Did you receive a message in Whatsapp or facebook about new charges applicable for ATM withdrawals? From 2 days, social emdia is busy with circulating this rumor. There were headlines that customers will get just 4 free withdrawals every month and will have to pay Rs 150 from the 5th transaction onwards, no matter whether they withdraw from the bank or from the ATM.
People are very much disappointed with after effects of Demonetization. Nowadays, we all know that people believe in what circulates over social media. In the same way, people blindly believed that they will have to pay Rs 150 per transaction after 4 free withdrawals from ATMs. Here is all you need to know about the latest rumor in detail.
HDFC Bank, ICICI Bank and Axis Bank have started charging customers a minimum of Rs 150 for every cash transaction over and above a limit of free deposits and withdrawals per month. But, this is not true. Let’s see on the other side of the coin.
ATM Withdrawal Charges:
No, you won’t have to pay Rs 150 on cash withdrawals from ATM. These charges are applicable only on withdrawals from the bank. These banks will allow you to make certain free transactions, beyond which charges would be applicable. Rs 150 per transaction has nothing to do with ATMs.
Talking about ATM withdrawals from ICICI & HDFC banks, you will have to pay just Rs 23 per transaction (Rs 20 + taxes) after your free transactions get over. In addition to this you need to pay Rs 8.50 for non-financial transactions (Balance query, PIN change, mini-statement).
HDFC clarified this confusion witha tweet. Have a look:
— HDFC Bank (@HDFC_Bank) March 2, 2017
Charges Applicable at HDFC Branches:
NOTE: These charges are not applicable for ATM transactions.
Even ICICI bank clarified with a tweet:
Hi, this information is incorrect. We do not charge Rs 150/txn for transactions at ICICI Bank ATMs. Here is the link 1/3
— ICICI Bank Cares (@ICICIBank_Care) March 3, 2017
Here are the official rules for ATM charges from ICICI website:
1. First 3 transactions (inclusive of financial and non financial) in 6 metro locations (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad) in a month – Free.
2. First 5 transactions (inclusive of financial and non financial)in all other locations in a month – Free.
3. Maximum of 5 trxns free in a month with a cap of 3 free trxns in 6 metro locations. Thereafter, Rs.20 (exclusive of service tax) per financial transaction and Rs. 8.50 (exclusive of service tax) per non financial transaction.
Other banks like Axis and SBI have not yet updated the details on their websites but there is a possibility that their charges would also be similar to that of ICICI & HDFC banks.
One must always keep in mind that it is important to cross check the news before spreading such rumors. One news like this affects millions of customers.