New ATM Rules from April 1: Cash via QR Code, What Are the New Limits?

New Delhi: With the beginning of the new financial year, some important changes related to banking are going to be implemented in the country, which will have a direct impact on the customers using ATMs. Along with big private and public sector banks, payment banks have also updated their rules. These changes include limits on free transactions, limits on cash withdrawal and new methods.

Now will withdrawing cash from UPI also be counted in the free limit?

Private sector HDFC Bank has made it clear that cash withdrawn from ATM through UPI will no longer be a separate facility. That means if you withdraw money through UPI, that will also be added to your free transaction limit every month. Earlier it was considered separate, but now all types of transactions will be counted in the same category.

How much will be charged after the free limit is over?

If you do more ATM transactions than the prescribed limit, then a charge of Rs 23 will have to be paid on every additional transaction. Tax may be added separately to this. At present, most customers get 5 free transactions every month from their bank's ATM. At the same time, from ATMs of other banks, there is a facility of 3 free transactions in metro cities and 5 free transactions in non-metro cities.

Has the cash withdrawal limit also been changed?

Punjab National Bank has changed the daily cash withdrawal limit for some of its debit cards. Now customers will be able to withdraw only Rs 50,000 to Rs 75,000 daily depending on the type of their card.
Earlier there was a limit of up to Rs 1 lakh on some cards, which is now being reduced. The bank says that this step has been taken to improve security and risk management.

What is the new feature of withdrawing cash from QR code?

Jio Payments Bank has started a new method, in which customers can also withdraw cash by scanning QR code. There will be no need of any ATM in this. Customers will approve the transaction through the UPI app and will be able to withdraw the money by going to the banking correspondent. This facility can be especially helpful in areas where ATM availability is less.

What precautions should customers take?

The most important thing among these new rules is that you keep an eye on your bank limit and number of transactions. If care is not taken, small charges can add up to a big expense.

Overall, these changes are considered another step towards promoting digital banking and streamlining the use of cash.