and digital first players,” Shikhar Aggarwal, chairman, told PTI. “With the withdrawal of ATM, customer and semi-urban areas are increasingly going to micro-that and BC networks, which remain fee-free for transactions,” he added. (With input from PTI) first published: 30 Apr 2025, 02:28 pm Ist