The actress, who launched the Madhur Bhandarkar venture at the Cannes Film Festival, will instead take a share of the profits, Mumbai Mirror reports.
A source revealed to the tabloid: "Every actor including Aishwarya Rai, Arjun Rampal and even Madhur Bhandarkar himself have slashed their fee."
Bhandarkar's earlier films Page 3 and Fashion received critical acclaim for the work of female lead actors Kangna Ranaut, Priyanka Chopra and Konkona Sen Sharma.
"It's a sensible business decision. Ash and Arjun will be sharing the profits of the film. They are confident of Heroine's prospects at the box office," added the source.
Rai Bachchan recently made her tenth appearance at Cannes.
The actor accepted the controversial role after Kareena Kapoor unexpectedly withdrew from the production.