From next month itself, you will have to pay more fee for withdrawing money from ATM, this is the rule of RBI, it will be applicable

From next month itself, you will have to pay more fee for withdrawing money from ATM, this is the rule of RBI, it will be applicable: 

Let us tell you that RBI has recently increased the interchange fee. These rules will also come into effect from August 1. Under this, more charges will now have to be paid on cash withdrawal from ATMs.

Let us tell you that nowadays most people are withdrawing cash from ATMs. In return, they also have to pay a fixed service charge. Recently, the Reserve Bank of India (RBI) had increased the interchange fee, so that now financial transactions will have to pay more fees than before. The new rule itself will come into effect from August 1, 2021.

Under this, the interchange fee for financial transactions has been increased from Rs 15 to Rs 17 now, while for non-financial transactions it has been increased from Rs 5 to Rs 6. According to RBI, the customer will now be eligible for five free transactions every month from his bank's ATM, which includes both financial and non-financial transactions. Let us tell you that they will also be eligible for free transactions from other bank's ATMs, which includes thrice transactions in metros and five times in non-metropolitan transactions.

What is the interchange fee?

The interchange fee is the fee charged by banks to merchants processing payments through credit cards or debit cards. If a customer of one bank withdraws money from the ATM of another bank using his card, then in such a situation, the bank from whose ATM the money is withdrawn becomes a merchant bank.

Customer charges will also increase

The limit on customer charges will be Rs 20 per transaction at present, which has been increased to Rs 21 with effect from January 1, 2022. In order to further compensate all the banks for the higher interchange charges and the general escalation of such costs, RBI has allowed banks to increase the fee per transaction to the customer. It will become effective from January 1, 2022.

ICICI Bank has issued a notice

ICICI Bank has issued a notice on revised limits on ATM interchange and chequebook charges on cash transactions. The rules will come into effect from August 1 for domestic savings account holders including revised fee salary accounts.