MDR charges in PLI to Paid Know
If you have PLI/RPLI policy and making the premium payment online, there is MDR charges in PLI to be paid by the customer.
These charges are called MDR charges on PLI/RPLI policy to be levied by the concerned bank or getaway providers.
So it is essential to know the details of these charges and also whether should you use this getaway for making PLI payments or if there are some other options that do not require any getaway payment charges.
What is MDR charges in PLI
MDR stands for Merchant Discount Rate, and it is the fee that merchants pay to payment processors for processing credit and debit card transactions. The MDR is typically a percentage of the transaction amount, and it is usually borne by the merchant. However, in the case of PLI/RPLI online transactions, the MDR will be borne by the customer now.
Now vide notification issued by the Deptt of Exp. The Finance Ministry under Controller General of Accounts, clarified that “no MDR shall be paid by the Government portal to the Authorized Acquirer Bank and their PGs/PGAs. All MDR charges would be paid by the Customer/Card Holder.” And the same will be applicable for PLI/RPLI online premium payment transactions.
In light of the above, MDR charges shall henceforth be paid/borne by the PLI/RPLI customers if applicable during the online PLI/RPLI premium payment transactions w.e.f 17.01.2022 onwards.
Different methods for PLI online payment
There are two getaways to making the PLI/RPLI premium payment online when you submit the final amount in the online PLI portal following two getaways are shown:-
In the SBI payment Getaway, there are so many options, some are free, and some with MDR charges:-
Now if you select the PLI premium payment option in Pay u, the following option will be available for you there. however, here payment made through a Credit card or wallet payment only has MDR charges, another option is no charges:-
The following wallets payment option is available for PLI/RPI premium payment :-
Rate of MDR Charges for PLI/RPLI Policy
The MDR charges application for PLI /RPLI online transactions mode-wise is as under:-
|
PAYMENT |
MODE OF |
APPLICABLE |
|
SBI |
SBI Debit |
Rs 0 |
|
|
All |
Rs 12/- |
|
|
Other bank |
Rs 0 |
|
|
UPI |
Rs 0 |
|
|
SBI Net |
Rs 0 |
|
|
Other Net |
Rs 6/- |
|
PayU |
Debit |
Rs 0 |
|
|
All |
1 % + GST |
|
|
Rupay |
Rs 0 |
|
|
UPI |
Rs 0 |
|
|
Net |
Rs 0 |
|
|
Wallets |
1.5 % +GST |
|
|
|
Rs 0 |
|
|
Paytm |
1.5% +18% |