IndusInd Bank has announced some changes pertaining to its fee structure for Wallet Loading and Utility Payment transactions on credit card.
IndusInd Bank has announced updating its fee structure for Wallet Loading and Utility Payment transactions on credit card, effective from statements generated in October 2024, the private sector bank said in a communication to its customers.
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1% fee on utility payments above Rs 25,000
Utility Payment Transactions: Cumulative utility payment transactions up to Rs 25,000 in a statement cycle will not attract any fees. If your total utility payments exceed Rs 25,000 in a cycle, a fee of 1% plus applicable GST will be levied on the entire utility payments amount spent during that cycle.
All the “Debit” transactions captured under “Merchant Category Code (MCC) 4899 and 4900” will be considered for calculation of threshold for a particular statement cycle. The statement generated in October 2024 will be including the spends done in September 2024. Reversal transactions will NOT be considered for calculating the capping utility spends and levy of charges.
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1% fee on wallet loading above Rs 20,000
Wallet Loading Transactions: Cumulative wallet loading transactions up to Rs 20,000 per statement cycle will continue to be free of charge. If your transactions exceed this cap within a cycle, a fee of 1% plus GST will be applied to the total wallet loading amount for that cycle.
All the “Debit” transactions captured under “Merchant Category Code (MCC) 6538 and 6540” will be considered for calculation of threshold for a particular statement cycle. The statement generated in October 2024 will be including the spends done in September 2024.
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Reversal transactions will NOT be considered for calculating the capping on wallet loading spends and levy of charges.
