RBI Update: Your information is absolutely correct. The Reserve Bank of India (RBI) has approved the increase in ATM transaction fees, which will come into effect from May 1, 2025. With this, customers will have to pay more fees for using another bank’s ATM.
now if you withdraw
As you mentioned, now if you withdraw money from another bank’s ATM, earlier there was a fee of Rs 17, which will now increase to Rs 19. Apart from this, if you transact more than the prescribed free transaction limit of your bank, earlier you had to pay a fee of Rs 21, now it will increase to Rs 23.
This change will directly affect the customers, so it will be important that people plan ATM transactions in advance, so that high fees can be avoided.
If you also often withdraw money from ATM, then this news is very important for you. Because the Reserve Bank of India (RBI) has approved an increase in ATM transaction fees, which will come into effect from May 1, 2025. This increase will have a direct impact on the customers.
ATM transaction fees will increase from May 1
If you use the ATM of any other bank instead of your bank’s ATM, then you will have to pay more charge. It is being told that the Reserve Bank of India has approved the proposal of the National Payment Corporation of India, under which this fee is being increased. Apart from this, if you used to withdraw money from the ATM of any other bank, then you had to pay Rs 17, but from May 1, this fee will increase to Rs 19. Currently banks charge Rs 21 for exceeding the free transaction limit. Now they will charge Rs 23.
The advice for customers
The advice for customers is to understand the free transaction limit and try to avoid additional charges. Use digital payments more so that cash withdrawals have to be reduced. Use your own bank’s ATM more often, as the free transaction limit at other banks’ ATMs may get exhausted quickly.