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SBI To Remove PoS Transaction Fees For Small Merchants

SBI To Remove PoS Transaction Fees For Small Merchants

Thursday, January 5, 2017, 10:28 AM

In order to boost cashless Payments, SBI is planning to remove transaction charges on point-of-sale (PoS) terminals, for merchants who have annual turnover of less than INR 20 lakhs. Currently banks including SBI, charge an MDR (Merchant Discount Rate) of 0.25%, on transactions less than INR 1,000. Many banks charge 0.5% for transactions between INR 1,000 and INR 2,000 and 1% for higher value.
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