ATM charge: ATM increase with ATMs; How much on any transaction?

Drawing with ATM will be more burden. The Reserve Bank of India has decided to increase the interchange fees. Withdrawing cash from ATM from May 1 will become expensive. This increased fee applies to customers after crossing their free transactions border. Five transactions in metro cities and other banks ATMs can be used for free up to three transactions in non -metro regions.

Each transaction costs Rs. 2

Customers additional Rs. Non -transaction fee Rs. With the withdrawal of cash from the ATM, it will increase from Rs 17 to Rs 19. The fee of Rs 6 per transaction in the past has now increased to Rs 7. New banking conditions also change credit card profit and savings account rules.

Minimum balance

SBI, Punjab National Bank and Canara Bank are updating their minimum remaining rules. The required minimum balance varies depending on the area where the account is located. This division is urban, semi -burban or rural area. If the specified minimum balance is not maintained, the fine fee will be paid.

Credit card benefits

Major banks including SBI and IDFC First Bank are changing their co-branded wide credit cards. The benefits of ticket vouchers, restoration facilities and mile stone awards will be discontinued. Axis Bank will implement similar changes from 18 April. This affects its broad credit card holders.

What is ATM Inter Change Fee?

If a bank customer uses another bank ATM services, this interchange will be paid. This fee is usually a fixed amount for each transaction. The RBI has decided to amend the allegations on the requests of the White Label ATM operators that the rising management cost is affecting their business.

Increase in fees across the country

Fare hike is expected to be implemented nationwide, especially on customers of small banks. These banks rely on large banks for ATM infrastructure and related services.