ATM Card Annual Maintenance Charge (AMC)

ATM Card Annual Maintenance Charge (AMC)

Introduction:

Banks impose an Annual Maintenance Charge (AMC) as a yearly fee on debit cards for ATM services. This fixed fee is determined by the bank and must be paid by the cardholder every year.

The AMC varies depending on the card issuer and the type of ATM card used. The bank automatically deducts a predetermined amount from the cardholder's account on their behalf. Most banks waive this fee for the first year after the card is issued, with charges starting in the second year.

Debit Card AMC

The specific AMC for a debit card depends on the type of ATM card. HDFC Bank, Axis Bank, SBI, and Punjab National Bank typically charge an AMC of Rs.100 to Rs.150 for classic cards.

Indian Bank charges an AMC of Rs.60 in rural and suburban regions, while in metropolitan and urban areas, the charge is Rs.120. ICICI Bank does not levy an AMC on debit cards, except for coral debit cards, which have an AMC of Rs.499 (initial fee).

Maintaining a Good Credit Score

Tips to Avoid AMC for a Debit Card

To avoid paying the annual maintenance charge for your debit card, consider the following:

1. Research and select a debit card with no AMC. For example, ICICI Bank does not impose any AMC for its debit cards.

2. Prefer using ATMs from your respective bank. If there are no nearby ATMs from your bank, use other banks' ATMs. Some banks offer mobile apps to help locate the nearest ATM.

3. Ensure you have enough cash on hand to cover unexpected expenses.

4. Plan ahead and avoid waiting until you run out of cash before using the ATM. Withdraw more money than you need to avoid using ATMs from different banks.

Checking AMC for Different Bank ATM Cards

You can check the specific AMC for an ATM card by visiting the official website of the respective bank. Alternatively, you can contact a bank executive for a better understanding of the charges. Here are the AMC details for popular banks in India:

ICICI Bank: Except for coral debit cards, which have an AMC of Rs.499, ICICI Bank does not charge an AMC for debit cards. Additionally, the bank charges Rs.25 for ICICI debit card PIN regeneration.

HDFC Bank: HDFC Bank customers can avail ATM cards for free. However, they have to pay an AMC ranging from Rs.200 to Rs.750, depending on the card variant, while redeeming or reissuing an HDFC debit card.

State Bank of India: SBI offers a facility for free cash deposits to the account linked with a debit card. Customers can deposit money into their bank accounts free of cost through SBI debit cards. SBI charges an AMC of Rs.125 plus GST on classic debit cards.

ATM AMC Charges for Top Banks

Here is a list of ATM AMC charges for some of the top Indian banks:

Banks AMC Charges

State Bank of India Up to Rs.350 plus taxes from the second year, depending on the card type.

HDFC Bank Up to Rs.750 plus taxes.

Federal Bank Up to Rs.750 for contactless cards and Rs.500 for other cards.

Axis Bank Rs.200 plus taxes for Visa Classic or Platinum card.

Indian Bank Up to Rs.150 plus taxes from the second year onwards.

Union Bank of India Up to Rs.400 plus taxes.

Annual fees for ICICI Bank debit cards increased

ICICI Bank has announced an increase in the fees for its debit card variants, effective from 21 August 2023. The annual fee for the ICICI Bank Expressions/Business Expressions Debit Card has been raised by Rs.100, from Rs.499 to Rs.599. The ICICI Bank Coral/Business Coral Debit Card will now have an annual fee of Rs.699, up from Rs.599. The ICICI Bank Expressions Coral/Business Expressions Coral Debit Card will be charged a new annual fee of Rs.899. The annual fee for the ICICI Bank Rubyx Debit Card has been increased by Rs.350, from Rs.749 to Rs.1,099.

The annual fee for the ICICI Bank Sapphiro/Business Sapphiro Debit Card has been raised from Rs.1,499 to Rs.1,999. However, the annual fee for the ICICI Bank Expressions Sapphiro Debit Card remains unchanged at Rs.4,999. The monthly fee of Rs.249 for these cards remains the same.

Introduction:

Banks impose an Annual Maintenance Charge (AMC) as a yearly fee on debit cards for ATM services. This fixed fee is determined by the bank and must be paid by the cardholder every year.

The AMC varies depending on the card issuer and the type of ATM card used. The bank automatically deducts a predetermined amount from the cardholder's account on their behalf. Most banks waive this fee for the first year after the card is issued, with charges starting in the second year.

Debit Card AMC

The specific AMC for a debit card depends on the type of ATM card. HDFC Bank, Axis Bank, SBI, and Punjab National Bank typically charge an AMC of Rs.100 to Rs.150 for classic cards.

Indian Bank charges an AMC of Rs.60 in rural and suburban regions, while in metropolitan and urban areas, the charge is Rs.120. ICICI Bank does not levy an AMC on debit cards, except for coral debit cards, which have an AMC of Rs.499 (initial fee).

Maintaining a Good Credit Score

Tips to Avoid AMC for a Debit Card

To avoid paying the annual maintenance charge for your debit card, consider the following:

1. Research and select a debit card with no AMC. For example, ICICI Bank does not impose any AMC for its debit cards.

2. Prefer using ATMs from your respective bank. If there are no nearby ATMs from your bank, use other banks' ATMs. Some banks offer mobile apps to help locate the nearest ATM.

3. Ensure you have enough cash on hand to cover unexpected expenses.

4. Plan ahead and avoid waiting until you run out of cash before using the ATM. Withdraw more money than you need to avoid using ATMs from different banks.

