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HomeMoneyNew rule on cash withdrawal from ATMs from January 1, HDFC Bank...

New rule on cash withdrawal from ATMs from January 1, HDFC Bank and Axis Bank reminded customers again

Highlights

  • GST is not included in this transaction charge
  • GST will also be applicable on this charge.
  • Banks started sending information to customers about this

New Delhi
ATM Transaction Fee Hike: Withdrawal of cash from ATM or cash recycler machine (Cash ATM Transaction) is going to be costly from the new year i.e. from 1st January. From January 1, customers will have to pay more charges than now after crossing the limit of non-cash ATM transaction. In the month of June itself, the Reserve Bank of India (RBI) had given permission to increase the fee on this. HDFC Bank and Axis Bank have once again reminded their customers about this new rule.

Let us inform that at present, the first 5 financial transactions in a month are free for financial and non-financial transactions from the bank’s ATM or cash recycler machine. After this, a charge of Rs 20 per financial transaction is levied. But from January 1, 2022, this charge will be Rs 21 per financial transaction. 3 transactions from other bank’s ATMs in metro cities and 5 transactions from other bank’s ATMs in non-metro cities will continue to be available free of cost.

tax will be separate
GST is not included in this transaction charge. That is, GST will also be applicable on this charge. Banks started sending information about this to their customers from last month itself. Banks have also put information in this regard on their website and messages are also being sent.

Whether financial transaction and non-financial transaction
All non-financial transactions from any bank’s own ATM are free. However, if non-financial transactions are carried out from ATMs of another bank with the help of cards of one bank, then charges are levied after crossing the specified free number of transactions. This charge varies from bank to bank. Financial transactions involve cash withdrawal, while non-financial transactions include balance enquiry, mini statement and PIN change.

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