HDFC Bank, one of the most prominent private sector lenders, has reportedly introduced charges on Unified Payments Interface (UPI). The decision will make small value payments over UPI more expensive than those on national electronic fund transfer (NEFT). All UPI outward transactions will be charged from July 10, 2017. Transactions from Re 1 to Rs 25,000 will be charged Rs 3 plus taxes, while those from Rs 25,000 to Rs 1 lakh will be charged Rs 5. As against this, NEFT charges are Rs 2.5 for transactions up to Rs 10,000 and Rs 5 for transactions above Rs 10,000.
HDFC Bank has posted a rise of 18.25% in its net profit at Rs 3990.09 crore for the quarter ended March 31, 2017 as compared to Rs 3374.22 crore for the same quarter in the previous year. Total income of the Bank increased by 14.30% at Rs 21560.66 crore for quarter under review as compared to Rs 18862.61 crore for the quarter ended March 31, 2016.