All major banks, both public and private, allow a limited number of free ATM transactions each month. In addition to free transactions, including financial and non-financial services, lenders charge fees with applicable taxes.
The number of free ATM transactions may vary depending on the type of account and debit card you hold. Use of ATM machines beyond the allowable limit of monthly free transactions will be charged.
Banks are allowed to charge ₹21 per ATM transaction
According to announcement issued by the Reserve Bank of India in June 2021, banks are allowed to charge ₹21 per ATM transaction above the monthly fee free transaction limit, effective January 1, 2022 Previously, banks were allowed to charge ₹20 for each such transaction.
Customers get five free ATM transactions at their bank per month and a limit of three free ATM transactions for other ATMs. Customers in suburban centers can enjoy five free transactions at other ATMs. RBI has allowed banks to charge an exchange fee of ₹17 per financial transaction and ₹6 per non-financial transaction at all centers as of August 1, 2022. Banks collect ATM ATM service fees to deal with the costs of installing and maintaining ATMs.
All the major banks also charge an annual fee on debit cards or ATM cards, depending on the kind of card a customer possesses.
