India Post Payments Bank account holders availing Aadhaar Enabled Payment System (AEPS) transactions will now must incur costs for utilizing the companies. Every month the preliminary three AEPS transactions like AEPS money withdrawal, AEPS money deposit, AEPS mini assertion can be free. However, publish the free transactions, every transaction (money withdrawal or money deposit) can be charged Rs 20 plus GST whereas the transaction for mini assertion will value Rs 5 plus GST. These costs can be efficient from June 15, 2022.
Full type of AEPS is Aadhaar Enabled Payment System and it’s a fee service that permits a financial institution buyer to make use of Aadhaar as his/her identification to entry his/her Aadhaar enabled checking account and carry out fundamental banking transactions like stability enquiry, money withdrawal, remittances by means of a Business Correspondent.
AEPS registration helps in availing these companies:
i. Cash Withdrawal
ii. Balance Enquiry
iii. Mini Statement
iv. Aadhaar to Aadhaar Fund Transfer
AePS is a financial institution led mannequin which permits on-line interoperable monetary inclusion transactions at PoS (MicroATM) by means of the Business correspondent of any financial institution utilizing the Aadhaar authentication.
To make use of AEPS, one requires a financial institution identify, Aadhaar Number and Fingerprint captured throughout enrollment. Transaction is accomplished utilizing his/her biometric authentication solely.
If accounts are held with totally different (a number of) Banks, one may have a alternative to pick the Bank identify within the AEPS app from the place the transaction have to be completed
If one has a number of accounts throughout the identical Bank linked to Aadhaar, AEPS companies will work with solely the first account related to the Aadhaar. One must get in contact together with his/her financial institution to specify/change the first account linking.
AEPS helps a financial institution buyer to make use of Aadhaar as his/her identification to entry his/ her respective Aadhaar enabled checking account and carry out fundamental banking transactions like money deposit, money withdrawal, Intrabank or interbank fund switch, stability enquiry and acquire a mini assertion by means of a Business Correspondent.
Source: www.financialexpress.com”