Financial transaction

SBI vs ICICI vs Axis vs HDFC Bank: Check ATM limit and transaction fees

Performing ATM transactions is a routine chore in everyday life, but if you are unaware of the ATM transaction limits and fees specified by your bank, it could put a strain on your personal finances. The ATM transaction limit often depends on the type of account you have and the debit card you use. In order to familiarize yourself with the rules imposed by the Reserve Bank of India (RBI) for ATM transactions, continue reading if you are a customer of SBI, HDFC, ICICI or Axis Bank.

ATM transaction rules according to RBI

1. The RBI FAQ on ATM transactions states that “Banks should offer their savings bank account holders a minimum of five free financial transactions per month, regardless of ATM location. Any number of non-cash withdrawal transactions will be provided free of charge.”

2. “In case of ATMs located in six metro locations viz. Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi, banks will offer their savings bank account holders a minimum of three free transactions ( including financial and non-financial transactions) per month,” says RBI.

3. “At any location, other than the six metro locations as above, banks must offer their savings bank account holders a minimum of five free transactions (including financial and non-financial transactions ) in other ATMs per month,” RBI said. mentioned on its website.

SBI ATM transaction limit and fees

SBI mentioned on its website that “You can also transact at over 1.5 lakh ATMs of other banks linked to the National Financial Switch. As per RBI guidelines, you are entitled to 3 FREE transactions within 6 Metro Center (Mumbai, Delhi, Chennai, Kolkata, Hyderabad and Bangalore) 5 FREE transactions (financial and non-financial) in a calendar month (for savings bank account holders only) in other centers. “

For financial transactions that exceed the specified limit, a charge of Rs. 20 + GST ​​for other ATMs and Rs. 10 + GST ​​for SBI ATMs will apply. SBI has established charges for non-cash transactions over the specified limit at Rs. 8 + GST ​​for ATMs of other banks and Rs. 5 + GST ​​for SBI ATMs. SBI fees 20+ GST ​​for transactions declined due to insufficient balance at ATMs and other ATMs.

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SBI ATM transaction limit and fees (sbi.co.in)

ICICI Bank ATM Transaction Limit

ICICI Bank mentioned on its website that “The cash withdrawal limit to be used at the issuing bank’s ATM is set by the bank when issuing the card. This limit is displayed at the respective ATM locations. For cash withdrawals from ATMs of other banks, the banks have decided to maintain a limit of 10,000/- per trade.”

The first five transactions (financial and non-financial) you make at ICICI Bank ATMs are free. After that, you will pay Rs. 21 for financial transactions and Rs. 8.50 for non-financial transactions. The first three transactions (financial and non-financial) at non-ICICI Bank ATMs in the six metropolitan areas (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad) are free each month, and the first five transactions (financial and non-financial ) in all other locations are free.

ICICI Bank ATM Transaction Limit

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ICICI Bank ATM Transaction Limit (icicibank.com)

HDFC Bank ATM transaction limit and fees

HDFC Bank mentioned on its website that “The cash withdrawal limit to be used at the issuing bank’s ATM is set by the bank when issuing the card. The maximum withdrawal limit is displayed at ATMs For cash withdrawals from ATMs of other banks, a maximum limit of 10,000 per transaction was decided. This information is displayed at the location of the ATM itself.”

HDFC Bank offers 5 free transactions per month for savings and salary accounts at HDFC Bank ATMs. 3 free transactions at metro ATMs and 5 free transactions at non-metro ATMs for other banks. For cash withdrawals that exceed the allowed number of free transactions, HDFC Bank charges Rs. 21 plus applicable taxes; for non-cash transactions, the fee is Rs. 8.50 plus GST.

HDFC Bank ATM transaction limit and fees

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HDFC Bank ATM transaction limit and fees (hdfcbank.com)

Axis Bank

Axis Bank allows the first 5 transactions or INR 2 lakhs, whichever comes first, as the monthly free cash transaction limit for all types of savings accounts. The bank mentioned on its website that “the issuing bank’s ATM is defined by the bank when issuing the card and may depend on the type of account/card. For cash withdrawals at ATMs from ‘other banks, banks have decided to maintain a limit of Rs. 10,000 per transaction.’

“No fees are payable for using other banks’ ATMs for cash withdrawal and balance inquiry, as RBI has made it free as part of its “Free ATM Access Policy “since April 1, 2009. But banks can limit the number of such free transactions to a maximum of five per month. For transactions beyond this number, banks can charge a maximum of Rs. 20 per transaction,” said declared Axis Bank on its website.

Axis Bank ATM fees

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Axis Bank ATM fees (axisbank.co.in)

“The requirement of the number of free transactions includes financial and non-financial transactions at other ATMs. However, non-cash withdrawal transactions (such as balance inquiry, check book inquiry, tax payment, the transfer of funds, etc.) on the ATMs of the own bank should not be included in the number of free transactions at the ATMs. Likewise, transactions that fail for technical reasons such as hardware, software, communication issues; non-availability of banknotes in the ATM; and other declines attributable directly/entirely to the bank/service provider; invalid PINs/validations; etc., will not be counted as valid ATM transactions for the customer. Therefore, no fees will be charged,” says SBI.

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