New Delhi: A committee of the Reserve Bank of India (RBI) has recently allowed banks to increase ATM charges after the free limit on customers expired. In fact, the central bank allowed banks to pay higher interchange charges and increase ATM operational costs in the name of compensation. It is clear that withdrawing cash from an ATM will be costly after the pre-determined free limit is met. In such a situation, some banks have exempted their customers from unlimited cash withdrawals.
Unlimited free transactions
Banks will increase their fees from August 1 this year. As per the existing rules, most of the private and government banks in the country allow 3 to 5 free ATM transactions in urban cities and towns. However, in rural areas, banks allow a maximum of 5 free ATM transactions. So the names of the banks that have given their customers the facility to withdraw unlimited free cash. These banks are IndusInd Bank, IDBI Bank and Citibank.
Charges on cash withdrawals have now been increased from Rs 20 to Rs 21. Similarly, the RBI has allowed banks to charge Rs 17 instead of Rs 16 as a charge. The ATMs of the bank used to withdraw cash are paid by the card issuing bank. At the same time, the financial transaction ATM charge has been increased from Rs 5 to Rs 6.
The opinion of experts
According to Bankbazar, if you are an IDBI customer or are planning to open a bank account, you should know that the bank is offering free unlimited transactions at its ATMs. At the same time, IndusInd Bank offers unlimited free ATM transactions at any bank’s ATM in India. According to the bank’s website, you can make unlimited free ATM withdrawals with IndusInd Bank Debit Card at any ATM in the country.
At the same time, Citibank will cover its business with India, but its customers will be able to take advantage of this facility as long as banking continues.