“FOR FUND TRANSFER, USE UPI, WALLETS AND ESCAPE HIGHER BANK CHARGES’

1. NEWS HEADLINE
“FOR FUND TRANSFER, USE
UPI, WALLETS AND ESCAPE
HIGHER BANK CHARGES’’
BUSINESS LINE Pg-10, DATED 4th JULY,2017
HIMANI RAWAT
ROLL. NO. - 161120

2. LET US KNOW UPI
• Just like cheque, debit card or a mobile wallet.
• Interoperable between banks i.e multiple
bank accounts in single mobile app.
• VPA ( Virtual Payment Address) a user unique
payment identifier eg. Antony@axis.
• UPI apps- BHIM, SBI PAY, The PhonePe App
etc.

3. Key points of article
• Bank charges increased post GST, i.e service
tax 15% to GST 18%.
• RTGS (high-value transactions), NEFT
(processed and settled in batches) etc.
• IMPS – instant, 24*7, interbank electronic
fund.
• All these routes are chargeable.

4. • NEFT (Rs 2.5) < IMPS, if amount < Rs.10000
• RTGS is costlier i.e above 2 lakhs Rs 25-50 plus
GST
• Earlier same charges plus ST 15%, now replaced
with GST 18%.
• Avoid shelling out extra on fund transfer by
going UPI way.
• UPI – built on IMPS, free for NOW.
• Other digital wallets like ICICI bank’s pockets or
HDFC Bank’s Payzapp.