Fees for Withdrawing Cash from ATMs in India Across Different Banks and Locations
India is a large and diverse country with over 900 million bank customers, making it essential to understand the various fees associated with ATM transactions. This article will explore the charges for withdrawing cash from ATMs in India, varying by bank, transaction location, and transaction type.
General Guidelines for ATM Transactions in India
For ATM transactions in India, customers generally have a certain number of free transactions per month, depending on the bank and the location of the ATM. Primarily:
Free Transactions: At own bank ATMs, customers typically get 5 free transactions per month. For transactions at other bank ATMs, the number of free transactions varies: Free transactions at other banks: 3-5 free transactions in metro areas 3 free transactions in non-metro, semi-urban areas 2 free transactions in urban and district cities 0 free transactions in rural areas (with some exceptions)Charges for Exceeding the Free Transaction Limits
Charges for transactions that exceed the free transaction limits generally range from 20 to 25 rupees for financial transactions and 8 to 10 rupees for non-financial transactions, including GST (Goods and Services Tax). These charges can vary significantly based on different factors, including the specific bank and account type. Additionally, special categories such as salary accounts or accounts with small finance banks may offer additional free transactions.
International ATM Usage
For international ATM usage, charges are significantly higher and typically include a flat fee per transaction as well as a percentage of the transaction amount. Always check your bank's latest terms and conditions for precise details on these charges.
Annual Maintenance Charges
It is also important to note that many banks charge an annual maintenance fee, which ranges from Rs 147 to Rs 590 depending on your ATM card. Some banks may provide a set number of free transactions at own branch ATMs, with additional free transactions available in rural and semi-urban areas. In urban and district cities, there are fewer free transactions available, and fees for these services can range from Rs 18 to Rs 56, inclusive of GST.
Bank-Specific Information
Moreover, fees can vary from bank to bank, and it is important to check the latest terms and conditions of your specific bank. For example, SBI (State Bank of India) offers 5 free transactions per month for a monthly average balance of Rs 25,000 or more. However, if your monthly average balance is above Rs 25,000, your free ATM transactions are unlimited.
The usage of your bank's ATMs is usually free for 5 transactions, provided by other banks from 3 to 5, and from 2 to 3 in urban and district centers, respectively. Beyond these free limits, charges vary widely and are subject to GST. You can always check the notice board of your nearest ATM for the latest charges applicable to your bank.
Conclusion
Given the complexity and variations in ATM fees in India, it is essential for customers to be well-informed about the specific charges relevant to their bank and account type. Regularly checking the bank's terms and conditions and understanding the free transaction limits can help minimize unexpected charges.