ATM Fee on Financial and Non-Financial Transaction Jump
HDFC Bank and Axis Bank reminded their customers for New rule on ATM Fee of cash withdrawal from ATMs from January 1 again
At present, the first 5 financial transactions in a month are free for both financial and non-financial transactions from the bank’s ATM or cash recycler machine. After this, a charge of Rs 20 per financial transaction will be levied.
GST is not included in this transaction charge
GST will also be applicable to this charge.
Banks started sending information to customers about this
ATM Transaction Fee Hike:
Withdrawal of cash from ATM or cash recycler machine (Cash ATM Transaction) is going to be costly from the new year i.e. from 1st January. From January 1, customers will have to pay more charges than now after crossing the limit of non-cash ATM transactions.
Reserve Bank of India (RBI) had given permission to increase the fee on this in the month of June 2021. HDFC Bank and Axis Bank have once again reminded their customers about this new rule.
Let us inform you that at present, the first 5 financial transactions in a month are free for financial and non-financial transactions from the bank’s ATM or cash recycler machine. After this amendment, a charge of Rs 20 per financial transaction will be levied. From January 1, 2022, onwards it will be Rs 21 per financial transaction. 3 transactions from other banks’ ATMs in metro cities and 5 transactions from other banks’ ATMs in non-metro cities will continue to be available free of cost.
Tax will be separate
GST is not included in this transaction charge. That is, GST will also be applicable to this charge. Banks started sending information about this to their customers from last month itself. Banks have also put information in this regard on their website and messages are also being sent.
Whether Financial Transaction and Non-Financial Transaction
All non-financial transactions from any bank’s own ATM are free. However, if non-financial transactions are carried out using a card of one bank from an ATM of another bank, then charges are levied after crossing the specified free number of transactions. This charge varies from bank to bank. Financial transactions involve cash withdrawal, while non-financial transactions include balance inquiry, mini statement, and PIN change.