The IPPB has issued a circular in this regard. Fees for cash deposit and cash withdrawal will have to be paid when the fixed free transaction limit in the month is over.
From 1 April 2021, customers of India Post Payments Bank (IPPB) will now have to pay a charge on cash deposits, cash withdrawals and transactions through Aadhaar Enabled Payment System (AEPS). The IPPB has issued a circular in this regard. Fees for cash deposit and cash withdrawal will have to be paid when the fixed free transaction limit in the month is over.
Basic Savings Account
1.Cash withdrawals from the original savings account 4 times a month are free.
2.From April 1, there will be a minimum of Rs 25 per transaction charge on the 5th cash withdrawal in the month.
3.There is no limit in case of cash deposit in the original savings account.
4.Customers can deposit cash as many times as they want. No fee will have to be paid.
Current account and other account
1.Cash withdrawal up to Rs 25,000 thousand in a month is free from the current account of IPPB.
2.After this limit, a minimum of 25 rupees per transaction charge will have to be paid.
3.Savings (other than basic savings account) and cash deposit up to Rs 10,000 every month in the current account is free.
4.After this limit, there will be a minimum of Rs 25 per transaction fee.
AEPS Transaction
1.In case of AEPS transactions, any number of transactions can be done on IPPB network, no charges will be levied.
2.On a non IPPB network, three transactions will be free in a month, after which a fee will have to be paid. These transactions include depositing cash through AEPS, cash withdrawal and mini statement.
3.After the free limit is over, for depositing cash and withdrawing cash through AEPS, a fee of Rs 20 per transaction will be levied.
4.At the same time, after the free limit ends in the case of mini statement, the fee will be Rs 5 per transaction, in case of fund transfer, the fee will be from Rs 1 to maximum Rs 20 per transaction. GST / Cess is not included in these charges.
