The Reserve Bank of India (RBI) has charged a fees of Rs 23 per transaction for ATM banking services from today. Previously, the amount was set at Rs 21 per transaction. The revised framework for ATM transaction fees comes after the RBI stated that it would allow banks to increase ATM withdrawal fees for transactions exceeding the free usage restriction. “Beyond the free transactions, a customer may be charged a fee of Rs 23 per transaction. This shall be effective from May 1, 2025,” the RBI state.
The new rule is relevant to all commercial banks, such as local rural banks (RRBs), cooperative banks, authorized ATM network operators, card fee community operators, and white-label ATM operators.
Rs 23 Transactional Fees applicable by RBI
If customers exceed their monthly payment transaction limits, banks are allowed to fee a most of Rs 23 per transaction. This cap applies to both financial and non-financial transactions. According to the RBI, these fees also follow Cash Recycler Machines (CRMs), except when you are depositing money.
“Beyond the free transactions, a customer may be charged a fees of Rs 23 per transaction. This will be effective from May 1, 2025. Applicable taxes, if any, shall be more payable. These instructions shall also follow, mutatis mutandis, to transactions carried out at Cash Recycler Machines, the RBI notification reads.
ATM interchange fee
The RBI stated that the ATM interchange fees could be determined by the ATM community. At present, the interchange fees per transaction is Rs 19 for financial transactions and Rs 7 for non-financial transactions in all centers.
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