Go cashless to save cash, 10 major incentives you must know about!

It is now more than a month, when the ‘demonetisation’ storm was announced by Prime Minister Narendra Modi and overnight the currency value notes of Rs 500 and Rs 1,000 became just a piece of paper.

The whole country stood by the decision of ‘demonetisation’ considering it an ultimate weapon to fight corruption and black money. But as we took few steps towards cashless environment, we all were grasped with flurry of concerns regarding safety and stress of additional charges. And to give the citizens a sign of relief, the government has come up with discounts and freebies on cashless transactions. Here are some of the benefits to save your cash by going cashless.

  • 0.75% discount on fuel

Get a discount of 0.75% on buying fuel via digital modes –credit/debit cards, e-wallets or mobile wallets. The discount is by way of cash-back and is credited into buyer’s account in three days from the transactions.

  • Up to 0.5% discount on railway tickets

From January 1, 2017, the suburban railway network shall provide a discount of up to 0.5% on monthly and seasonal tickets.

  • Insurance for railway accidents

Commuters buying tickets online will be given free accidental insurance of up to Rs 10 lakh. It is also said that nearly 14 lakh commuters buy tickets every day.

  • 5% discount on railway services

Passengers using paid services of railway such as accommodation, catering and rooms will be offered a discount of 5 percent on payment through digital mode. The benefit is available for all passengers.

  • 10% discount of toll plazas

In 2016-17, 10% discount is given on payment of toll at National Highway toll plazas on payment via RFID (Radio-Frequency Identification) or FASTag procured through digital payment mode.

  • No MDR charges on digital payments

Public sector banks have waived the MDR (Merchant Discount Rate) or transaction fee on debit card payments. The waive off is implemented till December 31, 2016, to encourage people to move towards digital transactions.

  • No cess on payment less than 2k

Service tax will be waived off on digital transaction charges and MDR on payment of up to Rs 2000.

  • Rupay Kisan Cards

The Kisan Credit Card holders have been issued ‘Rupay Kisan Cards’ through NABARD with the help of rural regional banks and cooperative banks. The debit card for farmers which was launched on November 24, 2016 are enabled at POS and has a maximum cash withdrawal limit of Rs 15,000 at the ATMs and transaction of Rs 25,000 through POS.

  • More POS terminals

The government with the help of NABARD has allotted 2 POS (Point Of Sale) terminals across 1 lakh villages having less than 10,000 populations. The POS machines are installed at agricultural input dealers, primary cooperative societies and milk societies. The government has also asked to charge less fee from merchants and traders for POS terminals. A maximum fee of Rs 100 would be charged by public sector banks.

  • 8-10% discount on Life Insurance Polices

Insurance companies will provide 8 percent discount on new life policies of Life Insurance Corporation and 10 percent discount in general insurance policies. The incentive will be either available through discount or credit system.

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