New Delhi: The Reserve Bank of India has increased the interchange fee charged on ATM transactions. Now the interchange fee on public transactions will have to be Rs 17. Earlier it was Rs 15. Whereas, the fee for non-financial transactions has been increased from Rs 5 to Rs 6. These new rates will be applicable from August 1, 2021. Please note that the interchange fee is such a fee. Which the bank charges merchants for making payments by credit card or debit card.
Five free transactions
RBI said that customers can do five free transactions from their bank’s ATMs. This includes financial and non-financial transactions. Also, customers can withdraw money from other bank’s ATMs without any charges. There will be no charge for three transactions from other bank ATMs in metro cities and five in non-meters.
These charges will change
Customers will have to pay a fee of Rs 21 from January 1, 2022, for transactions more than free transactions. At present, it is Rs 20. The Reserve Bank of India has said that the customer charge is being increased to compensate for the higher interchange fees and in view of the increase in general cost. This change will come into effect from January 1, 2022.