According to the recent reports, Withdrawing the money from the ATM Machine will cost more from may 1st, as the Reserve Bank of India has approved the revision in ATM interchange fees. This will take the effect from may 1st 2025. The decision made by reserve bank of india, will impact both on financial and non-financial transactions for bank customers. the fee for financial transactions will increase by rupees 2. Previously it was 17 rupees and by increasing Rs.2 it will be Rs.19 from may 1st. similar to this, non-financial transactions like balance inquires will see a rs.1 hike increasing from rs.6 to rs.7.
What is Interchange Fee?
As per the details, lastly the update made upon the charges on withdrawing the money from the ATM Machines in june 2021. Now, the charges will be increasing from may 1st, 2025. If you are wondering what interchange fee? so it is an interchange fee or amount that one bank pays to another bank when a customer uses the ATM Machine that does belong to their home bank. this fee covers the cost of maintaining ATMs. Now, from 1st of may the charges will be increased by RS.2. As it was Rs.17 previously now it will be Rs.19.
For your Kind Information, In the metro cities customers are allowed to make five free transactions, while in non-metro areas, they get three transactions absolutely free/.
How you can Save the Extra Charges?
If you want to save your money, and do not want to spend more on withdrawing the money from ATMs, then this information is for you.
You can use your own bank’s ATM as it will not cost you More money. Keep track of your ATM withdrawals to stay within the free transaction limit. Reduce the cash withdrawals by using the digital banking services and online payments methods. In this way, you can save your money also you can withdraw the money from the ATM Machines easily.
