ATM Transaction: At present, banks are providing 5 times free transaction facility at their ATMs and 3 times only at other banks’s ATMs.
Recently, the Reserve Bank of India (RBI) has decided to increase the charge on ATM transactions after the free limit by issuing a circular. According to the RBI circular, the cost of ATM transactions is going to increase from January 1 next year. At present, banks are providing 5 times free transaction facility at their ATMs and 3 times only at other banks’s ATMs. After this, GST is charged on every transaction exceeding Rs 20. However, there are still some banks in the country that are offering unlimited free ATM transactions to their customers. Let us tell you about these banks
IndusInd Bank, one of the fastest growing private banks, is offering its customers the facility of Unlimited Free ATM Transactions at any bank’s ATM in the country. According to the bank’s website, customers can make unlimited free ATM withdrawals with your IndusInd Bank Debit Card from any ATM in the country.
The bank said that neither the customers have to pay any additional amount nor any amount is deducted from the customer’s account.
If you are a customer of IDBI Bank or are planning to open an account with the bank, then let us tell you that these banks also offer free unlimited transactions at their own ATMs and five free transactions at other banks’ ATMs. Providing convenience.
Although Citibank is soon ending its retail banking business in India, this bank is offering its customers Unlimited Free ATM Transactions at ATMs.
Currently, most of the private and public banks in India offer three to five free ATM transactions in urban cities and towns. In rural areas, however, both private and public banks allow up to five free transactions for both types of ATMs.
Banks charge this much on transactions
At present, cash withdrawal by the bank charges Rs 20 plus GST. Which will be increased to Rs 21 plus GST from January 1, 2022.
According to RBI data, till the end of October last year, the total number of ATMs in the country was 2,34,244. After growing around 14% annually between 2012 and 2016, ATMs have grown by 7-9% since 2016. But the year 2020 is probably the first year where the number of ATMs has come down. Experts believe that this is due to the rapid increase in the number of online transactions year after year.
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