Starting on May 25, 2025, South African banks will raise the ATM withdrawal fees, adding more pressure to household finances that are already tight.
This increase is expected to affect pensioners and fixed-income individuals the most, as they often rely on cash withdrawals for their daily expenses.
This change has drawn concerns from social grant recipients as well as everyday consumers.
Key Changes in ATM Withdrawal Fees
From May 25 onwards, South African bank customers will face higher charges when withdrawing money from ATMs. The fee hike applies to both local and cross-bank transactions.
As a result, individuals may find it more expensive to access their cash, which could impact how frequently they choose to withdraw.
This is likely to affect pensioners and low-income groups, particularly those who rely heavily on cash for everyday purchases.
The increase in ATM fees comes at a time when inflation and rising living costs are already stretching household budgets.
Pensioners, who typically live on fixed incomes, may face greater challenges in managing their finances as a result of these added costs.
June 2025 SASSA Old Age Grant Payment Schedule
In addition to the rise in ATM fees, the South African Social Security Agency (SASSA) has released the payment schedule for the June 2025 Old Age Grant.
Payments will be made early in the month, ensuring that beneficiaries receive their assistance promptly.
The Old Age Grant continues to be a vital source of support for elderly South Africans, helping them cover essential living expenses such as food, medication, and transportation.
Eligibility for the June 2025 Old Age Grant
The eligibility criteria for the June 2025 Old Age Grant remain consistent with previous guidelines. To qualify, applicants must:
- Be 60 years of age or older.
- Be a permanent resident or citizen of South Africa.
- Not be receiving any other social grants or earning income above the threshold.
- Pass a means test that assesses their financial need.
These criteria are designed to ensure that the grant reaches those who are most in need of financial assistance.
The Growing Cost of Living
With ATM fees rising and living costs continuing to climb, staying informed about government grants like the SASSA Old Age Grant is crucial.
For elderly citizens, being aware of the payment schedule and understanding the eligibility requirements will help minimize disruptions to their already stretched budgets.
The grant offers financial relief during these challenging times, but it is essential for beneficiaries to plan ahead.
| Aspect | Details |
|---|---|
| ATM Fee Increase Date | May 25, 2025 |
| Who Is Affected | Pensioners and low-income individuals |
| Payment Schedule for Old Age Grant | Early June 2025 |
| Eligibility | Age 60+, South African citizen or resident, no other grants, income below threshold |
As ATM withdrawal fees increase, South Africans, especially pensioners and low-income groups, are facing an additional strain on their finances.
The rise in fees comes alongside essential updates from SASSA regarding the June 2025 Old Age Grant, offering some relief to vulnerable citizens.
By staying informed about these changes, individuals can better manage their finances and ensure they meet the qualifying criteria for financial assistance.
FAQs
What is the reason behind the ATM withdrawal fee increase?
The ATM withdrawal fee increase is being implemented to help South African banks cover rising operational costs. While the fee hike impacts all customers, it is expected to place a heavier burden on pensioners and individuals with limited income.
When will the June Old Age Grant be paid?
The June 2025 Old Age Grant payments will begin early in the month to ensure beneficiaries receive their support on time. Exact dates will depend on the beneficiary’s location and payment method.
How can I apply for the Old Age Grant?
To apply for the Old Age Grant, individuals must meet the eligibility criteria set by SASSA. They must be 60 or older, a permanent resident or citizen of South Africa, and meet the income threshold requirements. Applications can be submitted through local SASSA offices.