withdrawal of amount
08:59
REVISION IN SERVICE CHARGES w.e.f 01-07-2017
REVISION IN SERVICE CHARGES w.e.f 01-07-2017
State Bank Of India
Revision in Service Charges w.e.f 01-07-2017
Source:SBI
Showing posts with label IMPS. Show all posts
Showing posts with label IMPS. Show all posts
Thursday, 13 July 2017
Wednesday, 14 June 2017
wallet business
07:38
State Bank Of India:Revised Charges For the Various type of Transactions
State Bank Of India:Revised Charges For the Various type of Transactions
SBI Free ATM Withdrawal Limits, Debit Card And Cheque Book Charges
India's biggest bank SBI has clarified that customers of its mobile wallet State Bank Buddy will be charged Rs. 25 for every ATM withdrawal.
State Bank of India or SBI has revised its charges on various services like ATM withdrawal, cash transactions, issuance of cheque books, exchange of soiled notes and online transfer of funds through Immediate Payment Service or IMPS with effect from June 1. India's biggest bank has clarified that customers of its mobile wallet State Bank Buddy will be charged Rs. 25 for every ATM withdrawal. SBI's app - State Bank Buddy - enables its customers to withdraw cash from ATMs using the bank's mobile wallet. However, savings bank accounts will continue to get eight free ATM transactions (five at SBI ATMs and three at ATMs of other banks) in metros and 10 free transactions in non-metros (five at SBI ATMs and three at ATMs of other banks), the public sector lender added.
The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI added. State Bank of India's basic savings account is a limited-services bank account aimed at poorer sections of society to encourage them to start saving without any burden of charges or fees, according to the bank's website. This type of bank account comes with an ATM-cum-debit free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open or keep any other savings bank account.
SBI has also revised charges for other services for its customers, from June 1. Here are the key changes:
Cash withdrawal: Customers with a Basic Savings Bank Deposit will get four free withdrawals (including ATM) in a month, after which withdrawals will be charged - at Rs. 50 plus service tax at an SBI branch and at Rs. 20 plus service tax at other bank ATMs.
Charges on ATM cards: SBI said that issuance of new debit cards will be charged from June 1 and only the RuPay Classic Card will be issued for free.
Online transfer: Online fund transfer through IMPS will now be charged Rs. 5 plus service tax for amounts of up to Rs. 1 lakh; Rs. 15 plus service tax for above Rs. 1 lakh and up to Rs. 2 lakh, and Rs. 25 plus service tax for amounts above Rs. 2 lakh and up to Rs. 5 lakh.
Cheque book: From June 1, a customer with a Basic Savings Bank Deposit will have to pay Rs. 30 plus service tax for a 10-leaf cheque book, Rs. 75 with service tax for a 25-leaf cheque book and Rs. 150 plus service tax for a 50-leaf cheque book.
Exchange of soiled notes: SBI said exchanging up to 20 soiled notes or for value up to Rs. 5,000 will not attract any charges. However, more than 20 pieces of soiled notes will attract a charge of Rs. 2 per piece or Rs. 5 per Rs. 1,000 plus service tax whichever is higher on the entire tender, the bank said. For example, for 25 pieces of Rs. 500, which is equal to Rs. 12,500, the charges will be Rs. 2 per piece (Rs. 50 plus service tax) or Rs. 5 per Rs. 1,000 (Rs. 62.50 plus service tax). The amount charged will be Rs. 62.50 plus service tax.
Cash transaction through banking correspondents: SBI said cash deposits of up to Rs. 10,000 (in multiples of 100) through banking correspondents will be charged at 0.25 per cent of the value with a minimum of Rs. 2 and maximum of Rs. 8 plus service tax. Cash withdrawal of up to Rs. 2,000 (in multiples of 100) through the same channel will be charged at Rs. 2.50 per cent of the transaction value (minimum of Rs. 6) plus service tax.
Source:NDTV
Monday, 15 May 2017
State Bank of India
16:31
REVISION IN SERVICE CHARGES ADDITION/MODIFICATIONS:WEF 01/06/2017
REVISION IN SERVICE CHARGES ADDITION/MODIFICATIONS:WEF 01/06/2017
STATE BANK OF INDIA
Source:Banking Updates
Saturday, 26 March 2016
volume of transactions
19:02
Unified Payments Interface will be as transformational as Aadhaar
Unified Payments Interface will be as transformational as Aadhaar
Unified Payments Interface (UPI), a new process in electronic funds transfer, will be inaugurated by Reserve Bank of India Governor Raghuram Rajan on April 11. Conceived and being implemented by National Payments Corporation of India (NPCI) under the guidance of former chairman of Unique Identification Authority of India (UIDAI) Nandan Nilekani, this mode of payment is likely to be as transformational as Aadhaar when it gets adopted by most banks.
Firstly, UPI enables ‘instant collect’, which was not possible under IMPS. It addresses the current problem of about 30% decline in e-commerce payment transactions due to a complicated transaction flow. With UPI, the friction gets minimised and e-commerce market players can pull money from shoppers easily. Cash on delivery (COD) transactions can also be completed by the delivery staff by collecting money electronically while delivering the goods.
