If you also often withdraw money from ATM,then this news is very important for you! Till now you can withdraw money from ATM for free up to a certain limit,but after that limit,a fixed fee is deducted from your account. Now this fee is going to increase further! According to PTI,from May 1,2025,the fee for withdrawing cash from ATMs is going to increase by ₹ 2.
This means that withdrawing cash from ATMs will become even more expensive. If media reports are to be believed,this decision has been taken keeping in mind the increasing cost of ATM operations. So let’s know how much fee you will have to pay now and when will this change come into effect!
How much will it affect your pocket
According to the information received about this,at present every person has to pay a fee of ₹ 21 per transaction for withdrawing cash more than the limit. But,from May 1,this fee will increase to ₹ 23 per transaction.
According to media reports,this change has been made by the country’s central bank,RBI (Reserve Bank of India),and NPCI (National Payments Corporation of India) together. Under this change,the fee for withdrawing cash from ATMs will increase from May 1,2025. This increase will directly affect your pocket,especially if you regularly use ATM more than the limit.
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After your free withdrawal limit
Every person in the country can withdraw cash from an ATM for free up to a certain limit. But when this limit is exhausted,you have to pay an interchange fee. Interchange fee is the amount that a bank pays to another bank when its customers use another bank’s ATM.
When the free transaction limit is exhausted,your bank charges this interchange fee from its customers. Currently,most banks are charging their customers around ₹ 21 per transaction,which will now be ₹ 23.
How many times can you do free transactions
According to the country’s central bank,RBI,all customers can withdraw money for free only up to a certain limit. In metro cities like Mumbai,Kolkata,Chennai,Hyderabad and Bengaluru,a person can do only three transactions for free every month. In other cities this limit may be slightly higher. You can contact your bank to know your free transaction limit. You are charged a withdrawal fee only after the free transaction limit is exhausted.
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