ATM Rules | Rules related to ATM, debit, credit card will change from August 1, will have to pay more charge
Many rules will change from August 1  |  Photo Credits: BCCL
- ATM interchange charges will increase.
- Debit, credit card charges will also increase.
New Delhi: The Reserve Bank of India (RBI) has recently increased the interchange charge and allowed private and public sector banks to withdraw cash from Automated Teller Machines (ATMs) as well as increase the charges for debit cards and credit cards. From August 1, the interchange charge has been increased by Rs. In June this year, RBI increased the interchange fee from Rs 15 to Rs 17, while the charge for non-financial transactions has been increased from Rs 5 to Rs 6.
This charge is being levied by banks from customers processing payments through credit cards or debit cards. As per the new RBI guidelines, customers can do 5 free transactions every month from their home bank ATMs. In addition, RBI has said that customers can also claim free transactions from ATMs of other banks, including 3 withdrawals in metros and 5 in non-metro cities.
The changes were announced in June 2019 based on the recommendations of a committee set up by the RBI. It was set up to review ATM charges and fees under the chairmanship of the Chief Executive of Indian Banks’ Association. Special attention was given to the interchange structure for ATM transactions. The central bank had said that these charges were allowed to increase due to the rising cost of installation of ATMs and the maintenance cost incurred by the banks. As of March 31, there are 115,605 onsite ATMs and 97,970 off-site teller machines in the country and there are around 900 million debit cards issued by various banks, news agency PTI reported.
SBI ATM Charges
SBI recently revised the service charge for cash withdrawals from its ATMs and bank branches in early July. For Basic Savings Bank Deposit (BSBD) accounts or SBI BSBD accounts, charges will be levied on more than 4 free cash withdrawal transactions including ATM and branch. Also, SBI account holders will be exempted from any charges only on the first 10 check leaves. Checks in excess of this limit will be subject to charge for leaf.
ICICI Bank ATM Charges
ICICI Bank has issued a notice on revised limits for cash transactions, ATM interchange and check book charges. The revised charges will be applicable for domestic savings account holders including salary accounts and will be applicable from August 1.
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