The RuPay Select Debit Card is priced at Rs 250 per annum, with the fee collected quarterly from banks. To redeem the benefits, cardholders need to make a minimum Re. 1 transaction using the card.

As of now, no MDR is charged on UPI transactions and RuPay debit cards as they are managed by the NPCI. However, talks are in progress to impose fees on large retailers, the report added.