This year, inflation has set a number of new highs. Let us warn you, however, that the new year will also be marked by inflation. Withdrawing cash from an ATM will be more expensive starting in 2022. From January 1st, ATM users who exceed the free transaction limit will be subject to higher fees.
From January 1, 2022, the RBI has given permission to increase the charges for cash and non-cash ATM transactions after the free monthly limit has been reached. According to Axis Bank, the fee for financial transactions above the free limit at Axis Bank or other banks’ ATMs will be Rs 21 plus GST, in accordance with Reserve Bank (RBI) guidelines. These new rates will go into effect on January 1, 2022.
From next month, how much will the charge increase?
You used to have to pay a fee of Rs 20 if you went over your monthly limit of free transactions. At the same time, starting next month, each transaction will cost Rs 21 plus GST. The Reserve Bank of India (RBI) has issued a circular stating that in order to compensate banks for higher interchange fees, the cost has been increased by a general increase. As a result, banks have been given permission to raise the transaction fee to Rs 21.
You can complete up to 5 transactions for free.
You will be able to make three free transactions from your bank’s ATMs, for a total of five free transactions. Financial and non-financial transactions will be included. Customers have been given three free transactions from other banks’ ATMs in metro cities and five free transactions in non-metro areas.