The Reserve Bank of India (RBI) allows banks to charge higher fees for ATM cash withdrawals.However, hiking is not steep – regulators ￡21 per transaction.Previously, the charge was ￡20.
Customers will also continue to receive 5 free transactions per month at bank ATMs and 3 free transactions per month at other bank ATMs (5 non-metro).
If you’ve paid ATM withdrawal fees in the past, regardless of your hike, there are a few things you can do to reduce or avoid them altogether.
Upgrade your bank account
Many banks offer unlimited free withdrawals if the customer is willing to keep a large deposit. These are usually premium bank accounts that customers need to hold upwards. ￡20,000 average monthly balance (AMB)
Take the Kotak Mahindra Bank as an example. According to its website, its professional savings account allows free cash withdrawals when made through a bank’s VISA ATM. AMB requirements ￡20,000 and cash withdrawal limit ￡10,000 per transaction.
HDFC Bank has a savings account and offers free transactions and other benefits at all ATMs.Depositors need to maintain AMB ￡25,000.
Recently, many store owners are accepting some form of digital payment. UPI (Unified Payment Interface) is the most common. Digitization also makes it easier to track expenses. For most digital transactions, there are currently no charges.
Currently, there are many options for digital payments. In addition to UPIs, debit cards and credit cards, individuals can also use their wallets. Soon, you will be able to transfer funds from one wallet to another wallet and bank account.
(Do you have any personal financial questions? Send to email@example.com for answers from industry experts)
Never miss a story! Stay connected to Mint and stay up to date. Download the app now !!
Strategies to Overcome ATM Withdrawal Charges
Source link Strategies to Overcome ATM Withdrawal Charges