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Devaluation Indusind Revision in ATM Charges for Cash Withdrawal w.e.f 1st May 2025
For which card did you receive this email
This charges are applied after free limits crossed.
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.
waveparticle1729
TF Buzz
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?
What other select-exclusive benefits are you all using?
newIntern
TF Premier
for this card
www.indusind.com
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!
newIntern
TF Premier
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
TF Prestige
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.
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BMS, Lounge Access
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 clarity
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Aniket
TF Prestige
The matter is most of the banks were even not able to recover operational costs properly.
Below is the illustration of PSBs/ PSUs.
Firstly, NFS approved such fees, later NPCI forward it and requested RBI to approve & implement it.
BB daily as well. This one’s a major.
Woah! SBI earning from it's non functioning ATM or is it just me who can never find a working SBI ATM🤪
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waveparticle1729
TF Buzz
That's not limited to Select accounts afaik. Offer open to all Indusind debit cards.
Batmanbaba
TF Legend
I think indusind signature card has free limit of upto 50 withdrawals.... After that only anything will be charged
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