New Delhi: HDFC Bank has announced significant changes to its PayZapp Wallet rules, which will come into effect from January 6, 2025. Users who load their PayZapp Wallet using a credit card will face increased charges, signaling a notable update for customers who rely on this feature for utility bill payments and other transactions.
Increased Charges for Credit Card Loading
Currently, users pay a 1.5% charge for loading funds into the PayZapp Wallet with a credit card. However, starting January 6, this fee will rise to 2.5% plus GST. In contrast, loading money via UPI or debit card will remain free of charge.
The bank has notified customers of this change through SMS and updated details on its official website. PayZapp Wallet, a mobile application by HDFC Bank, facilitates a variety of financial transactions, including online shopping, utility bill payments, mobile recharges, and ticket bookings.
Transfer to Bank Accounts Made Free
On a positive note, starting January 6, transferring funds from the PayZapp Wallet to a savings account will be free. Currently, such transfers incur a charge of 1% plus GST.
Previous Changes in 2024
HDFC Bank had previously revised its PayZapp Wallet policies on August 1, 2024. Before that date, there was no charge for loading funds into the wallet via credit card. From August 1, a 1.5% plus GST charge was introduced for credit card-based fund loading.
Key Takeaways for Users
- Credit Card Loading Charges: Increased to 2.5% plus GST starting January 6, 2025.
- UPI and Debit Card Loading: Remains free.
- Wallet to Bank Transfer: Free from January 6, 2025.
These changes are likely to impact users who rely on credit cards to load their PayZapp Wallet and perform regular transactions. It’s advisable to plan accordingly to avoid incurring higher charges.
