New rules from Reserve Bank of India (RBI), making majority creating facility available constantly and raising interchange fees have come into effect from August 1st. The changes will influence a wide range of financial transactions, including pension payments, salary, EMI, and ATM withdrawals.
The last change in interchange fees was done in August 2012. According to the new rules, the customer can make five transactions (financially or non-financially), from the ATM of their bank. For other banks, they will be allowed to do three transactions for free in metro stations.
Beyond the free transaction limit, the bank can charge ₹20 per transaction.
