ATM cash withdrawals set to become more expensive from January.

Reserve Bank of India (RBI) has allowed banks to increase charges for cash and non-cash ATM transactions after the free monthly limit from January 1, 2022.

Axis Bank said that according to the guidelines of the Reserve Bank (RBI), the fee for financial transactions above the free limit at Axis Bank or other banks’ ATMs will be Rs 21 plus GST. These revised rates will be effective from January 1, 2022.

Till now a customer had to pay a charge of Rs 20 for crossing the monthly limit of free transactions. At the same time, from next month, Rs 21 per transaction plus GST will have to be paid.

RBI has issued a circular stating that to compensate banks for higher interchange fees and have increased the cost by general. Therefore, banks have been allowed to increase the charge to Rs 21 per transaction.

Customers have been allowed to do 3 free transactions from ATMs of other banks in metro cities and 5 transactions at non-metro centers.

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