RBI Update: The Reserve Bank of India (RBI) has announced new rules for ATM transactions. These include the number of free transactions allowed, rules for cash deposits and withdrawals, and extra charges. Here’s what you need to know.
What’s New in RBI’s ATM Rules?
RBI has shared new guidelines about ATM usage, cash limits, and bank charges.
Free ATM Transactions in Metro Cities
In metro cities, customers can do 3 free ATM transactions each month. This includes both cash withdrawals and balance inquiries.
Free ATM Transactions in Non-Metro Cities
In non-metro cities, customers are allowed 5 free ATM transactions per month.
What Happens After the Free Limit?
If you go over the free limit, banks will charge you:
Up to ₹23 + GST per transaction (financial).
Some banks charge ₹11 for non-financial transactions (like balance check).
Charges by Banks:
PNB: ₹23 for financial, ₹11 for non-financial transactions.
HDFC Bank: ₹23 flat for all extra transactions.
SBI: Old charges are still in effect.
Cash Deposit and Withdrawal Rules
Cash deposits using Cash Recycler Machines are usually free.
Withdrawals above the bank’s set limit may attract extra charges.
Annual Cash Transaction Limit
If your total cash deposits or withdrawals reach ₹20 lakh or more in a year, PAN and Aadhaar are required.
This rule is aimed at stopping black money.
How to Avoid Extra Charges?
Use your own bank’s ATM for transactions.
Check balance and statements using net banking or mobile banking.
Monitor your ATM usage every month.
