Strategies to beat the hike in ATM withdrawal prices

Reserve Bank of India (RBI) has allowed banks to cost the next charge on ATM money withdrawal. However, the hike will not be steep – the regulator has hiked to ₹21 per transaction. Earlier, the fees had been ₹20.

The clients may 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, you probably have been paying ATM withdrawal prices prior to now, right here are some things you are able to do to both reduce down the fees or keep away from them altogether.

UPGRADE YOUR BANK ACCOUNT

Many banks provide limitless free withdrawal if the shopper is prepared to maintain a excessive deposit quantity. These are sometimes premium financial institution accounts the place the shopper wants to carry upwards of ₹20,000 as the typical month-to-month stability (AMB)

Take Kotak Mahindra Bank for example. Its Pro Savings Account permits free money withdrawal if performed by means of the financial institution’s VISA ATM, based on 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 presents free transactions in any respect ATMs and different advantages. It requires the depositor to keep up an AMB of ₹25,000.

GO DIGITAL

Many shopkeepers settle for some type of digital funds today – UPI (unified cost interface) is the most typical. Going digital additionally makes it simpler so that you can preserve monitor of your bills. For most digital transactions, the fees are nil at current.

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

(Do you may have private finance queries? Send them to mintmoney@livemint.com and get them answered by trade specialists)

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