RBI committee submits report over limiting ATM cash withdrawals to Rs 5,000

Oct 18 2020 10:40 AM
RBI committee submits report over limiting ATM cash withdrawals to Rs 5,000

New Delhi: You may have to pay an additional fee if you withdraw more than 5,000 rupees from ATMs in the coming days. It will not be included in your five free transactions, you will have to pay a separate fee for  this. This will be applicable only if you withdraw more than five thousand from the ATM.

A consumer may have to pay up to Rs. 24 for withdrawing more than 5000 money at a time. At present, five free transactions can be made from ATMs, then, if more transactions are being made in the same month, the sixth transaction takes Rs. 20.  The Committee constituted to review the ATM fee of the Reserve Bank of India (RBI) has submitted its recommendations. Based on this, banks can change ATM charges after 8 years. According to SLBC coordinator of Madhya Pradesh, SD Mahurkar, the Committee has insisted on increasing the transaction from ATMs in cities with a population of less than one million.

Most of the people here withdraw small amounts, so the Committee has placed small transactions in the category of free transactions. In small cities, customers will be exempted from withdrawing money six times per month at ATMs of other banks. Now, in small cities, money can be withdrawn only five times.

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