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Things you need to know about new ATM cash withdrawal rules January 03 2022ATM cash withdrawal

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Things you need to know about new ATM cash withdrawal rules

The year 2022 has ushered in a slew of additional charges and rules that will have a direct influence on your cash flow. The Reserve Bank of India (RBI) announced that ATM cash withdrawal fees have been increased from January 1, 2022. Lenders such as ICICI Bank, HDFC Bank, and Axis Bank have updated their websites to reflect the increased charges for cash and non-cash ATM transactions that exceed the free monthly transaction limit. Once the free monthly limit is reached, bank customers will have to pay extra for ATM transactions with effect from January 1, 2022.

How much should you pay for an additional ATM cash withdrawal?

The Reserve Bank of India has already announced that, with effect from January 1, 2022, bank customers who exceed their monthly limit of free ATM transactions will be charged Rs 21 instead of Rs 20 (Which was charged previously) for each transaction.

Home bank customers, should be aware that they are entitled to five free transactions (including financial and non-financial transactions) every month from home bank ATMs.

On the other hand, customers can perform three free transactions in metro cities and five free transactions in non-metro centers from other banks each month, according to RBI guidelines. Financial and non-financial transactions are included in these free transactions.

Why did the RBI raise ATM withdrawal service charges?

It's worth noting that the RBI announced the changes in June 2019 after consulting with a committee formed by the central bank. The recommendations were made after the group examined the full range of ATM charges and fees, with a special focus on the interchange mechanism for ATM transactions.

Cash Recycler Machines are also covered by the new rule. The RBI had revised the transaction limit in August 2021.

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1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020.

2. Update your Mobile Number & Email Id with your Stock Broker/ Depository Participant and receive OTP directly from Depository on your Email Id and/ or Mobile Number to create pledge.

3. Pay 20% upfront margin of the transaction value to trade in cash market segment.

4. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued by NSE vide. Circular No. NSE/INSP/45191 dated: July 31, 2020 and NSE/INSP/45534 and BSE vide Notice No. 20200731-7, dated: July 31, 2020 and 20200831- 45 dated: August 31, 2020 and dated: August 31, 2020 and other guidelines issued from time to time in this regard.

5. Check your Securities/ MF/ Bonds in the Consolidated Account Statement issued by NSDL/ CDSL every month.


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