Bank Of Baroda To Charge 1% Fee On House Rent Payment Via Credit Cards

Source : https://www.news18.com/business/bob-to-charge-1...

Bank Of Baroda will charge a platform fee on all rent payment transactions on the credit card. From February 1, 2023, a fee of 1% of the total amount will be levied on all rent payment transactions. In its notification, Bank Of Baroda said, “As communicated, from 1 st February 2023, a fee of 1% of the total transaction amount will be levied on all rent payment transactions (Merchant Category Code or MCC 6513) done using your Bank of Baroda Credit Card.”

Apart from the platform fee, the Bank of Baroda will levy Goods & Services Tax on all fees, interest, and other charges, at the rates advised by the Government. For instance, if the customer makes a rent payment transaction of Rs. 10,500 using their Bank of Baroda Credit Card, a fee of 1% of Rs. 10,500 i.e. Rs. 105.00 will be levied on the transaction.

ICICI Bank has also charged renters who use credit cards a one per cent processing fee. From October 20, 2022, ICICI Bank levied the amount on credit card holders. Rent payments made with an SBI credit card are also subject to an additional fee. When paying the rent with an SBI card, the banking institution charges Rs 99 plus GST. The new SBI card went into force on November 15, 2022.

Following a similar pattern to the State Bank Of India, the Bank Of Baroda has activated its Whatsapp Banking services. The application allows users to block debit cards, view a brief statement of the latest five transactions, and check their account balance. Both domestic Indian cell numbers and international numbers from a few certain nations can use WhatsApp Banking services. These are the services customers can use via What’s app:

Check account balance.

Get a mini statement of the last 5 transactions.

Cheque status enquiry.

Block Debit Card.

WhatsApp Banking Registration (Bilingual) with accepting Terms and Conditions (with OTP)

Request ChequeBook.

Know your registered email ID.

Account Statement

Disabling of UPI

Account Blocking (Debit freeze)

Disabling Debit Cards for Domestic Transactions (POS/ECOM/ATM)

Disabling Debit Cards for International Transactions (POS/ECOM/ATM)

Tracking of Cheque Book request

WhatsApp Banking Registration/Deregistration Functionalities