RBI New Rules: The Reserve Bank of India (RBI) has recently increased the interchange fees charged by banks on ATM transactions. Interchange on financial transactions
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| ATM Cash Withdrawal |
RBI New Rules: The Reserve Bank of India (RBI) has recently increased the interchange fees charged by banks on ATM transactions. The interchange fee on financial transactions has been increased from Rs 15 to Rs 17.
The increase also fell on non-financial transactions. It has been increased from Rs 5 to Rs 6. The new rate will take effect on August 1, 2021. According to RBI .. Interchange fee is what the bank collects from the merchant. The bank charges these fees when these merchants withdraw money by credit or debit card. RBI has announced that any customer can avail 5 free transactions per month from ATMs. This may include financial and non-financial transactions.
You only need to get it from your bank ATM. You can also withdraw cash from other banks' ATMs, but its limit is limited to 3 per month. You will be charged Rs.20 per draw if you transact more than this. It has now been announced that it will be increased. ICICI Bank has issued a notice to its customers regarding the new rules for cash transactions. It also provides information on ATM interchange and check book charges. These revised charges apply to savings clients as well as salary clients. The new rule will take effect on August 1.
SBI revised the service charge for withdrawing money from ATMs and bank branches in July. Higher charges will be levied for making more than 4 transactions per month from a Basic Savings Bank account. In addition, only 10 pages of checkbooks are available free of cost to SBI customers. The bank will charge a fee if you take more than that. This provision is being implemented across the country from July 1.
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