look news india
ATM Transaction Charges: Now when you go to withdraw money from the ATM, it is possible that you may have to pay more charges. ATM operators in the country are demanding an increase in the interchange charge on cash withdrawal. They have approached the Reserve Bank of India and appealed to increase this charge. Till now the ATM withdrawal fee is Rs 15-17 but now it may increase to Rs 23.
The Confederation of ATM Industry (CATMI) has raised the per transaction charge to Rs 10. 23 is advocating for this. According to a report, they are trying to raise more funds to run their business smoothly.
Stanley Johnson, executive director of AGS Transact Technologies, said, the interchange rate was increased two years ago. We are talking to RBI on this issue and it seems that the central bank is paying attention to our point. CATMI has proposed Rs 21 per transaction. While some other ATM manufacturers have quoted it as Rs 23.
Johnson said, the last hike happened a few years ago. But now everyone has come together and it looks like it won't take long to get approval to increase the fee. In 2021, the ATM transaction charge was increased from Rs 15 to Rs 17. Another ATM manufacturer also reiterated Johnson's point and said that there is a fair amount of lobbying going on at the moment to increase the interchange rate. The person in charge said, a delegation has been sent to NPCI and the banks have also agreed to the hike.
Where is such an allegation?
This is a charge that has to be paid to the bank that issued the card. This charge goes to the bank from whose ATM the money is withdrawn. Along with this, let us also tell you that the charge taken from the customers has been increased from Rs 20 to Rs 21 per transaction.
So far, the country's largest bank is offering at least 5 free transactions every month to its savings account customers in six cities. These cities include Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi. Three transactions per month are free at ATMs of other banks.
Which bank charges how much?
State Bank of India (SBI) cardholders are charged Rs 10 + GST per transaction and other banks are charged Rs 20 + GST per transaction. The first five transactions per month are free at ICICI Bank. After this, Rs 8.50 is charged for every non-financial transaction and Rs 20 for every financial transaction. Withdrawals from other ATMs outside the bank are charged Rs 20 per transaction.
HDFC Bank also charges Rs 21 + taxes after exceeding the free transaction limit. Transactions from ATMs of other banks outside the bank also attract similar charges. Axis Bank also charges the same as HDFC.
