Nagad offers the lowest cash withdrawal charge in Bangladesh

The Postal Department’s digital transaction conductor Nagad has offered the lowest cash withdrawal charge at Tk 9.99 per Tk 1,000 on its app.

The mobile financial service provider announced the offer on Thursday to mark Prime Minister Sheikh Hasina’s birth anniversary.

A customer needs to withdraw at least Tk 2,100 in a single transaction to avail the new rate where a 15 percent Value Added Tax or VAT will be applicable.

The customers who will use USSD codes to avail the service will have to pay Tk 12.99 per Tk 1,000 under the offer.

“We have always been against a high rate of cash-out charges. We think that the customers could not accept the cash-out charge that had been prevalent for the last decade. That is why Nagad has been offering the lowest cash-out charge to customers since its inception,” Nagad’s Managing Director Tanvir A Mishuk said.

“This will make the cost of using Nagad much more affordable than ever before and will accelerate the digitalisation of financial transactions. We think that the government can take an initiative to fix the maximum cash withdrawal charge for all mobile financial services,” he added.

Nagad users are also enjoying free-of-cost transactions within the network.

Earlier, Nagad offered discounts for small business entities amid the coronavirus pandemic.