There are many airtel subscribers who have become the customers of Airtel Payment Banks. Meanwhile, they have found out that this bank charges heavy fees for the money transfer to another bank account. There are other types of charges as well. In this article, I have listed the various charges of Airtel Payments bank. Note, I have taken these charges from the website of the payment bank on 16 December 2019.
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- List of Payment Banks in India and their Headquarters
Money Transfer Charges From Airtel Payment Bank
Following are the money transfer charges of Airtel Payment bank through Internet banking, Mobile App & USSD
Within Airtel Payments Bank – FREE
From Airtel Payments Bank to another Bank – 1% of the amount transferred
From Airtel Payment Bank to other Bank through NEFT –
- From ₹10 to ₹10,000 – 2.25% + GST of the amount
- From ₹10,001 to ₹100,000 – 4.75% + GST of the amount
Did you notice the charge of 1% for fund transfer to another bank? It would mean that for the fund transfer of ₹1,00,000, the bank would charge hefty ₹1000. Compare it with UPI Payment system which is free up to ₹1 lakh. So Airtel Payment Bank customers beware, never ever use IMPS, USSD and mobile app of the Airtel Payment bank to make transfers.
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Cash Withdrawal Charges
- Up to ₹10,000 in a month – Free
- Beyond ₹10,000 in a month- 0.65% of the withdrawal amount (effective from 1 March 2019)
Like other Banks, the Airtel Payments Bank also charges fees for the cash withdrawal. But in this case, the limit is lower. The cash withdrawal charges start if you withdraw more than 25 thousand in a month. So if you withdraw ₹1 lakh in a month. the 75,000 amount would be chargeable. The fees on this amount would be ₹487.5.
=> Note, you can’t withdraw more than ₹25 thousand in a single transaction.
Domestic Remittance Charges of Airtel Payment Bank
- Domestic Remittance Charge – 1% of the Amount (Rounded to Next rupees) . If you are sending ₹1420 the one percent would be ₹14.20. But the bank would charge ₹15. The extra paise is rounded to the rupee.
By using the Airtel Payment Bank’s domestic remittance service one can transfer the amount without using the bank account. You can transfer maximum ₹25,000 using this channel. The remittance fees for ₹25000 would be ₹250.