Wednesday, 14 December 2016

Airtel Payments Bank to charge 0.65% cash withdrawal fee

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Airtel Payments Bank will charge 0.65 percent fee on cash withdrawals but will not levy any processing charge on digital transactions from January 2017 to encourage cashless payments, in order to discourage cash withdrawals from Airtel Payments Bank accounts, a minimal cash withdrawal free (0.65 percent per transaction) will be levied, thereby, encouraging customers to prefer digital payments for transactions. "Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions. 

The benefit of no added/hidden costs, will encourage both merchants and customers alike to adopt cashless payments," Airtel Payments Bank said in a statement. It has rolled out pilot services across Rajasthan and has opened over 100,000 savings accounts in less than two weeks of commencing services. It plans to shortly extend its pilot services to Andhra Pradesh, Telangana and Karnataka. The bank is offering interest rate of 7.25 percent per annum on savings accounts.

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