RBI Order Brings Changes In Personal Finance, ATM Transaction Fee Hiked

In accordance with an order from the Reserve bank of India (RBI), some changes have been directed towards personal finance in effect from August 1. Among them, the notable change is the hike in the interchange fee for Automated Teller Machines (ATMs) across banks.

Changes in the ATM rules

In effect from August 1, the interchange fee that banks can charge on ATM transactions will see an increase of Rs 2. RBI raised the interchange fee to Rs 17 from the initial Rs 15 and for non-financial transactions, the fee has been raised from ₹5 to ₹6. The hike was justified by the central bank on the grounds that the cost of ATM deployment and expenses towards the maintenance of ATM that banks incur has increased, reports The Mint.

Also as per the new rules, customers are eligible for five free transactions every month from their home bank ATMs. in the case of other banks, customers get three withdrawals in metros and five in non-metro cities.

Positive Changes In Personal Finance

Apart from ATM rules which affect the customers negatively, a few other changes were made that will affect personal finance but most likely in a positive manner. To the customers' relief banking transactions which include salary, pension, and EMI payments will happen 24X7 from August 1. RBI Governor Shaktikanta Das had announced earlier that for the convenience of customers, the National Automated Clearing House (NACH) will be available on all days of the week instead of being available only when banks are open, mentions a report by The Mint.

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