New Year Rules: Apart from the withdrawal of money, now you will have to pay a charge on depositing it.
New Year Rules: Apart from the withdrawal of money, now you will also have to pay a charge on depositing it. India Post Payments Bank (IPPB) account holders will now have to pay charges for depositing money apart from withdrawing money, if the transaction exceeds a limit. This new rule has become effective from today (January 1). GST and Cess will also be included in the actual fee i.e. GST and Cess will also have to be paid in addition to the charges. Earlier, India Post Payments Bank had revised the charges for doorstep banking in the last year 2020. As per the charges applicable from 1st August 2021, each customer is charged Rs 20 per request.
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These rules of deposit and withdrawal are applicable from today
- Four transactions per month from Basic Savings Account will be free and every subsequent transaction will be charged 0.50 percent. After four times, there will be a minimum charge of Rs 25 per transaction. However, no fee will have to be paid for depositing cash in the Basic Savings Account, that is, how much money can be deposited in the Basic Savings Account without paying any charge.
- Apart from the basic savings account, you can withdraw only 25 thousand rupees every month from savings and current accounts without any charge and after that 0.50 percent fee (minimum Rs 25 per transaction) will have to be paid. At the same time, in addition to the basic savings account, in other savings and current accounts, only 10 thousand rupees can be deposited every month without any charge. Deposits above this will attract a fee of 0.50 per cent (minimum Rs 25 per transaction).
Small Savings Scheme: No change in the interest rates of Small Savings Scheme, old rates remain intact in all savings schemes including PPF, Sukanya Samriddhi Yojana
IPPB Saving Account is special in this matter
The special feature of Savings Account in India Post Payments Bank (IPPB) is that banking services can be availed through QR card in it. The biggest advantage of QR cards is that there is no need to remember the account number or any password for banking services and the account holder’s biometric is done. Money can also be received through NEFT, IMPS and RTGS through IPPB account.
(Article: Sunil Dhawan)
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