Latest news with #CashRecyclerMachines
India.com
01-05-2025
- Business
- India.com
Bad news for all bank customers, pay these charges on ATM Withdrawal from today, how can you avoid it?
From today, May 1, 2025, banks can increase charges for ATM transactions over the monthly free usage limit, as per the Reserve Bank of India (RBI) guidelines. However, customers can still get a limited number of free transactions before the charges are applied. Revised ATM Charges Under the revised rules, customers will have to now pay Rs 23 per transaction for ATM withdrawals beyond the monthly free limit. Earlier it was Rs 21. The new charges apply to both financial and non-financial transactions conducted at ATMs or Cash Recycler Machines (CRMs). Free Transactions Allowed Metro Cities: Customers can make up to five free monthly transactions at their own bank's ATMs and three free transactions at ATMs of other banks. Non-Metro Cities: Customers are entitled to five free monthly transactions at their own bank's ATMs and an additional five free transactions at ATMs of other banks. The free transaction limit includes both financial activities (e.g., withdrawals and deposits) and non-financial activities (e.g., balance inquiries and PIN changes). The RBI circular, issued on March 28, 2025 is applicable to All commercial banks (including regional rural banks and co-operative banks), Authorized ATM network operators, Card payment network operators and White-label ATM operators. The circular is also applicable to CRMs, where the hike applies to all transactions except cash deposits. As of January 2025, India had 1,30,902 on-site ATMs and CRMs, 85,804 off-site ATMs and CRMs. ATM Interchange Fee The RBI has allowed ATM networks to set the interchange fee, which is currently Rs 17 per financial transaction and Rs 6 per non-financial transaction across all centers. The fee hike will impact on those customers who utilize ATM withdrawals frequently and exceed the free monthly ATM transaction limit. Customers can monitor their usage and avoid extra charges. RBI is trying to regulate ATM operations and increase operational costs for banks.
Gulf News
01-05-2025
- Business
- Gulf News
Indian expats in UAE, take note: ATM withdrawals get costlier from May
Indian expats in the UAE planning to travel to India should be aware of upcoming changes to ATM transaction charges, which will take effect on May 1, 2025. The Reserve Bank of India (RBI) has revised its ATM fee structure, increasing the charges for withdrawals beyond the free transaction limits. Additionally, the number of free withdrawals permitted each month has been adjusted, with different limits set for metropolitan and non-metropolitan areas. These changes may impact your ATM usage during trips to India, so it's important to plan ahead and consider alternative payment methods to avoid additional costs. Starting May 1, 2025, the Reserve Bank of India's (RBI) revised ATM transaction charges will take effect. The move introduces higher fees for additional transactions and changes to the number of free withdrawals allowed each month. New maximum transaction fee Customers will now be charged a maximum of Rs 23 per transaction beyond the free usage limit, up from the earlier Rs 21. This applies to both financial and non-financial transactions at ATMs, as well as at Cash Recycler Machines (CRMs), excluding cash deposits. Under the updated framework: In metro areas: 3 free transactions per month at other bank ATMs In non-metro areas: 5 free transactions per month at other bank ATMs 5 free monthly transactions at your own bank's ATMs, across all locations These limits apply to both financial (withdrawals, deposits) and non-financial (balance inquiry, PIN changes) transactions. Applies across all banks and operators The new fee structure is applicable to all commercial banks, regional rural banks (RRBs), co-operative banks, authorised ATM network operators, and white-label ATM operators. ATM interchange fee explained The interchange fee—charged between banks when customers use ATMs not owned by their bank—remains set at Rs 19 for financial transactions and Rs 7 for non-financial ones. ATM networks will continue to determine the exact charges. Impact on customers According to BLS E-Services Chairman Shikhar Aggarwal, this change may push more users toward digital options or fee-free alternatives like MicroATMs and Business Correspondent (BC) networks, particularly in rural and semi-urban areas. Tips for ATM users: Not just ATMs: CRMs affected too As per the RBI, these rules will also apply to transactions conducted at CRMs, with the exception of deposits. The interchange fees for CRMs match those of ATMs: Rs 17 for financial and Rs 6 for non-financial transactions. As of January 2025, India has 1,30,902 on-site and 85,804 off-site ATMs and CRMs nationwide. Customers are encouraged to make informed decisions regarding their cash withdrawals and consider digital banking options to avoid rising transaction fees.
