Kotak Mahindra Bank Becomes First Lender To Charge For UPI Use

Kotak Mahindra Bank (Kotak) stated that it will charge customers for UPI transactions starting 1st of May 2019. For each Kotak Bank account, the first 30 UPI fund transfers will be free, after which a charge will be levied on all fund transfers from the bank account.

This will be applicable across all platforms, including Paytm, PhonePe, Google Pay or Truecaller Pay among others. The bank will charge Rs 2.50 per transaction for an amount value below or equal to Rs 1,000, and Rs 5 per transaction will be levied for a payment value above Rs 1,000.

Source: Times of India

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