Checking AMC for Different Bank ATM Cards

You can check the specific AMC for an ATM card by visiting the official website of the respective bank. Alternatively, you can contact a bank executive for a better understanding of the charges. Here are the AMC details for popular banks in India:

ICICI Bank: Except for coral debit cards, which have an AMC of Rs.499, ICICI Bank does not charge an AMC for debit cards. Additionally, the bank charges Rs.25 for ICICI debit card PIN regeneration.

HDFC Bank: HDFC Bank customers can avail ATM cards for free. However, they have to pay an AMC ranging from Rs.200 to Rs.750, depending on the card variant, while redeeming or reissuing an HDFC debit card.

State Bank of India: SBI offers a facility for free cash deposits to the account linked with a debit card. Customers can deposit money into their bank accounts free of cost through SBI debit cards. SBI charges an AMC of Rs.125 plus GST on classic debit cards.

ATM AMC Charges for Top Banks

Here is a list of ATM AMC charges for some of the top Indian banks:

Banks AMC Charges

State Bank of India Up to Rs.350 plus taxes from the second year, depending on the card type.

HDFC Bank Up to Rs.750 plus taxes.

Federal Bank Up to Rs.750 for contactless cards and Rs.500 for other cards.

Axis Bank Rs.200 plus taxes for Visa Classic or Platinum card.

Indian Bank Up to Rs.150 plus taxes from the second year onwards.

Union Bank of India Up to Rs.400 plus taxes.

Annual fees for ICICI Bank debit cards increased

ICICI Bank has announced an increase in the fees for its debit card variants, effective from 21 August 2023. The annual fee for the ICICI Bank Expressions/Business Expressions Debit Card has been raised by Rs.100, from Rs.499 to Rs.599. The ICICI Bank Coral/Business Coral Debit Card will now have an annual fee of Rs.699, up from Rs.599. The ICICI Bank Expressions Coral/Business Expressions Coral Debit Card will be charged a new annual fee of Rs.899. The annual fee for the ICICI Bank Rubyx Debit Card has been increased by Rs.350, from Rs.749 to Rs.1,099.

The annual fee for the ICICI Bank Sapphiro/Business Sapphiro Debit Card has been raised from Rs.1,499 to Rs.1,999. However, the annual fee for the ICICI Bank Expressions Sapphiro Debit Card remains unchanged at Rs.4,999. The monthly fee of Rs.249 for these cards remains the same.

FAQs 🤔

1. What is the AMC for a debit card?

AMC stands for Annual Maintenance Charge, which is a yearly fee imposed by banks on debit cards for ATM services.

2. What is the AMC for an SBI debit card?

SBI charges an AMC of Rs.125 plus 18% GST (Rs.22.50) for classic debit cards. The AMC varies depending on the debit card variant. Visit SBI's official website for more information.

3. Can ATM fees be refunded?

Yes, depending on the bank's policies, in some cases, the bank may refund the ATM fees deducted from your account.

4. Are AMC charges compulsory?

No, ATM AMC charges are not always compulsory. Some banks do not levy any AMC charges on certain types of ATM cards, depending on their policies.

5. What is the maximum number of days a bank needs to deposit money into the account for false charges?

As per the Reserve Bank of India (RBI) guidelines, banks credit the money deducted on false charges within 10 to 15 days.

6. What is the AMC for Indian Overseas Bank debit cards?

Indian Overseas Bank (IOB) charges Rs.250 for RuPay classic and platinum debit cards. For RuPay select cards, IOB levies an AMC of Rs.800. For detailed information about the AMC for various card variants, visit IOB's official website.

7. Is the AMC directly deducted from the bank account?

Yes, the AMC is automatically deducted from the bank account.

8. What if I do not receive money during a cash withdrawal, but the amount has been deducted from my account?

If the money is deducted from your account, but you did not receive it, contact the bank immediately to lodge a complaint.

9. Does the bank charge a fee for using other banks' ATMs?

When using ATMs of other banks, the number of free monthly transactions is limited to five. Each additional transaction costs Rs.20 as a transaction charge.

1. What is the AMC for a debit card?

AMC stands for Annual Maintenance Charge, which is a yearly fee imposed by banks on debit cards for ATM services.

2. What is the AMC for an SBI debit card?

SBI charges an AMC of Rs.125 plus 18% GST (Rs.22.50) for classic debit cards. The AMC varies depending on the debit card variant. Visit SBI's official website for more information.

3. Can ATM fees be refunded?

Yes, depending on the bank's policies, in some cases, the bank may refund the ATM fees deducted from your account.

4. Are AMC charges compulsory?

No, ATM AMC charges are not always compulsory. Some banks do not levy any AMC charges on certain types of ATM cards, depending on their policies.

5. What is the maximum number of days a bank needs to deposit money into the account for false charges?

As per the Reserve Bank of India (RBI) guidelines, banks credit the money deducted on false charges within 10 to 15 days.

6. What is the AMC for Indian Overseas Bank debit cards?

Indian Overseas Bank (IOB) charges Rs.250 for RuPay classic and platinum debit cards. For RuPay select cards, IOB levies an AMC of Rs.800. For detailed information about the AMC for various card variants, visit IOB's official website.

7. Is the AMC directly deducted from the bank account?

Yes, the AMC is automatically deducted from the bank account.

8. What if I do not receive money during a cash withdrawal, but the amount has been deducted from my account?

If the money is deducted from your account, but you did not receive it, contact the bank immediately to lodge a complaint.

9. Does the bank charge a fee for using other banks' ATMs?

When using ATMs of other banks, the number of free monthly transactions is limited to five. Each additional transaction costs Rs.20 as a transaction charge.

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