Since yesterday, WhatsApp and social media is filled with rumors about new charges applicable for ATM withdrawals. 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.
It seems people are disappointed with constant changes in rules that are happening post demonetization, due to which they have spread these rumors. Nowadays, we all know that people believe in what circulates over social media. Even in this case, people blindly believed that they will have to pay Rs 150 per transaction after 4 free withdrawals from ATMs.
This news came as a shock for those people who depend on ATM withdrawals for their daily cash needs. Even big media houses started covering this news, thereby confusing people even more. We are here to clear your doubts about this news & you need to know the TRUTH!
Truth behind charges applicable on ATM withdrawals!
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 (Number varies), beyond which charges would be applicable. Rs 150 per transaction has nothing to do with ATMs.
How much do I have to pay for ATM withdrawals?
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. On the other hand, you need to pay Rs 8.50 for non-financial transactions (Balance query, PIN change, mini-statement). HDFC clarified that these charges (Rs 150 per transaction) are applicable only for transactions at the branch and not ATMs; check out the tweet..
Check out the charges applicable at HDFC branches (These charges are not applicable for ATM transactions)!
Even ICICI bank clarified this on Twitter;
When you visit the official website of ICICI bank, you will come to know about the exact ATM charges. Here are the official rules for ATM charges;
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.
For cash transactions (deposits & withdrawals) in banks and not ATMs, they have these new rules for ICICI:-
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. We shall keep you updated with valid details.
As soon as any news comes up, media hypes it like anything. 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; after all ATM withdrawals are a part and parcel of their daily lives. This news was spread by none other than Modi haters and media blindly believed it.
We care for our readers and wanted them to know the truth behind this news; this is the reason we presented you with official screenshots from the websites of those banks. Hope things are clarified now!