The Department of Payment System of Nepal Rastra Bank has issued a new integrated circular to all the institutions licensed to operate payment services. This includes new regulations on transaction fees and transaction limits.
Based on this circular, now the ATM fees while withdrawing money from other bank’s ATM machines are completely removed. This means that now, the banks will not charge any fees even if you use another bank’s ATM machine to withdraw money. Nepal Rastra Bank had also brought this rule temporarily before during the Covid-19 pandemic lockdown.
This rule is applicable while using the cards issued by any banks or financial institutions inside Nepal at any ATM machines inside the country. However, there are no such rules to prohibit charges for foreign transactions. Before the introduction of this rule, some banks used to charge different amounts based on the rule of the bank whereas some banks provided this service for free. However, now with the introduction of this rule, all banks have to levy the charge of such ATM transactions.
In addition, according to the direction issued by Nepal Rastra Bank, the banks should also notify customers 15 days before the expiration of the card via SMS. They must also notify the card renewal fee to the customers via the SMS. Also, a particular bank or a financial institution can only issue one card per customer.
Furthermore, the contact details of bank representative including name and contact information must be provided at the ATM counters so that the customers can report any issues faced while using the machine.
Transaction limits issued by The Department of Payment System of Nepal Rastra Bank
Nepal Rastra Bank has also included new transaction limits in the new integrated circular. This new integrated circular has made some changes to the transaction limits as compared to before. The new transaction limits are as below:
|Transaction type||Maximum Transaction Limit|
|Per Transaction||Per Day||Per Month|
|Mobile Banking (including QR code)||–||100,000||1,000,000|
|Internet Banking (Merchant Payment)||–||1,000,000||3,000,000|
|Internet Banking (Account Transfer)||–||1,000,000||5,000,000|
|Wallet (Via agent/subagent)||–||25,000||100,000|
|Bank Account to Wallet||25,000||100,000||500,000|
|Wallet to Bank Account||25,000||100,000||500,000|
|One Wallet to another Wallet||25,000||100,000||500,000|
What are the changes to the transaction limits?
With the new integrated circular, transaction limit for debit card has been added. Previously, there was no transaction limit to the monthly transaction although there was the same 25,000 per transaction and 1 lakh per day limits. With this new circular, Nepal Rastra Bank has added a monthly transaction limit to 4 lakhs.
In addition, other payment service providers besides banks can also now issue prepaid cards of up-to 25,000. Previously, such provision was not available for other payment services besides banks.
Similarly, there have been no changes to the mobile and internet banking transaction limits. It is the same as before. You can do transactions of up to 1 lakh per day and up to 10 lakh per month using mobile banking services. Similarly, you can perform transactions of up to 10 lakh per day and up to 30 lakh per month using the internet banking services. However, Nepal Rastra Bank has also made provision such that this limit will not to be applicable for the amount to be paid in government offices such as revenue, fines, fees, electricity, drinking water, health facilities etc.
Also, the transaction limits for wallet service has also not been changed and is same as before. The maximum transaction limit for wallet service is 5 lakhs per month. Also, the transaction limit for wallet transactions via agent or sub-agent is 25 thousand per day and 1 lakh per month. The transaction limit for bank account to wallet, wallet to bank account, and one wallet to another wallet is the same as before with 25 thousand per transaction, 1 lakh per day, and 5 lakhs per month limit.
Follow ICTByte on Facebook for latest updates and news: Facebook
People are Loving
What is an IP Addressing? Can I Trace Location By Using IP Address
We all mobile phone and computer user need to know that all of us has an unique virtual address attached...
Best 5G Mobile Phones for 2021
Best 5G mobile phones is in the rivalry at this current moment. Well famous populars brands are in this game...
How to transfer data from your old iPhone to new one
Transfer data from your old iphone to new one In iOS world, currently there is best iPhone line up i.e...
Step-wise Instructions to Discover Lost Apple Watch
Sometimes people lost their valuable gadgets in house, office or somewhere concerned. In such situation they may get frustrate and...
Background Processing in Linux. Here is what you need to know!
Introduction of Process Process is an instance of program. A new process is started when you gibe any command to...