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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
ATM withdrawals to get costlier from May 1 as RBI raises interchange fees: Check new charges, other details
What is an ATM interchange fee?
An ATM interchange fee is a charge that one bank pays to another for offering ATM services to customers. Banks often pass on these charges to users as part of their banking costs. For instance, if you are an HDFC Bank customer and go to SBI ATM to withdraw money and reside in Delhi, HDFC Bank will charge you if you on the fourth transaction in a month at an SBI ATM as an HDFC Bank customer.
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The RBI has revised these fees after white-label ATM operators requested an increase in ATM withdrawal charges, citing rising operational costs affecting their business, as per a DD news report.
How much more will customers pay?
As per DD news, from May 1, 2025, customers will face higher charges for ATM transactions beyond the free limit:
Financial Transactions (Cash Withdrawals): Rs 19 per transaction (up from Rs 17)
Non-Financial Transactions (Balance Inquiry, Mini Statement, etc.): Rs 7 per transaction (up from Rs 6).
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The price hike is expected to affect customers of smaller banks the most, as these banks depend on larger financial institutions for ATM infrastructure and services.
The government continues to promote digital banking as the preferred mode of financial transactions, further reducing dependence on cash-based payments. With the RBI set
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