InvestorQ : Can I get a refund for extra charges deducted by my bank for electronic transactions made during the COVID-19 pandemic?
vani Patil made post

Can I get a refund for extra charges deducted by my bank for electronic transactions made during the COVID-19 pandemic?

Answer
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Anjali Desai answered.
4 weeks ago


The good news is, yes you can! Recently, CBDT has announced that banks cannot levy any extra charges on transactions made through electronic modes. It instructed that any charge including Merchant Discount Rate (MDR) shall not be applicable on or after January 1, 2020, and any payments made through the prescribed modes.

This action has been taken on multiple representations received by the authority, stating that some banks are imposing and collecting charges on transactions carried out through UPI. If you have made payment through any of these modes and your bank has deducted any extra charges, you will get the refund:

  • Debit Card powered by RuPay
  • Unified Payment Interface (UPI)
  • Unified Payment Interface Quick Response code (UPI QR Code) 
  • BHIM UPI QR Code

In lieu of this, banks have been advised to refund the charges collected, if any, on or after January 1- 2020, on transactions carried out using the electronic mode. Also, no charges to be levied in the future for similar transactions.