Amidst recent changes, customers of major banks including SBI, PNB, HDFC, and ICICI are urged to take note of the revised ATM cash withdrawal charges.
As per the fresh directives set forth by the Reserve Bank of India (RBI), modifications have been introduced regarding the number of free monthly transactions and the associated fees.
RBI’s ATM Cash Withdrawal Guidelines
Under the revamped guidelines, all public and private sector banks are permitted to provide a stipulated number of cost-free ATM cash withdrawals to their customers each month.
If an individual exceeds this predetermined limit, they are subject to charges for every additional transaction.
The maximum fee that can be levied on any customer, regardless of the bank they are associated with, stands at Rs 21 as per the RBI’s new mandate.
Most banks across the country extend a maximum of five complimentary ATM transactions within a one-month span.
Punjab National Bank (PNB) ATM Charges
Punjab National Bank adheres to a structure where patrons are entitled to five complimentary transactions each month at its ATMs located in both metro and non-metro cities.
Post this threshold, customers are liable to incur a fee of Rs 10 for any further money withdrawals or changes in their ATM PIN.
For transactions at other bank ATMs, PNB provides three free transactions in metro areas and five in non-metro regions.
Beyond this, a charge of Rs 21 is applicable for cash withdrawals, accompanied by a GST charge of Rs 9 for additional transactions.
State Bank of India (SBI) ATM Charges
SBI’s ATM withdrawal charges vary based on the account balance.
Customers maintaining a balance above Rs 25,000 enjoy five complimentary transactions, encompassing both financial and non-financial activities.
Any transactions exceeding this limit are subject to a charge of Rs 10. Furthermore, withdrawing money from SBI ATMs using cards from other banks incurs a charge of Rs 20, along with applicable GST.
ICICI Bank and HDFC Bank ATM Charges
ICICI Bank offers three cost-free transactions each month for its ATM holders.
Any transactions beyond this quota will result in a fee of Rs 8.5 for non-financial activities and Rs 21 for financial transactions conducted at ICICI Bank ATMs.
Similarly, HDFC Bank provides a grace period of five free monthly transactions, after which a charge of Rs 8.5 is imposed for non-financial transactions and Rs 21 for financial transactions at its ATMs.
These changes in ATM withdrawal charges underscore the evolving landscape of banking services, urging customers to stay informed about their respective bank’s policies to make informed financial decisions.