ATM Cash Withdrawal Rules Changed: RBI

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..... ATM Cash Withdrawal Rules Changed: RBI - By: - CSLalit Rajput - Other Topics - Dated:- 22-6-2021 - - Reserve Bank of India (RBI) has changed some rules regarding cash withdrawal from automated teller machine (ATM). These ATM cash withdrawal rule changes include higher charges on transactions beyond the free permissible limit, a new free ATM transaction limit and a rise in interchange fee. The .....

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..... new ATM charges as defined by RBI are as under: Free cash withdrawal limit from own bank: Bank customers can now do five free financial and nonfinancial transactions every month from their own bank ATMs. Free ATM transaction limit from other banks: ATM cardholders can do three free financial and nonfinancial transactions in metro centres while five in the non-metro transaction from other .....

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..... bank ATMs Charges on ATM cash withdrawal beyond the free limit: RBI allowed banks to increase charges on ATM transactions beyond the free ATM transaction limit. Rise in interchange fee: Interchange fee per transaction changed from ₹ 15 to ₹ 17 for financial transactions while from ₹ 5 to ₹ 6 for non-financial transactions in effect from August 1, 2021. New charges .....

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..... on ATM withdrawal beyond the free transaction limit: Bank customer will have to pay ₹ 21 (currently it is ₹ 20) for each ATM cash withdrawal beyond the free transaction limit in effect from January 1, 2022. RBI said these charges have been allowed to increase due to the increasing cost of ATM deployment and expenses towards the maintenance of ATM incurred by banks or white label .....

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..... ATM operators. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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