IPPB Transaction Charge: If you have also opened your savings account in India Post Payment Bank (IPPB), then this news is of your use. India Post Payment Bank has decided to charge Aadhaar Based Payment System (AEPS) in addition to depositing or withdrawing money from 1 April 2021. This is mentioned in a circular of IPPB. However, this charge will be taken only when your free limit is exhausted. That is, if the free limit of your transaction is over, then only this charge will have to be paid.
Basic Savings Account
If you have a basic savings account with India Post Payment Bank, then withdrawal is free 4 times every month. After that, a minimum of 25 rupees or 0.50 per cent of the total value will be deducted on every transaction. There will be no charge for depositing money in the Basic Savings Account.
Savings or current account
If there is a savings (excluding basic saving account) or current account with the post office, then up to 25000 thousand is free in a month. After crossing this limit, 0.50 per cent of the total value or at least Rs 25 per transaction will have to be paid. If you deposit in this account, then it also has a limit. Free deposit can be withdrawn up to 10 thousand rupees every month. For depositing more than that, 0.50 per cent of the value or at least Rs 25 per transaction will have to be paid.
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AEPS transaction
- In Aadhaar based AEPS transactions, unlimited transactions are completely free on India Post Payment Bank’s network.
- 3 transactions a month are free on non-IPPB network. This includes depositing cash, withdrawing and withdrawing mini statements.
- After the free limit is completed, all transactions will be charged Rs 20 for depositing the cash. Transaction charge is Rs 20 even on withdrawals.
- The charge to withdraw the mini statement is 5 rupees. On transferring funds after free limit, 1% of transfer charge transaction amount, maximum Rs. 20 will be minimum Rs. 1.
- GST is not included in all the charges mentioned. It will look different.
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These facilities are available
According to the guidelines of India Post Payment Bank, the bank provides all the necessary facilities like ATM card, fund transfer, bill payment, recharge, net banking.