Government could announce a charge on withdrawing 5000+ rupees from ATM

[Sushubh]

Additional charge on ATM withdrawals above this amount, know what the new rule is

This new rule will not include free withdrawal from ATMs five times a month. You will have to pay separately, which will apply to your withdrawal when you withdraw more than 5000.

www.dnaindia.com

Right now it's being considered. 24 bucks charge based on a response to a RTI.

 

[Sudarshan61]

Crazy...so I need to pay to get access to my money now
Soon Banks will put some rule saying you can't do more than X transaction in saving account per month please open current account which won't get any interest

 

[Sushubh]

i believe this is what is called a transaction tax.

Automated Payment Transaction tax - Wikipedia

en.wikipedia.org

this has been suggested several times. by swamy or jaitley. at one point of time iirc, it was suggested as a replacement for income tax.

but of course, under current administration we might end up having this tax ALONG WITH income tax.

 

[socrates]

BoB, ICICI Bank announce fees for certain cash transactions; more may follow

Many banks have been charging customers for certain cash transactions in the past as well. But, these charges have been tweaked now

www.moneycontrol.com

Now its here. Another reason why to have more than one bank account.

 

[Sudarshan61]

@socrates Actually we dont need much cash today, almost every small shop/person supports UPI based application
One should have maximum credit cards (most shopping/rewards offers are on credit card) backed by 1-2 solid Bank accounts

 

[socrates]

Hmm, then why is it we are having the highest number of notes in circulation now.

 

[mikrotik]

So, they want longer queues at the bank teller?
When the f**k will they start not thinking from their knees?
ATMs are to reduce the crowd in the branches.

 

[socrates]

Yup reduce crowd in branches, reduce staff, reduce costs, increase efficiency was the buzz words used during the introduction of atm's. Then they started charging on the pretext of maintenance. Later they outsourced ATM's filling then ATM's themselves. I guess they have given up on such pretenses.

 

[NikhilS]

I feel they will also charge on UPI txns.

 

[socrates]

There have already been reports of charges on UPI transactions over a certain number in future.