Money

Strategies to beat the hike in ATM withdrawal charges

Reserve Bank of India (RBI) has allowed banks to cost the next price on ATM money withdrawal. However, the hike is just not steep – the regulator has hiked to 21 per transaction. Earlier, the charges had been 20.

The prospects can even proceed to get 5 free transactions at their financial institution’s ATM each month and three free month-to-month transactions at ATMs of different banks (5 in non-metros).

Irrespective of the hike, when you’ve got been paying ATM withdrawal charges in the previous, right here are some things you are able to do to both minimize down the charges or keep away from them altogether.

UPGRADE YOUR BANK ACCOUNT

Many banks supply limitless free withdrawal if the buyer is prepared to hold a excessive deposit quantity. These are sometimes premium financial institution accounts the place the buyer wants to maintain upwards of 20,000 as the common month-to-month steadiness (AMB)

Take Kotak Mahindra Bank for instance. Its Pro Savings Account permits free money withdrawal if achieved by way of the financial institution’s VISA ATM, in accordance to its web site. The AMB requirement is 20,000 and money withdrawal restrict is 10,000 for every transaction.

HDFC Bank has Savings Max Account the place it gives free transactions in any respect ATMs and different advantages. It requires the depositor to preserve an AMB of 25,000.

GO DIGITAL

Many shopkeepers settle for some type of digital funds nowadays – UPI (unified cost interface) is the most typical. Going digital additionally makes it simpler for you to hold monitor of your bills. For most digital transactions, the charges are nil at current.

At current, there are various choices for digital cost. Besides UPI, debit and bank card, a person may also use wallets. Soon, it is possible for you to to switch funds from one pockets to one other and a checking account.

(Do you’ve gotten personal finance queries? Send them to [email protected] and get them answered by business specialists)

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