A biller can collect bills from consumers by automating the collection process on the due date, supplementing thereby the already existing ECS (debit)/NACH (debit) process. Clubs/schools can collect periodic fees. A daughter can now make a UPI request to her father’s account and the father, recognising that the request has come from a valid source, can authorise the transaction or even reject it.
The father can also “hold” the transaction for verifying the transaction before authorising it with a one-time password (OTP) or static PIN. The landlord can pull the money from the tenant. There can be multiple usage of such nature for online/face-to-face payments. Secondly, UPI has a facility to identify a bank customer with an email-like virtual address.
A customer can create a unique financial address in his/her bank linked with the bank account number at the backend. The customer will use only the virtual address while dealing with others without sharing the account details. For instance, a customer at State Bank of India (SBI) can create an address like shortname@ sbiormobilenumber@sbi.
Looking at the domain name sbi, NPCI will route the transaction to SBI and SBI will apply the credit/debit by resolving the virtual address to the account number. A customer can have multiple virtual addresses for multiple accounts in multiple banks. There is no account number mapper anywhere other than the customer’s own bank to ensure privacy of customer data.
The advantage of such an approach is the customer can freely share the financial address to others. Thirdly, UPI will operate primarily on smartphones, leveraging their ever-increasing utilities. Though the current base of smartphones in India is about 300 million (December 2015), the number is likely to touch 400 million in two years. This will help customers to do a whole range of banking operations and shopping from the mobile itself.
Smartphones will also enable banks and their certified merchants to integrate the library being supplied by NPCI so that the process of capturing the authentication information is secure and uniform across banks similar to customers providing authentication information on ATMs irrespective of bank ownership. As mobile phones get Aadhaar-ready, biometric authentication would also be possible through them.
Fourthly, UPI will enable single-click two-factor authentication with mobile itself as the first-factor using the unique hardware identification of the smartphone, and OTP/static mobile PIN as the second. Banks will compete with each other to provide simple and user-friendly solutions without compromising on the regulatory guidelines on two-factor authentication. A few banks are enhancing the security without compromising simplicity.
For instance, the application can have a facility for the user to maintain a list of virtual addresses from which pull request would be permitted or to pre-register the beneficiaries. Banks can have applications with utilities to remind when bill payments are due. Customers can also generate various reports on transactions made.
In summary, UPI promises to be truly transformational. Let us watch how it shapes the future of payment systems in the country.
Thursday, 17 September 2015
yes bank
20:12
Free Charge Partners Yes Bank, Fino PayTech to Launch Wallet Solution
FreeCharge Partners Yes Bank, Fino PayTech to Launch Wallet Solution
Snapdeal-owned mobile transactions platform FreeCharge announced its foray into the wallets space in Bengaluru on Tuesday.
Free Charge has partnered with Yes Bank and payment bank licensee Fino PayTech to launch the service, which will go live in a few weeks. The company claims that its wallet is able to reduce checkout times to under 10 seconds.
"At Snapdeal we are building an ecosystem that powers billions of digital commerce transactions. With the launch of the FreeCharge Digital Wallet, we will now play an even more intrinsic role in our customers' lives," Kunal Bahl, CEO and co-founder, Snapdeal said.
Kunal Shah, CEO and co-founder, FreeCharge, said that the wallet was equipped with state of the art technology and a robust partner network, "making it a truly game-changing service that will bring value to consumers and our partners in the ecosystem."
FreeCharge said that its platform has 27 million registered users making more than 5 transactions per month per user, 8.2 million daily unique users, 4 million monthly engaged hours, 15 million stored cards, with combined with GMV of over $4 billion (roughly Rs. 26,543 crores). Over 90 percent of its transactions are from mobile devices, accounting for a volume of over 200 million transactions annually.
Anand Chandrasekharan, Chief Product Officer at Snapdeal compared the synergy between the two firms to eBay and PayPal, Taobao and Alipay.
While FreeCharge already has a credit-based wallet-like feature in its app called 'FreeCharge Credits', that gets credited when a transaction is unsuccessful. By partnering with a payment bank licensee, FreeCharge can integrate the wallet with savings bank accounts via IMPS and NEFT transfers and issue ATM and debit cards.
Flipkart is reportedly planning to launch a payment service on its mobile apps in the next three months, and had paid around Rs. 45.4 crores to acquire a majority stake in payments firm FX Mart, which owns a prepaid license issued by Reserve Bank of India (RBI).
Cab aggregator Ola had announced plans to integrate its mobile wallet with Oyo Rooms, Lenskart, Saavn, among other startups.
According to Tracxn, some of the top top funded players in the mobile wallets space are Paytm, which has raised $585 million (roughly Rs. 3881 crores); MobiKwik, which has raised $30.25 million (roughly Rs. 197 crores); PayMate, which has raised $14 million (roughly Rs. 91 crores); MoneyOnMobile, which has raised $10 million (roughly Rs. 65 crores), and CitrusPay, which raised $7.5 million (roughly Rs. 48 crores).S
Source :BankingUpdates.
