Interbank ATM charges reduced, mobile banking and other transaction limits increased

KATHMANDU, Jan. 31: Nepal Rastra Bank has reduced the charges for Interbank Automatic Teller Machine (ATM) transactions. The Central Bank issued the Integrated Payment System Directive-2079 and fixed the maximum fee of 15 rupees for inter-bank ATMs.
Earlier, there was a provision to charge up to 20 rupees. However, post-Covid-19, such fees were arranged to be free up to twice a month. However, with the decrease in ATM fees, the previous free system has been removed.
Similarly, the National Bank has also amended the limits of money transfers and payments made through electronic wallets. Previously, there was a provision that up to 50,000 rupees could be transferred from the bank account to the wallet per day, but now it has been increased to 2 lakh rupees per day.
In addition, it has been arranged that up to 2 lakh rupees can be sent from the wallet to other bank accounts as well. Earlier, only 50,000 rupees could be sent per day.
When sending money from one wallet to another wallet, earlier it was possible to send only up to 25,000 rupees in a day, which has doubled. However, the limit of transactions that can be done per month has been kept unchanged.
Similarly, the limit of payment transactions through mobile banking and internet banking has also been increased. Earlier, through mobile banking (including QR code), transactions could be done up to 2 lakh rupees per day, but it has been increased to 3 lakh rupees per day.
The provisions relating to fees for revenue payment transactions conducted through wallets operated by payment service providers affiliated with the Government's Revenue Management Information System (RMIS) have also been amended.
Earlier, transactions up to 3000 rupees were charged 5 rupees, but now transactions up to 5000 rupees can be made for the same fee. Similarly, a transaction fee of Rs 8 will be charged for transactions between Rs 5,001 and Rs 10,000.
Earlier, a fee of Rs 8 was charged for transactions between Rs 3,001 and Rs 10,000. For all transactions above 10,001 rupees, a fee of 20 rupees was charged, but this fee has been reduced to 10 rupees.
Banks and financial institutions will be able to choose electronic payment cards including credit, debit, and prepaid cards by informing the customers about the various cards provided. When issuing such a card, along with the application form, the customers will be required to provide informational materials covering the issues such as card issuance and transaction fees, transaction limits, the interest rate for using the card, and other facilities available from the card.