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🚀 Gold Finance Stocks in Limelight: Muthoot Surges Most in Two Years; Manappuram & IIFL Follow Suit

🚀 Gold Finance Stocks in Limelight: Muthoot Surges Most in Two Years; Manappuram & IIFL Follow Suit Gold finance stocks are making headlines as investor interest surges amid high trading volumes and skyrocketing options activity. The spotlight is firmly on Muthoot Finance, Manappuram Finance, and IIFL Finance, as these stocks post impressive gains and options traders bet big on future momentum. 📈 Muthoot Finance Stock Jumps 7.5% – Best Day in Two Years! Muthoot Finance Ltd., India’s largest gold loan NBFC, witnessed a stellar rally of 7.5%, marking its biggest single-day gain in two years. The surge was fueled by a sharp spike in call option activity and unusually high trading volume: 📊 Call options trading was 3x the daily average 🔁 Trading volume was 6x the average at this time of day 🔍 What’s Driving Muthoot Finance’s Rally? Investors are optimistic on gold finance lenders amid stable gold prices and rising credit demand in semi-urban and rural areas. The surge in call opti...
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RBI Hikes ATM Charges: Customers to Pay Rs 23 Per Transaction Beyond Free Limits


RBI Hikes ATM Charges: Customers to Pay Rs 23 Per Transaction Beyond Free Limits

The Reserve Bank of India (RBI) has announced a revision in ATM withdrawal charges, increasing the per-transaction fee by Rs 2. Starting from January 1, 2022, customers using ATMs beyond their free transaction limits will now be charged Rs 23 per transaction instead of the previous Rs 21.

Changes in ATM Transaction Charges

Under the new guidelines:

Customers will continue to enjoy free transactions at their bank's ATMs (five in metro cities and three in non-metro cities).

Transactions at other bank ATMs will remain free for three transactions in metro centres and five transactions in non-metro centres.

Beyond these limits, customers will be charged Rs 23 per transaction, applicable to both financial and non-financial transactions.

Why the Increase in ATM Charges?

The RBI has cited rising costs associated with ATM maintenance, security upgrades, and the deployment of cash as the key reasons behind this revision. The last revision in ATM charges occurred in 2014, and with increasing inflation and operational costs, banks had been lobbying for a hike to maintain ATM infrastructure.

Impact on Customers

This hike will have a direct impact on individuals who frequently withdraw cash beyond the free transaction limits. Customers are now encouraged to:

Plan their ATM withdrawals strategically to avoid unnecessary fees.

Leverage digital payment methods such as UPI, mobile banking, and card payments to reduce reliance on cash withdrawals.

Use their home bank ATMs to maximize free transactions.

Expect Positive for SBI – India’s Largest ATM Network

The increase in ATM charges is expected to benefit banks, particularly the State Bank of India (SBI), which operates the largest number of ATMs in India. With a vast customer base and ATM network, SBI is likely to see an increase in fee-based revenue from out-of-limit transactions.

Conclusion

The RBI’s decision to revise ATM transaction charges reflects the need to balance the increasing costs of ATM operations while ensuring the sustainability of banking infrastructure. While the move may be a slight burden on frequent cash users, it also promotes the adoption of digital banking alternatives. Customers should be mindful of their withdrawal patterns to avoid additional charges and explore digital payment options for everyday transactions.

FAQs on RBI’s New ATM Charges

1. When will the new ATM transaction charges come into effect?

The revised charges will be applicable from January 1, 2022.

2. How many free ATM transactions are allowed?

Home Bank ATM: Five free transactions in metro cities, three in non-metro cities.

Other Bank ATMs: Three free transactions in metro cities, five in non-metro cities.

3. What happens if I exceed my free transaction limit?

You will be charged Rs 23 per transaction for both cash withdrawals and non-financial transactions.

4. How can I avoid ATM withdrawal charges?

Withdraw higher amounts at once to minimize transaction frequency.

Use digital payments (UPI, mobile banking, net banking, credit/debit cards).

Stick to your home bank’s ATM to maximize free transactions.

For more banking updates and financial insights, stay tuned to our blog!


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