ATM withdrawal rules: RBI made new rules for withdrawing money from ATM, know the new charges of banks here
RBI: The Reserve Bank of India (RBI) has implemented new rules regarding ATM transactions. These include the limit of free transactions, rules for cash deposit-withdrawal and extra charges. Know what these charges are..
RBI: The Reserve Bank of India (RBI) has implemented new rules regarding ATM transactions. These include the limit of free transactions, rules for cash deposit-withdrawal and extra charges.
RBI’s new ATM rules: What is changing?
RBI has clarified the rules related to ATM transactions, cash limit and bank charges.
Free ATM transactions (in metro cities)
Customers get the facility of 3 free ATM transactions. This includes both cash withdrawal and balance check.
Free ATM Transactions (in non-metro cities)
Customers in non-metro cities are given the facility of 5 free transactions.
What happens after the free limit?
If you transact more than the set limit, banks will levy a charge.
Maximum Rs 23 + GST per transaction.
For non-financial (like balance check) some banks charge Rs 11.
Banks’ charges
PNB: Rs 23 (financial), Rs 11 (non-financial)
HDFC: Rs 23 flat charge
SBI: Old rates are applicable now.
Cash Deposit and Withdrawal
There is usually no charge on cash deposit (Cash Recycler Machines).
Charges are levied as per the bank for withdrawals beyond the limit.
Annual limit of cash transactions
It is mandatory to provide PAN and Aadhaar for depositing/withdrawing cash of Rs 20 lakh or more in a year.
This rule is to stop black money.
How to avoid unnecessary charges?
Use your own bank’s ATM.
Use netbanking/mobile banking for balance check and statement.
Keep track of ATM usage every month.
Read More: Railway Passengers Attention! Change in numbers of many trains, will be effective from 25th, check before traveling
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