Airtel Payments Bank to charge 0.65 pc cash withdrawal fee

NEW DELHI: Airtel Payments Bank will charge 0.65 per cent 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 per cent 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 per cent per annum on savings accounts.

Airtel Payments Bank said it plans to develop a nationwide merchant ecosystem of over 3 million partners that will include small kirana stores, small shops and restaurants.

These merchant partners will accept digital payments for goods and services from Airtel Payments Bank customers over mobile phones, the statement said. (AGENCIES)


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