You will have to pay additional fees to withdraw your deposited funds from an ATM.
If you frequently use a debit card in India, you should exercise caution. This is due to the fact that you must pay additional fees to withdraw money from an ATM. This rule applies regardless of whether you use a public or private sector bank.
Let us explain that different banks set their own limits; if someone transacts from an ATM in excess of that limit, he is charged a fee. The RBI implemented this rule in June last year, stating that if money is withdrawn from an ATM after a fixed free transaction limit, it will be charged Rs. 21 per withdrawal.
What is the limit on free transactions?
The number of times you can withdraw money from an ATM for free is referred to as the free transaction limit. Customers are allowed five free withdrawals per month, which means they can withdraw money from ATMs five times per month. You will be charged for the sixth time you withdraw money.
On the other hand, you can only withdraw money from other banks' ATMs three times per month in metro areas, and five times per month in non-metro areas.
The withdrawal fee ranges between 20 and 25 rupees.
The RBI has granted permission to charge a fee of Rs 17 per financial transaction and Rs 6 per non-financial transaction beginning August 1, 2022. That is, to withdraw your own deposited money from the bank, you must pay a fee of Rs 20-25.
