ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The RBI allowed banks to levy an interchange fee of ₹ 17 per financial transaction and ₹ 6 for each non-financial transaction at all centres starting 1 August 2022. The banks collect ATM service charges to meet the increasing ATM installation and maintenance costs.
Detailed explanation-2: -Most banks and credit unions have a network of ATMs that offer free access to your money. But if you go outside of the network, a fee may be imposed, including: ATM operator fee. Also known as the surcharge, an operator fee is charged by the ATM owner to noncustomers using its ATMs.
Detailed explanation-3: -ATM cash withdrawal rules: Usually, banks offers five free transactions at the ATMs every month. All the lenders provide a limited number of free ATM transactions every month. Once the limit is exhausted, banks levy a charge along with taxes for any further transactions, including financial and non-financial services.
Detailed explanation-4: -Cash withdrawal charges: Rs 21 per transaction plus applicable taxes. Non-financial transaction charges: ₹ 8.50 plus applicable taxes.