Go through our blog to know how in the event that you withdraw more than Rs 5000 from ATM, you should pay extra charges, and comprehend what is the new guideline today.
ATM Transaction Rules/Limits/Charges: If you withdraw in excess of 5000 rupees from ATM, at that point now you realize that additional charge should be paid on withdrawal of this sum. Arrangements are being made to change the ATM withdrawal rules following eight years. This new guideline will exclude free withdrawals from ATMs five times each month. For this, you should pay cash independently and this will apply to your withdrawal just in the event that you withdraw more than 5000.
Charge of Rs 24 for withdrawals more than 5 thousand
As per media reports, clients should pay an extra expense of Rs 24 for withdrawal of more than Rs 5000 from the ATM. As per the current standards of money withdrawal from ATMs, money withdrawal should be without possible charges five times each month. After this, if a money withdrawal is made in excess of multiple times in a month, at that point a charge of Rs 20 must be paid on the 6th withdrawal.
Suggestion of RBI committee
In reality, the principles for withdrawing money from ATMs are being changed dependent on the suggestions made by a committee of Reserve Bank of India (RBI). Nonetheless, the committee's report has not yet been disclosed. This data is given in the data looked for under the Right to Information Act (RTI).
The report was submitted to RBI just in October a year ago
The committee comprised to audit the ATM expense of RBI has presented its suggestions. In light of this, banks can change the ATM charge following eight years. As per the data given in the RTI, the Reserve Bank committee had recommended to lessen money withdrawal. The committee, headed by Indian Banks Association CEO VG Kannan, has presented its report to facilitate the money withdrawal propensity. He presented this report to the Reserve Bank on 22 October 2019. In any case, it was rarely unveiled. RTI extremist Shrikant L had looked for data from RBI through RTI in such manner.