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PSB UnIC – A Unique App for everything you need

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P unjab &  Sind Bank always try to provide best experience to the customers in every possible way. Digital Banking is the need  of the hour and a necessary facility that every bank like to offer to their customers.  Increasing access to Internet Facility and growing Smartphone industry leads to further increase the need of the digital banking facility. In the current scenario o f COVID pandemic, everyone requested to stay at their home  until and  unless   required to go outside, Digital Banking is the best and useful tool to offer almost everything with just a tap and that too without leaving your home.  We have used the term ‘Digital Banking’ but what it actually mean? Well the term itself describe its meaning, Accessing Banking facility digitally using Internet and electronic Gadget without going to the Bank.    Digital Banking includes offering both cash and non-cash facility but required different Application.  There are many  digital  products like Internet Banking, Mobile Ba
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Charges on UPI transaction from 1st April 2023? Here is all you need to know

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Hi Users,

 There is a lot of false news on social media  about UPI related charges today. Please do not believe it!



These are the facts:


1.  UPI payments are still free for all customers! You will NOT be charged for any P2P money transfer OR any merchant payments.

2. Merchants also will NOT be charged if the customer pays using *any bank account* using a UPI app. The transaction value does not matter. MDR is zero for ALL bank account based UPI payments

3. @NPCI_NPCI recently allowed PPIs/wallets to join the UPI network. For these *PPI-based* merchant payments some merchants will have to pay MDR.


- Zero charge to customers!

- Acquirer will pay PPI issuers an interchange fee (1.1%)

- Large/online merchants will pay acquirers MDR

4. Small offline shops will not pay any MDR on *PPI-based* UPI txns less than INR Rs 2,000. 


This is NOT new btw. Merchants have paid MDR for PPI/Wallet transactions for several years. The only thing that is new is that now Wallet payments can happen via a UPI QR Code also.


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