NDTV
01-05-2025
- Business
- NDTV
ATM Cash Withdrawals To Cost More From Today, Check New Charges
The Reserve Bank of Indian (RBI) has announced that starting today, May 1, customers will be charged a maximum fee of Rs 23 per transaction for ATM banking services. Previously, the amount was set at Rs 21 per transaction. The revised framework for ATM transaction charges comes after the RBI said that it would allow banks to increase ATM withdrawal charges for transactions exceeding the free usage limit. "Beyond the free transactions, a customer may be charged a maximum fee of Rs 23 per transaction. This shall be effective from May 1, 2025," the RBI notice read. The new rule is applicable to all commercial banks, including regional rural banks (RRBs), co-operative banks, authorised ATM network operators, card payment network operators, and white-label ATM operators. Starting May 1, customers will be entitled to five free transactions (both financial and non-financial) each month from their own bank's ATM, and another three from other banks in metro cities. In non-metro cities, aside from the five free ATM transactions at your own bank, you get another five transactions at other banks, as per RBI guidelines. What happens if you exceed free limits? If customers exceed their monthly fee transaction limits, banks are allowed to charge a maximum of Rs 23 per transaction. This cap applies to both financial (money withdrawal, deposit, etc.) and non-financial (checking balance, change of PIN, etc.) transactions. According to the RBI, these charges also apply to Cash Recycler Machines (CRMs), except when you are depositing cash. "Beyond the free transactions, a customer may be charged a maximum fee of Rs 23 per transaction. This shall be effective from May 1, 2025. Applicable taxes, if any, shall be additionally payable. These instructions shall also apply, mutatis mutandis, to transactions done at Cash Recycler Machines (other than for cash deposit transactions)," the RBI notification reads. ATM interchange fee The RBI stated that the ATM interchange fee will be decided by the ATM network. At present, the interchange fee per transaction is Rs 19 for financial transactions and Rs 7 for non-financial transactions in all centres. An ATM interchange fee is a charge that one bank pays to another for offering ATM services to customers. For example, if you are an HDFC Bank customer and use an SBI ATM to withdraw money and reside in Delhi, HDFC Bank will charge you if you make the fourth transaction in a month at an SBI ATM as an HDFC Bank customer.
Hindustan Times
30-04-2025
- Business
- Hindustan Times
New ATM rules from May 1, transaction charges to increase after free limit
The Reserve Bank of India (RBI) has updated the framework for ATM charges, which will be effective on Thursday (May 1). The changes will affect free transaction limits, charges for additional transactions, and interchange fees in the country's banking system. According to the new rules, customers can use the ATM for a set number of transactions in a month, after which a fee will be charged. There will be three free transactions in metro areas and five in non-metro areas, and they will include both financial and non-financial transactions. Once the transaction limit is reached, a customer may be charged ₹23 for every additional transaction that they make using the ATM and the Cash Recycler Machines (CRMs). But the charges won't be applicable for depositing cash through the CRMs. While only the financial transactions will be counted when a customer uses their own bank's ATM, both financial and non-financial transactions will be counted for other banks. Also read: RBI allows minors above 10 years to operate savings bank accounts independently The RBI's decision comes as there is a need to ensure the financial viability of ATM operations in the country. As per data reported by Livemint, India had 2,16,706 ATMs as of January 2025, including 1,30,902 on-site and 85,804 off-site units. These ATM operations have been impacted by several factors, including rising operational costs such as maintenance, cash handling, and technology upgrades. These factors have made it necessary to adjust the fee structure to support continued ATM availability, giving relief to smaller banks and white-label operators. The RBI's revision of ATM transaction charges, especially related to the withdrawal of cash, reflects a broader effort to balance customer convenience with the rising cost of ATM operations. While the fee increase is modest, it signifies an evolving financial ecosystem where digital transactions continue to gain traction and physical cash handling demands more robust infrastructure support.
