New Delhi: The number of ATMs in India is steadily declining, albeit gradually. This trend is driven by a shift towards online transactions, which people now prefer over cash. Online transactions simplify the process and eliminate the hassle of counting cash, leading people to focus more on digital payments and reducing ATM usage.
Meanwhile, there have been changes to ATM-related rules. Canara Bank, a public sector bank, has revised its ATM withdrawal charges, effective September 1 across the country. The bank has decided to lower the monthly limit for free ATM transactions on savings accounts. Additionally, it has decided to increase the charges for transactions that fail due to insufficient funds.
Charges for exceeding free transaction limits
The bank has also raised the fees applicable when the free transaction limit is exceeded. There is no change to the free transaction limit for senior citizens. However, for savings accounts, the bank has reduced the total limit for free transactions covering both financial and non-financial activities to five per calendar month.
Applicable charges in such scenarios
If a Canara Bank customer performs a non-financial transaction at an ATM after exhausting their free limit, a charge of ₹5 plus GST applies per transaction; this specific rate remains unchanged. However, for financial transactions (such as cash withdrawals) exceeding the set limit, customers will now have to pay higher fees. The charge for cash withdrawals at Canara Bank ATMs has been raised from ₹20 to ₹23, an increase of ₹3.
Charges Apply Even for Failed Transactions
If a transaction fails due to insufficient funds in your Canara Bank account, you will be charged a fee. Canara Bank has increased the charges for transactions that fail because of a lack of funds, as well as for transactions exceeding the prescribed limits. The fee for transactions at Canara Bank ATMs and those of other banks has been raised from ₹17 to ₹ 23, an increase of ₹6.
Fee for regenerating Green PIN to be reduced
Canara Bank has introduced a change. The public sector bank has reduced the charge for regenerating the Green PIN applicable after the free transaction limit is exhausted from ₹23 to ₹5 for card variants such as Classic, Standard, Platinum, Business, Select, and World. This decision is being viewed as a significant benefit for customers. Banks frequently implement such changes, which often have a substantial impact on their clientele. If you have an account with Canara Bank, you need to know this.
