ATM Transaction Fees: Withdrawing cash from an ATM will be costly starting January 1. Be aware of the amount that you will pay per withdrawal
In relation to privately owned banks ICICI Bank has also announced that it will increase its cost of service. The new rules for savings accounts will take effect beginning January 1st 2022. The bank has also announced that as of January 1 ATM transaction fees will also be affected.
Since January 1, patrons of banks will need to pay higher fees. Numerous banks have modified the rules that govern financial and non-financial transactions. The changes will take effect starting January 1. Similar to this, India Post Payment Bank that is part of the postal office also modified the rules of ATM transactions and withdrawals of funds from banks. The new rules will apply starting January 1. When the new year begins, the public should be aware of the new rules.
Let's first be aware of the payment bank that is part of the postal office. As per India Post Payment Bank (IPPB) Cash withdrawals on the The Basic Savings account is available for up to four transactions. In other words, customers are able to take cash out of the Basic Savink account up to four times through an ATMs or bank accounts without having to pay any fees within the course of a month. After the transaction is completed there will be additional charges been paid. It is possible to be charged 0.50 percentage of what that you are withdrawing, or up to rs25 per transaction.
Post office bank rules revised
Cash deposits in the basic Savings Account is absolutely free and there is no cost to deposit it. There is no change to this policy. If you take money out of another savings account or current account that isn't the savings account that is used for basic purposes, you can withdraw up to Rs. 25000 per month is completely free. However, after that 0.50 percent of the transaction or a minimum of 25 rupees for each transaction will be assessed. The rules on cash deposits are also modified. If you deposit money into the current or savings account that is not the standard savings account, you can do so for available for free up to Rs. 10,000 per month. However, if you deposit more than that amount, 0.50 percent or a minimum amount of Rs 25 must pay per transfer.
ICICI Bank increased the charge
Concerning the private banking sector, ICICI Bank has also announced that it will increase its cost of service. The bank's new rule for savings accounts will come into effect beginning January 1st 2022. The bank has also announced that starting January 1st, ATM transaction charges will also be affected. In the event of a changes to ATM transaction fees, the first 5 transactions per month will be free of charge After that the amount of Rs 21 will be assessed per financial transaction. A separate fee will be imposed after five transactions for free. In the event of a change to the regulations, Rs 21 per financial transaction, and Rs 8.50 each non-financial one will be charged as an ATM transaction fees.
HDFC along with Axis Bank also changed the rules
HDFC Bank customers get the option of doing five transactions per month at no cost. This applies to all cities. The first three transactions per month (Financial as well as Non-Financial) performed at ATMs in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad are for free. As per HDFC Bank, transactions above the free limit will incur costs. If the limit is reached The tax rate is Rs 21 and must be paid for each financial transaction. If the transaction is not financial (such as balance checks and statement withdrawals and so on. ) the additional fee of Rs 8.5 is required to be paid through ATMs of banks that are not affiliated with HDFC Bank. The new rule takes effect on 1 . January 20, 2022.
Axis Bank has also implemented similar rules. Alongside the free limit, you must pay a tax of Rs 20 when you withdraw money through Axis Bank ATMs. In the same transaction that is not financial the fee is 10. There is no change to the fees for transactions that are not financial However, if the financial transactions exceed the limit of 5 free then a fee of the tax of Rs 21 will be charged per transaction. The new rules for Axis Bank will also be effective from January 1 2022.