Kotak Bank First lender to Levy Charges on UPI Transactions Effective From May 2019

Kotak Bank First lender to Levy Charges on UPI Transactions Effective From May 2019

• The Indian private sector bank, Kotak Mahindra Bank, has notified that the Unified Payments Interface (UPI) transactions will no longer be free to use for peer-to-peer transaction above a monthly limit of 30 transaction with effect from May 2019.
• The UPI fund transfers will be free of cost for the first 30 transfers in a month, thereafter the bank will charge in the following manner:
  • For transaction below or equal to Rs. 1,000 – Rs. 2.50 per transaction
  • For transactions above Rs. 1,000 – Rs. 5.00 per transaction along with 18 per cent GST
  • The charges will be applicable on all fund transfers done via UPI on any platform including Paytm, PhonePe, Google Pay etc.