HDFC Bank To Levy Charges for UPI Transactions
Shital Jibhe / 08 Jun 2017
HDFC Bank has introduced charges on Unified Payments Interface (UPI). The decision will make small value payments over UPI more expensive than those on national electronic fund transfer (NEFT).
HDFC Bank has introduced charges on Unified Payments Interface (UPI). The decision will make small value payments over UPI more expensive than those on national electronic fund transfer (NEFT).
The HDFC Bank, in an email to its account holders, notified that all UPI outward transactions will be charged from July 10.
Framing the advantages of UPI, the bank said "You need not have to share your personal details like Account number, IFSC Code or Mobile number. You can send and receive money easily via UPI just by using your Virtual Payment Address".
As against the NEFT charges of Rs 2.5 for transactions up to Rs 10,000 and Rs 5 for transactions above Rs 10,000, the UPI charges for transactions from Rs 1 to Rs 25,000 will be Rs 3 plus taxes while transactions above Rs 25,000 to Rs 1 lakh will be Rs 5.
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