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Home Business & Stock

New bank transaction taxes: Here’s how much you will now pay on cash withdrawals

MM News Staff by MM News Staff
July 4, 2025
(Representational Image)

(Representational Image)

The federal government has implemented a new tax regime on all bank transactions, applicable to both tax filers and non-filers, effective from July 1.

Under this framework, the withholding tax rate for non-filers on cash withdrawals has been increased, while filers are now also subject to tax on daily withdrawals exceeding Rs50,000.

According to the revised policy, tax filers will incur a 0.3% withholding tax on cash withdrawals exceeding Rs50,000 per day. Non-filers, on the other hand, will be charged 0.6%.

Moreover, banks have introduced higher service fees, including increased charges for ATM cards, SMS alerts, and interbank ATM usage, compounding the financial burden on customers.

The updated schedule of charges, also effective from July 1, has significantly raised the cost of banking services. The fee for using ATMs of other banks has risen from Rs18 to Rs34 per transaction. ATM card issuance or renewal now costs Rs700 more, while SMS alert services have been increased from Rs1,200 to Rs2,000 annually—a hike of Rs800.

Non-filers making cheque-based withdrawals of Rs20,000 or more will face a deduction of Rs522. Banks have also introduced or reinforced daily ATM withdrawal limits: standard debit card holders may withdraw between Rs25,000 and Rs50,000, premium card holders up to Rs500,000, and international cardholders the equivalent of $200 to $500. Any daily withdrawal exceeding Rs50,000 will automatically be subject to withholding tax.

Moreover, banks will now impose fees on international ATM transactions, either as a fixed amount or calculated based on the prevailing exchange rate.

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