The RBI has allowed an increase in charges for cash and cash ATM transactions after the free monthly limit from January 1, 2022. Axis Bank has said that as per the guidelines of the Reserve Bank of India (RBI), the fee for financial transactions above free limits at Axis Bank or other banks’ ATMs will be Rs 21 plus GST. These revised rates will be effective January 1, 2022
How much the charge will increase from next month
So far you have to pay a charge of Rs 20 for exceeding the monthly limit of free transactions. At the same time, from next month, you will have to pay Rs 21 per transaction and GST. The RBI has issued a circular urging banks to compensate for higher exchange fees and increase spending in general. Therefore, banks have been allowed to increase the charge by Rs 21 per transaction.
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5 transactions can be done for free
Three free transactions will be allowed for five free transactions from your bank’s ATM. This will include financial and non-financial transactions. Customers are allowed 3 free transactions from ATMs of other banks in the metro city and 5 transactions at non-metro centers.
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