Fees Associated with Using an ATM Customers who create a bank account also often get a debit card that may be used for online and ATM transactions. People nowadays are more likely to use an ATM to get cash than a bank.
While it’s true that customers may access their money at any ATM, it’s important to remember that each financial institution sets its own restriction on the number of free transactions customers can make at machines belonging to other institutions.
How much of a fee can I expect to pay when taking money out of an ATM?
The Reserve Bank of India mandated in June 2022 that banks in India might charge consumers Rs 21 per transaction in addition to the monthly ATM card cost. It’s worth remembering that the first five withdrawals from your bank’s ATM are on the house. Meanwhile, other banks in major cities are restricted to a maximum of three transactions every day. However, the number of withdrawals is capped at five outside of major cities. If you make more than this purchase, each additional withdrawal will cost you Rs 21. Starting on January 1, 2022, this regulation will be in effect.
Learn the Fees for Using an SBI ATM –
Up to Rs.25,000 in monthly deposits are eligible for free ATM withdrawals from State Bank of India. Withdrawals in excess of this amount will incur a fee of Rs 10 per transaction in addition to GST. However, using ATMs belonging to other banks will cost you Rs 20 in addition to GST. With a monthly balance of Rs 25,000 or more, you are entitled to unlimited free cash withdrawals from any ATM in India.
Learn the fees associated with using a PNB ATM.
PNB, the country’s second-largest public sector bank, allows clients to make five free ATM withdrawals each month in both urban and non-metro areas. After this date, PNB’s cash withdrawal fees would increase to Rs. 10 plus GST. Additionally, GST fees of Rs 21 would be charged at other financial institutions.
Learn the Fees for Withdrawing Money from HDFC Bank
HDFC Bank, a major private bank, also allows its clients to make five free monthly ATM withdrawals. However, this limit only applies to three transactions at other metro area banks. GST and an additional Rs 21 will be added to each subsequent purchase.
Learn the Fees for Withdrawing Money from ICICI Bank
ICICI Bank, like most other banks, limits customers to no more than 5 transactions per month from its own ATMs and no more than 3 from those of other banks. After this date, the fee to withdraw money will be Rs 20 and the fee for all other transactions would be Rs 8.50.
