ATM Transaction Fees: As of January 1, 2022, banks will be permitted to levy a fee of Rs. 21 per transaction at ATMs in addition to the monthly free transaction cap, following a notification issued by the Reserve Bank of India in June of last year. Previously, banks would charge Rs 20 for these kinds of transactions. Up to a set monthly limit, all of the large banks in the nation—private or public—offer free ATM transactions.
Banks charge clients after a free transaction (whether financial or not). The kind of account and debit card you have will determine how many free transactions you can make at your ATM. With effect from January 1, 2022, banks would be permitted to charge Rs 21 per transaction at ATMs above and above the monthly free transaction limit, per a notification issued by the Reserve Bank of India in June of last year. Previously, banks would charge Rs 20 for these kinds of transactions.
5 free transactions allowed at your bank’s ATM
Customers can make 5 free transactions per month from their own bank’s ATMs, compared to 3 free transactions per month from other banks’ ATMs. In non-metropolitan areas, ATMs of other banks allow for 5 free transactions.
With effect from August 1, 2022, the RBI has given banks permission to charge an interchange fee of Rs 17 per financial transaction and Rs 6 for each non-financial transaction at all centres. In order to recoup the cost of ATM installation and maintenance, banks also impose ATM service fees.
Let us tell you how much ATM charges SBI, PNB, HDFC, ICICI and Axis Bank charge.
State Bank of India ATM Transaction Limit and Charges
- State Bank of India would charge its cardholders Rs 20 + GST and Rs 10 + GST if a customer of another bank withdraws money from an SBI ATM after the limit.
- SBI would charge other bank customers Rs. 8 + GST for non-financial transactions and SBI account holders Rs. 5 + GST.
- At SBI Bank ATMs and other bank ATMs, the consumer would be charged Rs 20 + GST if the account does not have enough money.
HDFC Bank ATM Transaction Limit and Charges
- Customers from other banks can only withdraw up to Rs 10,000 at a time using debit cards at HDFC Bank ATMs. Those who have a salary account will also get five free savings account transactions.
- The bank will charge you Rs. 21 for financial transactions and Rs. 8.50 + GST for non-financial transactions if you withdraw more money from HDFC Bank than the permitted amount.
Axis Bank ATM Transaction Limit and Charges
- You can only withdraw up to 10,000 rupees at a time using a debit card from another bank when using an Axis Bank ATM.
- For transactions that take longer than the allotted times, a fee of Rs 20 will be applied.
