New Delhi. The date of May 1, 2025 is just about to come and with this, the cash withdrawn from the ATM is going to be shocked. After the fixed number of withdrawing money from the ATM from 1 May 2025, if you withdraw the cash, then the pocket will be burdened. The proposal of the National Payments Corporation of India i.e. NPCI was approved by the Reserve Bank of India (RBI) in the past. Under this, ATM interchange fees have been increased. The increased ATM interchange fee is being implemented from May 1. In such a situation, if any transaction will be done from another ATM instead of home bank network or checks the balance of the account, then the person concerned will have to pay more charge.
So far, under the ATM Interchange fees, if the bank’s account holders withdraw cash from the ATM of another bank instead of their home bank ATM, then every transaction takes Rs 17. This fee will now be Rs 19 from May 1. At the same time, seeing the balance from the ATM of the other bank, it used to take 6 rupees till now, which will increase to 7 rupees. Till now, there have been 5 opportunities for free to withdraw cash from ATMs of other banks other than home banks in metro cities. Whereas, free transactions in non-metro cities are 3. Now with the increase in ATM interchange fees, banks can also change the number of this free transactions.
The demand to increase the ATM interchange fees was made by private sector companies running ATMs. They are called white label ATM operators. These private companies running ATMs continuously pleaded with the NPCI that the cost of operations has increased. In such a situation, the old ATM interchange fee is low. The NPCI prepared a report on this and sent it to the RBI. Which was approved by the RBI. Increasing ATM interchange fees may cause more problems for customers of small banks. The reason for this is that small banks have low ATMs. Their customers mostly withdraw cash from other banks’ ATMs. The way to avoid ATM interchange fees is to withdraw cash in the number of free transactions fixed by banks. Try to withdraw cash from your home bank ATM. Also, do the work of withdrawing cash through withdrawal slip or check in the bank.
