In today’s digital world, the use of ATMs has increased rapidly. Whenever people feel the need for money, they first turn to ATMs. Instead of long queues at the bank, withdraw money easily from 24 × 7 available ATMs. But now this facility is also going to be a little expensive. In fact, from May 1, 2025, you may have to pay more fees for withdrawing cash from ATMs. Let’s know how costly it will be to withdraw money from ATM repeatedly under the new rules.
Cash withdrawal charges to be hiked
Till now, banks used to offer a certain number of free transactions to their customers every month. If a customer withdraws money beyond this prescribed limit, he has to pay an additional charge. Now according to the new report, the decision to increase ATM transaction charges has been taken by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI). Earlier, the bank used to charge Rs 17 for an additional transaction, but now it will be increased to Rs 19.
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When will the new rules come into effect?
The new ATM charges are likely to come into effect from May 1, 2025. Charges can increase not only on cash withdrawal, but also on checking balance and taking out mini statements. At present, Rs 6 is charged on these services, which can be increased to Rs 7.
Do you know that money is deducted even after checking the balance?
Many people go to the ATM and check their bank balance again and again or take out a mini statement, but they do not know that a fee is charged for this too. In such a situation, using the ATM again and again without thinking can now be heavy on the pocket.
How many transactions are free in a month?
Banks offer a certain number of free transactions to their customers.
From own bank ATM: Customers can withdraw money up to three times every month without any charge.
From other banks’ ATMs: If you use any other bank’s ATM other than your own bank’s ATM, free withdrawals are allowed only up to three times. After that, you have to pay an exchange fee.
Impact of rising taxes on the general public
The rising ATM charges will especially affect those who withdraw cash frequently. This step is being taken by banks to promote digital transactions so that people use online banking and UPI more.
If you want to avoid ATM charges, use digital payment systems like UPI, net banking and mobile wallets more. This will not only save your time, but also save you from additional charges.
The increased charges on ATM withdrawals and other services may come into effect from May 1, 2025. Now a fee of Rs 19 will have to be paid for every additional transaction and Rs 7 for checking the balance or taking out a mini statement. In such a situation, avoid using ATMs unnecessarily and turn to digital transactions, so that your money can be saved.
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