ATM Cash Withdrawal charges and taxes: Major changes in the rules regarding ATM cash withdrawal, now this much will be charged and tax

Indian Military Veterans

All major government and private banks across the country have made changes regarding cash withdrawal from ATMs. Let us know in the news below how much will be the charge and tax.

Now withdrawing money from ATM has become more expensive. After the free withdrawal limit, you will have to pay higher cost for each transaction of withdrawal. All major government and private banks across the country have made changes regarding cash withdrawal from ATMs. This fee is 20 to 22 rupees. Different banks have imposed different rules and charges.

Know what are the new rules of which bank-

SBI-

In case of metro cities, the number of free transactions is limited to 3. A charge of Rs 10 is levied on cash withdrawal transactions over and above the free limit at SBI ATMs. SBI charges Rs 20 per transaction for additional financial transactions at other bank’s ATMs. In addition to the fee, applicable GST is also charged to the customer’s account.

PNB-

PNB gives 5 free transactions per month at ATMs. Also, a charge of Rs 10 has to be paid for any financial transaction. Apart from PNB, the rules of transaction are different from ATMs of other banks. There is a rule of 3 free transactions in metro cities and 5 free transactions in non-metro cities in a month. A charge of Rs 20 is levied for doing financial or non-financial transactions beyond the free limit from other bank’s ATMs.

HDFC Bank-

Only the first 5 withdrawals from HDFC Bank ATMs in a month are free. Rs 20 plus taxes per transaction for cash withdrawal, Rs 8.5 plus taxes for non-financial transactions. 3 free transactions allowed at any other bank’s ATM in 6 metro cities (Mumbai, Delhi, Chennai, Kolkata, Hyderabad and Bengaluru) and 5 free transactions (financial and non-financial) in a month at other locations If the transaction is declined due to insufficient balance at other bank’s ATM or merchant outlet, a charge of Rs.25 will have to be paid.

ICICI-

5 transactions are free from ICICI ATM in a month. After that Rs 20 plus GST has to be paid on ATM withdrawal. This limit is for financial transactions while the charge for non-financial transactions is Rs 8.50 plus GST.

Axis Bank-

5 financial transactions are free in a month from Axis Bank ATMs. Financial and non-financial 3 transactions are free in metro cities. At other places, 5 transactions are free in a month. If cash is withdrawn from Axis and Non Axis ATMs outside the limit, then Rs 21 per transaction will have to be paid.

Earlier banks used to charge Rs 20 per transaction.

The first 3 transactions are absolutely free for withdrawing money from the bank’s ATMs in the six metro cities of Mumbai, Delhi, Chennai, Kolkata, Bengaluru and Hyderabad. This includes both financial and non-financial transactions. While in non-metro cities, you can withdraw money from ATMs up to 5 times. After this, for financial transactions in metro cities, Rs 20 per transaction and Rs 8.50 for non-financial transactions had to be paid. Which has now been increased to 21.

Due to this the transaction fee has been increased.

The decision to increase the transaction fee has been taken due to the increase in the cost of banks related to installation and maintenance of ATM machines. At the end of the financial year 2020-21, there were 1,15,605 ‘onsite’ (in bank premises) ATMs and 97,970 ‘offsite’ (apart from bank premises) ATMs across the country.