In India, the majority of commercial and governmental banks now provide five free ATM transactions in cities and rural areas. In cities these transactions include financial and nonfinancial transactions as well. The Reserve Bank of India (RBI) has granted banks permission to raise fees for cash and non-cash ATM transactions over the free monthly limit. With effect from January 1, 2022, bank clients who exceed their monthly limit of free transactions will be charged a fee of 21 instead of 20 cents each transaction.
Banks are also authorized to boost interchange fees per transaction from $15 to $17 for financial transactions and from $5 to $6 for non-financial transactions in all centers starting August 1, 2021, according to the RBI circular.
Some private banks, on the other hand, give their clients unlimited free ATM transactions. IndusInd Bank and IDBI Bank are the two banks who are offering these benefits to their customers.
