What is the primary objective behind the RM1 interbank ATM withdrawal fee waiver?

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The primary objective behind the RM1 interbank ATM withdrawal fee waiver is to alleviate the cost of living and prioritise the everyday banking needs of the public.

The RM1 interbank ATM withdrawal fee, which came into effect on July 1, 2026, has been waived specifically for ATMs operated by banks across the nation. This initiative aims to reduce financial burdens for consumers and ensure that essential banking services remain accessible and affordable.
Clarification on Fee Waiver Scope

The fee waiver exclusively applies to ATMs clearly identified as belonging to a single bank, featuring that bank's name and logo on both the exterior and the screen. This distinction is crucial for consumers to understand where the waiver is applicable, as charges may still be incurred at non-bank operated ATMs.
Distinguishing Bank-Operated ATMs

Bank-operated ATMs are characterised by the prominent display of a single bank's branding. In contrast, non-bank operated ATMs typically showcase the logos of multiple different banks, indicating that standard transaction fees might still apply when using these machines for withdrawals.
Impact on Consumer Banking

By eliminating the RM1 charge for withdrawals from ATMs of banks other than one's own, this measure directly addresses the cost of living. The collaborative effort, involving industry associations and Payments Network Malaysia Sdn Bhd (PayNet), underscores a commitment to prioritising the rakyat's day-to-day banking requirements.

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What is the primary objective behind the RM1 interbank ATM withdrawal fee waiver?

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