Nagad, the mobile financial arm of the Postal Department, has decided to expand the horizon of its ultra-cheap cash-out facilities, said a statement of the service operator on Thursday.
From now on, the users can enjoy the same rate of charge, Tk 9.99, for cashing out every Tk 1000 and the decision has been taken to make the charge widely available.
The charge of Tk 9.99 is the lowest rate ever in the country. The rate applies to Nagad app users.
Earlier customers were able to enjoy the charge of Tk 9.99 for withdrawal of at least Tk 2,100 in a single transaction. But from now on, the users can enjoy the charge of Tk 9.99 for cashing out every Tk 1000.
For the customers who don't use the mobile app for cash-out and rather rely on the mobile phone's USSD facility, the charge will be Tk 12.99. A 15 per cent value-added tax will be applicable in both cases.
Because of the lowest cash-out charge, mobile financial service (MFS) users will be more interested in using this fastest-growing transaction facility. This will ultimately help the economy grow at a faster rate.
About the cut in the cash-out charge, Tanvir A. Mishuk, managing director of Nagad, said, "We have always been against high cash-out charges. We think that the cash-out charge of Tk 20 per Tk 1,000, which has been prevalent for the last decade, is an injustice to customers. That is why Nagad has been offering the lowest cash-out charge to customers since its inception."
"Now, we have removed all the conditions and made the offer available for all sizes of the fund. We hope this will make the cost of using Nagad more affordable than ever before," he added.
Currently, Nagad users enjoy free of cost transactions within the network, whereas other operators charge intra-operator transactions.
