ATM Card AMC: What Is It And How Can It Be Avoided?
Reviewed by: Fibe Research Team
- Updated on: 21 Nov 2024
- Published on: 11 Aug 2023
Reviewed by: Fibe Research Team
ATM card AMC (Annual Maintenance Charges) is a fixed charge applicable on debit cards. This is what the bank charges for offering services and maintaining your card. While some of these cards may be free to avail, most of them will carry annual charges, depending on the card type.
Read on to learn what ATM AMC charges are, how you can avoid them and more.
As mentioned, it means the annual charges levied by the bank to maintain your debit card as well as other related services. These charges are not fixed and vary across all banks. Whether you have to pay high charges or not also depends on the type of debit card you have.
For example, one bank may charge ₹100 for a standard debit card but ₹150 for upgraded cards. Generally, these charges are mentioned on the bank’s website for you to review before opening the bank account. However, you can also confirm the cost at the bank with a representative while choosing your card. There are some banks that waive their ATM card AMC charges for the first year or even for a lifetime.
Banks decide all the fees and charges at their discretion based on the services they offer. Annual debit card charges are one such fee, which depends on whether you have a standard or value-added card.
Also Read: Auto Debit Facility
Here’s an overview of some of the top bank’s annual maintenance charges levied on ATM cards:
| Bank | ATM card AMC |
|---|---|
| State Bank of India | From ₹200 up to ₹425 + GST applicable from second year |
| Axis Bank | From ₹150 up to ₹1,500 + GST |
| HDFC Bank | From ₹150 up to ₹850 + GST |
| ICICI Bank | From ₹599 up to ₹4,999 + GST |
| Union Bank of India | From ₹200 up to ₹400 + GST |
| IndusInd Bank | From ₹499 up to ₹10,000 + GST |
| Punjab National Bank | From ₹150 up to ₹750 + GST |
Disclaimer: The above ATM AMC charges are subject to change at the bank’s discretion.
Apply For Fibe Axis Bank Credit Card Online
Most banks auto-debit this fee along with other annual charges from your bank account. This is a convenient way to ensure your card stays active for your usage. If your bank does not auto-debit this, you can pay ATM pending AMC using UPI through the mobile or net banking option.
Also Read: Credit Card Vs Debit Card
The ATM card AMC levied is entirely up to the bank. As such, the easiest way to avoid these charges is to pick an issuer that has zero debit card annual maintenance charges. Another way to get such cards is to avail them when the bank extends a special offer. These are usually offered during the festive months or as part of the perk package during a special event.
It is crucial to keep in mind that debit card AMC is not the only fee levied by banks. Banks also levy other charges, such as transaction charges levied when you use a non-bank ATM, which generally happens when you need urgent funds. Joining and replacement fees are also on this list.
Your debit card is a financial instrument that you can rely on to access funds, and you should know the charges applicable to it. Another instrument that offers access to funds is a personal loan. With the Fibe Instant Personal Loan, you can get up to ₹5 lakhs at competitive rates and flexible repayment plans.
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AMC stands for annual maintenance charges and financial institutions levy this for various purposes. For instance, AMC is applicable on a debit card as well as on a demat account. These charges vary depending on the financial institution and are levied annually.
The debit card AMC for every year depends on your bank and is at the bank’s sole discretion. Some banks even offer no AMC for the first year, while some offer lifetime-free debit cards, i.e., no AMC at all.
One way to avoid ATM card AMC is to choose a debit card that has no such fees. There are many banks that offer ATM cards with no yearly maintenance charges. This information is generally available on the bank’s website.
Yes, using ATMs comes with certain charges, depending on your transactions. Banks generally levy no ATM charge when the transaction is carried out at the bank’s ATM, i.e., the ATM of the bank where you have an account. You usually get 5 free transactions at your own bank’s ATMs and 3 at another bank’s machine.
This fee depends on the bank and the card you have. There are many banks that levy no debit card annual maintenance charges for certain cards. You can check this information on the bank’s official website or talk to a representative when you get/apply for a debit card.
Yes, there are instances when the banks may refund the ATM charges levied by them, depending on their policies.
