Are you a digital person who prefers to use UPI over any other modes of payment, because it’s free? If yes, then you may have to rethink before using UPI the next time, especially if you have the account in any of the biggest private banks of India viz. HDFC Bank, ICICI Bank, etc.
Most the of private sector banks have levied charges on UPI transactions if the number of transactions crosses 20 in a single month. But, here’s a piece of good news for you that these charges have been levied only on P2P that is ‘peer to peer transactions’ and P2M that is ‘peer to merchant’ transactions are still free. This means that you can still pay an end number of bills without paying a single rupee in the form of charges.
During this ongoing lockdown, the use of UPI is growing nearly at a rate of 8% per month. The private banks are trying to justify it on the grounds of curbing misuse that is to prevent fatuous transactions from putting a load on the system.
The charges for P2P fund transfers via UPI are as follows: