Transaction charges so high

Partnership Banks
1

The ATM charges after the first 3 transactions are Rs.20/transaction?? Even the online transaction charges are high. On top of that there are further charges if the user transacts over limit of total transactions. I mean why is there a limit of all transactions? So if I use imps often, I cant make free ATM withdrawals at all.

Are you trying to motivate the users not use the debit card for regular transactions? This is not at all Millennial banking experience.

2

Hi @sanjaykhurana,

Welcome to Niyo Community!

Let me help you with below clarifications:

  • As a part of the NiyoX offering, you get 3 Free ATM withdrawals at a Metro location and 5 Free ATM withdrawals at a non-Metro location.

  • For full KYC customers, total debit transactions limit is 10 Lakhs/day.

  • There are no charges applicable when you are making online transactions or swiping your card. With Platinum VISA Debit Card, you get a limit of 2 Lakhs/day on Purchase (Online + PoS Swipe) transactions and 1 Lakh/day on ATM withdrawals.

  • IMPS & ATM Withdrawals are independent. IMPS outward limit is 2 Lakhs/day.

Overall, these limits construct has been kept by Equitas SFB for security of money.
Hope this helps! Let me know if you have any further queries.

Best,
Arindam

1 Like
3

I understand the limit to amount that can be withdrawn. I don’t understand the high charges!

Also did you miss the overall transaction charges after 15 transactions?

Very non transparent, these not told upfront. Also the debit card charges!!

4

Hey Sanjay,

Someone from our team will reach out to you to understand your queries better. Hope that’ll help you.

5

Hey Sanjay! Thank you for your time on call. We hope that we were able to clarify all your doubts and answer all your queries. Have a great day ahead, cheers! LK

6

Yes, thank you lucky for describing in detail. Just to clarify for any other users reading this

  • the charges/ATM tx is Rs.20+ gst after the first 3 transactions (metro cities)

  • the annual charges for debit of Rs.150 are being waived off for first year(haven’t received any written confirmation but will go by Lucky’s word) and the product/marketing team is working on plans for year 2 onwards to waive off based on some criteria (no. Of tx etc.)

  • the online transactions are all free and no limit on number of online transactions

  • there is no overall limit to tx and hence no charges of Rs.15/tx. ( So basically that lat point in the schedule of charges doesn’t hold).

  • the per day limit of imps etc. Is 2lac as per standard rbi rules.

Thank you Lucky. Waiting for my debit card to start using. (Online mostly because ATM withdrawals is so expensive!)

1 Like
7

Hi Sanjay,

(1/2)
Herewith the new rule on cash withdrawals which is applicable on all banks
As per the existing cash withdrawal rules from ATMs , cash withdrawals can be made free five times a month. If a cash withdrawal is made more than five times in a month, a fee of Rs 20 is to be paid on the sixth withdrawal .21-Oct-2020

(2/2) To validate what Lucky told you over the call regarding the charges of Debit card being waived off
Here, we encourage users to search for your queries, because chances are, you’ll find answers to your queries in the search box without waiting for a response from us.

This thread might help you clear your doubts. : Debit card charges

Let us know if we can help you with anything else :slight_smile:

Cheers!
Bansari

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8

Thanks Bansari. I am in the metro city, Is the free limit 3 or 5? The SOC says 3 and Lucky also confirmed 3.

Also, what’s the October date in your response? Is it the end date of these free transaction limit offer?

9

@sanjaykhurana
As mentioned by Arindam & Lucky the free withdrawals in metro location are 3. However the date mentioned above is when the new cash withdrawal rule was implemented.

Hope this helps.
Cheers!
Bansari

1 Like
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