How much charged per AEPS Transaction?
AEPS Transaction Charges : AEPS (Aadhaar Enabled Payment System) is a digital payment system that allows customers to perform various banking transactions using their Aadhaar number and biometric authentication. AEPS is a secure and reliable way to access banking services, especially for those who do not have access to traditional banking methods. However, just like any other digital payment system, AEPS transactions come with certain charges. In this article, we will discuss the various charges associated with AEPS transactions.
National Payments Corporation of India
AEPS transaction charges are determined by the National Payments Corporation of India (NPCI), which is the umbrella organization for all retail payments in India. NPCI has set certain guidelines and charges for AEPS transactions to ensure that the system remains cost-effective and accessible to all.
The following are the various charges associated with AEPS transactions:
Interchange fee
The interchange fee is a fee charged by the banks for the use of their infrastructure and services. In the case of AEPS transactions, the interchange fee is charged by the bank whose customer is initiating the transaction. The interchange fee for AEPS transactions is currently set at Rs. 15 per transaction.
Switching fee
The switching fee is charged by the NPCI for the use of its switching infrastructure. The switching fee for AEPS transactions is currently set at Rs. 1.50 per transaction.
Aadhaar authentication charges
Aadhaar authentication charges are charged by UIDAI (Unique Identification Authority of India) for the use of their authentication infrastructure. UIDAI charges Rs. 0.50 per authentication for AEPS transactions.
Cash withdrawal charges
Cash withdrawal charges are charged by the bank whose customer is initiating the transaction. The cash withdrawal charges for AEPS transactions are currently set at Rs. 25 per transaction.
Balance enquiry charges
Balance enquiry charges are charged by the bank whose customer is initiating the transaction. The balance enquiry charges for AEPS transactions are currently set at Rs. 5 per transaction.
Note – It is important to note that these charges may vary depending on the bank or the service provider. Some banks may charge higher fees for AEPS transactions, while others may offer lower fees. It is always advisable to check with your bank or service provider for the exact charges before initiating an AEPS transaction.
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Conclusion
AEPS transactions offer a secure and convenient way to access banking services, especially for those who do not have access to traditional banking methods. However, it is important to be aware of the various charges associated with AEPS transactions. By understanding these charges, customers can make informed decisions and choose the most cost-effective option for their needs.
FAQs – Frequently Asked Questions
Q: What are AEPS Transaction charges?
A: AEPS (Aadhaar Enabled Payment System) Transaction charges are the fees charged by the banks or service providers for performing transactions through AEPS.
Q: What types of transactions are covered under AEPS Transaction charges?
A: The types of transactions covered under AEPS Transaction charges include cash deposits, cash withdrawals, balance enquiry, mini statements, and fund transfers.
Q: How are AEPS Transaction charges calculated?
A: AEPS Transaction charges are usually a percentage of the transaction amount, and they vary from bank to bank and service provider to service provider. Some banks and service providers may also charge a flat fee for certain types of transactions.
Q: Who pays AEPS Transaction charges?
A: AEPS Transaction charges are usually borne by the customer who is performing the transaction. However, in some cases, the charges may be split between the customer and the bank or service provider.
Q: Are there any exemptions from AEPS Transaction charges?
A: Yes, some banks and service providers offer exemptions from AEPS Transaction charges for certain types of transactions or for certain categories of customers, such as senior citizens or low-income individuals.
Q: Can AEPS Transaction charges be waived off?
A: Yes, in some cases, AEPS Transaction charges can be waived off if the customer meets certain criteria or if they have a specific type of account with the bank or service provider.
Q: Are AEPS Transaction charges uniform across all banks and service providers?
A: No, AEPS Transaction charges may vary from bank to bank and service provider to service provider. Customers should check with their bank or service provider to understand the charges applicable to them.
Q: How can I check the AEPS Transaction charges for my bank or service provider?
A: You can visit your bank’s or service provider’s website, or you can contact their customer service department to get information about the AEPS Transaction charges.