The landscape of ATM cash withdrawals is evolving with significant changes introduced by prominent banks such as SBI, PNB, HDFC, and ICICI Bank. In accordance with the latest guidelines set forth by the Reserve Bank of India (RBI), customers are witnessing revised rules concerning ATM transactions. Let’s delve into the specifics of these updates.
The Framework of ATM Transaction Charges
As per the new RBI guidelines, all banks, both public and private, are required to implement transaction charges if customers exceed their monthly quota of free ATM transactions. These charges, which are capped at a maximum of Rs 21, apply to every subsequent transaction beyond the stipulated limit.
In-Depth Look into Bank-Specific Regulations
Punjab National Bank (PNB): PNB permits customers five free transactions each month at both metro and non-metro city ATMs. Beyond this threshold, a charge of Rs 10 will apply for any cash withdrawal or ATM PIN change. In cases of PNB customers utilizing other bank’s ATMs, three free transactions in metro cities and five in non-metro cities are permissible, after which a charge of Rs 21, accompanied by a Rs 9 GST, applies.
State Bank of India (SBI): SBI offers a leeway of 5 free transactions for account holders maintaining a balance exceeding Rs 25,000. Transactions surpassing this limit will incur a charge of Rs 10 each. Additionally, withdrawing funds from non-SBI ATMs will attract a fee of Rs 20, along with applicable GST.
ICICI Bank: ICICI Bank affords its ATM holders 3 complimentary transactions each month. Transactions beyond this allowance will be met with charges of Rs 8.5 for non-financial operations and Rs 21 for financial transactions conducted at ICICI Bank ATMs.
HDFC Bank: HDFC Bank extends 5 free transactions per month at its ATMs. Subsequent transactions will invoke charges of Rs 8.5 for non-financial operations and Rs 21 for financial transactions.
Navigating the New Landscape
Customers are urged to acquaint themselves with these altered regulations to ensure seamless and cost-effective ATM transactions. These changes are integral to aligning with the RBI’s directives and evolving banking norms. As customers stay informed, they can make informed decisions and avoid unnecessary charges while accessing their funds.
