Each month, a set number of free transactions at the ATMs are permitted by all significant banks, both in the public and private sectors. In addition to the complementary transactions, which cover both financial and non-financial services, the lenders impose a fee with related taxes.
Depending on the type of account you have and the debit card you use, the number of free transactions at the ATMs may vary.
Beyond the permitted number of free monthly transactions, using the ATMs will incur fees.
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According to the RBI in June last year, the banks were allowed to charge ₹ 21 per transaction at the ATM above the monthly free transaction limit, effective from 1 January 2022.
Previously, banks could charge 20 for each such transaction.
Every month customers are allowed five free transactions and the limit is three free transactions for other bank ATMs. Customers in non-metro centres can avail of five free transactions at other bank ATMs.
Starting on August 1, 2022, the RBI permitted banks to charge an interchange fee of 17 rupees ($17) for each financial transaction and 6 rupees ($6) for each non-financial transaction at all centres.
To cover the rising costs of ATM installation and maintenance, banks levy service fees on ATMs.
All the major banks such as SBI, PNB, etc charge an annual fee on debit cards or ATM cards, depending on the kind of card a customer possesses.
State Bank of India:
- Debit card annual maintenance charge- Rs. 125/- + GST
- Debit card replacement charge- Rs. 300/- + GST
- Regeneration of Pin- Rs. 50/- + GST
Punjab National Bank:
- Card Issuance charges- Rs. 150/-
- Annual Maintenance charge- Rs. 150 – 500/-
- Card replacement charge- Rs. 150/-
- Regeneration of Pin- Rs. 50/-
