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Banks allowed to increase ATM transaction charges

New Delhi: RB has allowed banks to increase ATM transaction charges, RBI interchange charges and non-financial transaction charges. The action was taken on the recommendation of a special committee constituted for this purpose. The previous increase was in 2014.

The RBI had taken the argument that it was years since the change in charges was taken at face value.
Permission has been granted to increase the interchange charge from Rs 15 to Rs 17. This is the charge made by the bank issuing the ATM card to the ATM service provider.

These charges are paid by banks to ATM providers when customers withdraw money using a non-bank ATM. The charge for non-financial transactions will be increased from Rs 5 to Rs 6.

With this, banks will also increase the charges levied on customers for withdrawing more cash from ATMs. At present, it is allowed to make five transactions per month from its own bank ATM and three transactions from other banks. After this a charge of Rs.20 is payable for each transaction.

Banks will increase this to Rs. The new charge will come into effect from January 1, 2022. Along with this comes tax.

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