If you are holding a savings account in the India Post Payments Bank (IPPB), this news is for you. IPPB, in a circular, has proposed to introduce charges on money deposit, money withdrawal and Aadhaar Enabled Payment System (AEPS) transactions from April 1. The charges will apply on each money deposits and withdrawals only when the cost-free limits has been exhausted. So, it indicates, you will have to spend charges only if you have exceeded the quantity of cost-free transactions permitted in a month.
The charges are based on the two modes of transactions – Cash transactions and AePS transactions. There will be a particular quantity of transactions that will stay cost-free in a month. Also, a charge will be applied on exceeding a particular quantity of money deposit and withdrawal in a month.
IPPB Cash Transaction charges ( From April 1, 2021)
Basic Savings Account
Cash Withdrawal: Free up to 4 transactions per month Post cost-free limit, .50% of the worth topic to minimum Rs. 25 per transaction.
Basic Savings Account: Cash Deposits will stay cost-free
Savings (other than Basic Account) & Current Accounts: Cash Withdrawal cost-free, up to Rs. 25000 per month
Post-cost-free limit, .50% of the worth topic to minimum Rs. 25 per transaction.
Savings (other than Basic Account) & Current Accounts: Cash Deposits Charges cost-free, up to Rs. 10000 per month Post-cost-free limit, .50% of the worth topic to minimum Rs. 25 per transaction.
IPPB AePS Transaction charges
- Free Limit for AePS transactions
- Free Unlimited transactions more than IPPB network (Acquirer transactions): Non-IPPB client served by IPPB network
- Up to 3 Transactions more than Non-IPPB Network (Issuer Transactions) per month (which includes AePS Cash Deposit, Withdrawal and Mini-Statement): IPPB Customer transacting on other Network.
- AePS Cash Deposit- Post cost-free limit, Rs. 20 per transaction.
- AePS Mini Statement- Post-cost-free limit, Rs. 5 per transaction.
- AePS Fund Transfer- 1% of transaction quantity topic to a minimum of Rs. 1 and maximum of Rs. 20 per transaction
- Aadhay Purchase Pay- Free
The above IPPB charges are exclusive of GST/ CESS which will be levied at the applicable prices.
As per the recommendations for Payment Banks, they can not accept deposits of more than Rs 1 lakh from one account holder and are not permitted to lend revenue. However, they may perhaps provide all other services such as ATM card, fund transfer, bill payments, recharges, net banking and so on to the account holders.
Currently, the kinds of savings account that can be opened in India Post Payments Bank (IPPB) are – Regular savings account, a Basic Savings Bank Deposit Account (BSBDA) and the Digital Savings Account. A special function of India Post Payments Bank savings account is its ‘ banking with QR card’. One can also avail funds transfer modes of NEFT, IMPS, RTGS via IPPB Mobile Banking App or via IPPB Assisted Mode.