ATM has made banking easier, but now new limits and charges have been imposed on its use. According to RBI rules, 3 free transactions will be available in metro cities and 5 in non-metros. After this, a charge will have to be paid on every additional transaction. Also, PAN and Aadhaar have been made mandatory for large cash transactions.
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ATM has made banking easier, but now new limits and charges have been imposed on its use.
New rules for using ATM
RBI has issued new guidelines on ATM transactions. Now know how many times you can withdraw money for free and when will the charge be levied.
Free transaction limit
Only 3 free ATM transactions in metro cities.
5 free transactions in non-metro cities.
Who will be applicable?
Free limit includes cash withdrawal + balance enquiry + non-financial transactions.
Charges for withdrawing more than the limit
Cash withdrawal: Maximum Rs 23 per transaction (including GST)
Balance enquiry: Maximum Rs 11
Vary according to bank
Every bank sets some charges according to its policy.
High-value cash rule
Reporting is necessary for cash deposit or withdrawal of Rs 20 lakh or more in a year.
PAN and Aadhaar mandatory
PAN and Aadhaar will now be required for cash transactions of Rs 20 lakh or more.
Ways to avoid ATM charges
Use your own bank’s ATM more often.
Use netbanking or mobile app for balance check.
Keep a record of ATM usage every month.
