According to the latest Reserve Bank of India guidelines, banks can charge a maximum of Rs 21 on each withdrawal beyond the number of free transactions. Most banks offer 5 free transactions to customers each month.
All banks offer a fixed number of ATM transactions every month for free to customers. If that limit is exceeded, customers will have to pay extra on every ATM transaction, whether financial or non-financial. According to the latest Reserve Bank of India guidelines, banks can charge a maximum of Rs 21 on each withdrawal beyond the number of free transactions.
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Most banks offer 5 free transactions to customers each month. This limit does not carry forward to the next month, if unutilised. Take a look at the withdrawal charges levied by some major lenders in the country.
Punjab National Bank ATM withdrawal charges
PNB gives 5 free transactions every month at its ATMs in both metro and non-metro areas. After the limit is reached, each transaction will cost Rs 10, plus applicable taxes. At ATMs of other banks, PNB offers three free transactions in metro cities and five in non-metro cities. After that, the bank would charge Rs Rs 21 plus taxes for financial transactions. For non-financial transactions, the lender would levy Rs 9 plus taxes.
SBI ATM withdrawal charges
The State Bank of India provides 5 free transactions (including non-financial and financial) at its ATMs for average monthly balances above Rs 25,000. Above this amount, the transaction is unlimited. The charge for financial transactions above the limit is Rs 10, plus GST at SBI ATMs. At other bank ATMs, it is Rs 20 plus GST per transaction.
ICICI Bank ATM withdrawal charges
There is a cap of 5 free transactions in non-metro areas and 3 in 6 metro areas. After that, Rs 8.5 is charged for each non-financial transaction and Rs 21 for each financial transaction at ICICI bank ATMs.
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HDFC Bank ATM withdrawal charges
HDFC Bank has a cap of 5 free transactions monthly at its ATMs. For non-bank ATMs, the limit is 3 transactions in metro areas and 5 in non-metro areas. After the limit is exceeded, Rs 21 will be charged for each financial transaction and Rs 8.5 for every non-financial transaction.
What RBI says on ATM transactions
In a circular released last year, the Reserve Bank of India stated, “Banks should offer their savings bank account holders a minimum of five free financial transactions in a month, irrespective of the location of ATMs. Any number of non-cash withdrawal transactions will be provided free. “
According to the RBI circular, in case of ATMs located in six metro locations of Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and New Delhi, banks shall offer their savings bank account holders a minimum of three free transactions (including financial and non-financial transactions) in a month.
