Mar 25, 2025 03:04 PM IST
These expenses will likely be relevant as soon as customers exhaust their free month-to-month limits; 5 transactions in metro cities and three in non-metros at different banks’ ATMs.
The Reserve Financial institution of India (RBI) has authorized a hike in ATM interchange charges, elevating the price of money withdrawals from Could 1, 2025 onwards.
ATM interchange charges confer with the quantity one financial institution pays to a different when a buyer makes use of a special financial institution’s ATM to withdraw cash.(Representational Picture/Unsplash) What are ATM interchange charges?
ATM interchange charges confer with the quantity one financial institution pays to a different when a buyer makes use of a special financial institution’s ATM to withdraw cash.
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What would be the new ATM interchange expenses?
The brand new expenses which have been pushed by white-label ATM operators, will likely be as follows, in accordance with a Enterprise Right now report.
Money withdrawal payment: ₹19 per transaction from ₹17 earlier.
Steadiness inquiry payment: ₹7 per transaction from ₹6 earlier.
These expenses will likely be relevant as soon as customers exhaust their free month-to-month limits, that are 5 transactions in metro cities and three in non-metro locations at different banks’ ATMs.
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This payment hike additionally took place primarily based on a proposal by the Nationwide Funds Company of India (NPCI), the corporate behind the digital funds framework Unified Funds Interface (UPI).
On prime of this, white-label ATM operators had additionally been lobbying for a rise, arguing that the previous charges have been unsustainable as a result of rising operational prices.
The costs are additionally prone to impacted clients of smaller banks extra since a lot of them depend on different banks’ ATM networks because of their restricted infrastructure.
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The one solution to keep away from these further charges is to stay to the house financial institution’s ATMs or improve the utilization of digital cost strategies relatively than money.
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