Business

Strategies to Overcome ATM Withdrawal Charges

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.

GO DIGITAL

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 mintmoney@livemint.com for answers from industry experts)

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Strategies to Overcome ATM Withdrawal Charges

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