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

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New Delhi : Conducting ATM transactions is a routine chore in daily life,

but if you are unaware of the ATM transaction limits and charges specified by your bank, it might 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 are using.

In order to get familiar with the rules, the Reserve Bank of India (RBI) has imposed for ATM transactions, continue reading if you are a customer of SBI, HDFC, ICICI, or Axis Bank.

ATM Transaction Rules as per RBI

1. The RBI’s FAQs on ATM transactions state that “Banks should offer their savings bank account holders a minimum of five free financial transactions in a month, irrespective of the location of ATMs. Any number of non-cash withdrawal transactions will be provided free.”

2. “In case of ATMs located in six metro locations, viz. Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and New Delhi,

banks shall offer their savings bank account holders a minimum of three free transactions (including financial and non-financial transactions) in a month,” says RBI.

3. “At any location, other than the six metro locations as above, banks must offer its savings bank account holders a minimum of five free transactions

(including financial and non-financial transactions) at other bank ATMs in a month,” RBI has mentioned in its website.

SBI ATM transaction limit and charges

SBI has 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 in 6 Metro Centre (Mumbai, Delhi, Chennai, Kolkata, Hyderabad & Bengaluru)

5 FREE transactions (Financial and Non-Financial) in a calendar month (for Savings Bank account holders only) at other centres.”

For financial transactions that exceed the specified limit, charges of Rs. 20 + GST for other bank ATMs and Rs. 10 + GST for SBI ATMs will apply.

SBI has established charges for non-financial transactions over the specified limit at Rs. 8 + GST for ATMs of other banks and Rs. 5 + GST for SBI ATMs. SBI charges 20 + GST for transactions that are declined owing to insufficient balance at both bank ATMs and other bank ATMs.

ICICI Bank ATM Transaction Limit

ICICI Bank has mentioned on its website that “The cash withdrawal limit for use at the ATM of the issuing bank is set by the bank during the issuance of the card.

This limit is displayed at the respective ATM locations.

For cash withdrawals at other bank ATMs, banks have decided to maintain a limit of 10,000/- per transaction.”

The first five transactions (both financial and non-financial) you make at ICICI Bank ATMs are free.

After that, you’ll 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 metro areas (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad)

are free each month, and the first five transactions (financial and non-financial) at all other locations are free.

HDFC Bank ATM Transaction Limit & Charges

HDFC Bank has mentioned on its website that “The cash withdrawal limit for use at the ATM of the issuing bank is set by the bank when the card is issued.

The maximum withdrawal limit is displayed at the respective ATM locations.

For cash withdrawals at other bank’s ATMs, a maximum limit of 10,000 per transaction has been decided upon. This information is displayed at the ATM location 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 authorized number of free transactions,

HDFC Bank charges Rs. 21 plus applicable taxes; for non-financial transactions, the charge is Rs. 8.50 plus GST.

Axis Bank

Axis Bank allows the first 5 transactions or INR 2 lakhs, whichever comes first, as a monthly cash transaction free limit for all types of savings account.

The bank has mentioned on its website that “ATM of the issuing bank is set by the bank during the issuance of the card, and may depend on the type of account/card.

For cash withdrawals at other banks’ ATMs, banks have decided to maintain a limit of Rs. 10,000 per transaction.”

“No charges are payable for using other banks’ ATMs for cash withdrawal and balance inquiry, as RBI has made it free under its “Free ATM access policy” since April 01, 2009.

But banks can restrict 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,” Axis Bank has stated on its website.

“The prescription of number of free transactions is inclusive of financial and non-financial transactions at other bank ATMs.

However, non-cash withdrawal transactions (such as balance enquiry, cheque book request, payment of taxes, funds transfer, etc.),

on own bank ATMs are not to be part of the number of free ATM transactions.

Similarly, transactions that fail on account of technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM;

and other declines ascribable directly / wholly to the bank / service provider; invalid PIN / validations; etc., shall not be counted as valid ATM transactions for the customer.

Consequently, no charges thereon shall be levied,” says SBI.

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