Devaluation Indusind Revision in ATM Charges for Cash Withdrawal w.e.f 1st May 2025

[newIntern]

I have a select account with them & till now they didnt charge extra for my select visa or MC variant if i withdraw from other bank ATM, but seems like now they will?

 

[hedgehog2122]

For which card did you receive this email

 

[Dpk6200]

I have a select account with them & till now they didnt charge extra for my select visa or MC variant if i withdraw from other bank ATM, but seems like now they will?




View attachment 88898

This charges are applied after free limits crossed.

 

[Anshit]

These are charges after free limit and it's not just for Indusind, it's for all banks...

 

[panu24]

I have a select account with them & till now they didnt charge extra for my select visa or MC variant if i withdraw from other bank ATM, but seems like now they will?




View attachment 88898

Its for all banks now....

RBI increases ATM withdrawal fee to Rs 23 from May 2025

The Reserve Bank of India has raised the maximum ATM withdrawal fee banks can charge to Rs 23, starting May 1, 2025. This follows an approved increase in the ATM interchange fee to Rs 19 for cash withdrawals and Rs 7 for non-financial transactions. Customers will also need to pay applicable taxes.

economictimes.indiatimes.com

 

[waveparticle1729]

So, select account is pretty much worthless now right? The cc payment points loopholes have been closed and the ones that are still working now will probably be closed soon. Bigbasket offer has been heavily devalued. Now, they'll start charging on other bank ATM transactions.
What other select-exclusive benefits are you all using?

 

[newIntern]

for this card

IndusInd Bank VISA Signature Select Debit Card with Select Privileges

Experience elite banking with IndusInd Bank's VISA Signature Select Debit Card. Get free issuance, annual fee waivers, and comprehensive insurance coverage. Apply for a VISA Signature Select Debit Card now!

www.indusind.com

For which card did you receive this email

 

[newIntern]

This charges are applied after free limits crossed.

These are charges after free limit and it's not just for Indusind, it's for all banks...

before this the charges were less.

 

[Anshit]

before this the charges were less.

It was less for all banks, Now RBI has approved the new charges and every bank has to implement it

 

[Aniket]

It was less for all banks, Now RBI has approved the new charges and every bank has to implement it

It's no mandatory, that every bank has to implement, it's just RBI increased the cap/limit by ₹2, making it ₹23 (21+2), hence most of bank are going to revise for the maximum permissible limit, ₹23, obviously for maximizing profit. The way most of the retailer sells at MRP printed/announced by the producer/ manufacturer.

Exception; IDFC and few others others.
Some bank has waived off for some special segment/ variant of account/card.

 

[jk51]

So, select account is pretty much worthless now right? The cc payment points loopholes have been closed and the ones that are still working now will probably be closed soon. Bigbasket offer has been heavily devalued. Now, they'll start charging on other bank ATM transactions.
What other select-exclusive benefits are you all using?

BMS, Lounge Access

 

[Anshit]

It's no mandatory, that every bank has to implement, it's just RBI increased the cap/limit by ₹2, making it ₹23 (21+2), hence most of bank are going to revise for the maximum permissible limit, ₹23, obviously for maximizing profit. The way most of the retailer sells at MRP printed/announced by the producer/ manufacturer.

Exception; IDFC and few others others.
Some bank has waived off for some special segment/ variant of account/card.

Afaik it's the ATM vendors who have pushed for hike in the interchange fee, and if the interchange fee is going to the vendors how is bank making profit out of it? Just asking for clarification