There are many fees associated with using an ATM, which might add up very quickly if you do not know of their existence. Banks set their own fee structures on services, which means that the ATM cardholder may be paying for services that they assume are free. Knowing about these hidden charges and how to avoid them can help you save from unnecessary expenses.
Transaction Fees
Most banks will allow a small number of free ATM withdrawals, commonly between three and five per month. If the number of ATM withdrawals exceed this limit, banks will charge a fee, typically between Rs 20 and Rs 50 per transaction. Drawing cash at an ATM outside of your bank’s network will also carry some charges, typically Rs 20 or more for each withdrawal. Banks levy charges on customers for all balance inquiries and mini statements at non-bank ATMs, normally as unbilled services.
Annual Service Charges And Debit Card ATM Transaction Charges
All major banks normally have an ATM card that costs between Rs 100 and Rs 300 per year. This is usually mentioned in the document the bank sends while issuing a new card. Premium cards with higher withdrawal facilities or co-branded facilities, usually come with a higher annual charge.