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The latest commission structure for Business Correspondent (BC) Agents in Indian banks outlines the rates and conditions under which these agents earn commissions for their services. Here's an overview from various banks, particularly Indian Bank:
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1. **Indian Bank**:
- **Account Opening**: BC Agents earn commissions for opening different types of accounts, such as savings and current accounts.
- **Cash Deposit and Withdrawal**: A commission is provided for facilitating cash deposits and withdrawals. For example, a certain fee per transaction or a percentage of the transaction amount.
- **Money Transfer**: Commissions are given for money transfer services, which include domestic remittances and payments.
- **Other Services**: Additional commissions are earned for services like bill payments, insurance, loan applications, pension distributions, and ATM card issuance
2. - **Fixed Commission Rates**: Indian Bank offers a structured commission rate for various services such as account opening, deposits, withdrawals, and money transfers.
- **Service-Specific Rates**: Each service has a predefined commission, which might be a fixed amount per transaction or a percentage of the transaction value. For instance, depositing a certain amount might yield a set fee or a percentage of that amount
3. **General Eligibility and Benefits**:
- **Eligibility**: To become a BC agent, one must typically be an Indian citizen above 18 years, have at least a 10th-grade education, and possess basic infrastructure such as a computer, internet connection, and a small office space.
- **Benefits**: BC agents help in increasing financial inclusion by providing banking services in rural and semi-urban areas. They earn commissions on transactions, thereby generating income while aiding community financial empowerment
These commission structures are periodically updated, and BC agents can check their specific earnings through their respective bank portals or commission charts provided by the banks. For detailed and updated information, you can refer to the official websites or contact the respective banks directly.
