It is common for customers to get net banking and a debit card (ATM card) when opening an account in any bank. Nowadays, people prefer withdrawing money from ATMs instead of visiting the bank for cash withdrawal. Account holders can withdraw cash from any bank’s ATM, but each bank has a limit on free transactions from other banks’ ATMs.
ATM Withdrawal Charges
In June 2022, the Reserve Bank of India directed banks to charge Rs 21 per transaction beyond the free limit, effective from January 1, 2022. Here’s a look at the ATM withdrawal charges of some major banks in India.
free ATM transactions
State Bank of India (SBI) offers 5 free ATM transactions per month if your balance is up to Rs 25,000. For withdrawals beyond this limit, Rs 10 plus GST is charged per transaction. For withdrawals from other banks’ ATMs, you will have to pay Rs 20 plus GST. If your monthly balance exceeds Rs 25,000, you can withdraw cash from ATMs without any charge.
Punjab National Bank (PNB) allows a certain number of free transactions, after which Rs 10 plus GST is charged for cash withdrawals from PNB ATMs. For withdrawals from other banks’ ATMs, the charge is Rs 21 plus GST.
ICICI Bank sets a limit of 5 transactions from its own ATMs and 3 transactions from other banks’ ATMs. Beyond these limits, customers will have to pay Rs 20 per withdrawal and Rs 8.50 for non-financial transactions.
These charges are in addition to the monthly ATM card fee. It’s essential for customers to be aware of their bank’s specific ATM transaction limits and charges to avoid unnecessary fees.
