ATM Cash Withdrawal Limit For Major Banks And What They Charge

All major banks, whether public or private, allow a limited number of free ATM transactions each month. In addition to free transactions including financial and non-financial services, lenders also charge applicable taxes.

The number of free ATM transactions may vary depending on the type of account and debit card you hold.

There is a fee to use the ATM beyond the licensed limit for monthly free transactions.

Banks are allowed to charge £21 per ATM transaction above the monthly free transaction limit from January 1, 2022, according to a RBI circular last June.

Banks were allowed to charge £20 for each such transaction in the past.

Customers can make five free transactions per month at their ATMs and up to three free transactions at other ATMs. Customers in centers outside major cities can apply for five free transactions at other banks’ ATMs.

From 1 August 2022, the Reserve Bank of India will allow banks to charge an interbank fee of £17 per financial transaction and an interbank fee of £6 per non-financial transaction in all centres.

Banks charge ATM service fees to cover the rising cost of installing and maintaining ATMs.

All major banks also charge an annual fee for debit or ATM cards, depending on the type of card a customer holds.

Below is a comparison of the different types of ATM fees charged by SBI, PNB, HDFC Bank, ICICI Bank and Axis Bank:

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