IPPB Revises Charges On Cash Deposit & Cash Withdrawal Transactions

The India Post Payments Bank (IPBB has announced its revision of charges on cash withdrawals and cash deposits for its customers. According to an official circular released on 1st December 2021, IPPB has said that the new charges will be effective from 01st January 2022.

For Basic Savings Account holders, IPPB allows free cash withdrawal transactions up to 4 per month and after the free limit, 0.50% of the value subjecting to a minimum of Rs. 25 per transaction would be charged. Whereas for Basic Savings Account holders, IPPB currently allows free cash deposits and hence no charges would be applied.

For Savings (other than Basic SA) & Current Account holders, IPPB allows free cash withdrawal up to Rs. 25,000 per month and post surpassing the limit 0.50% of the value subject to a minimum of Rs. 25 per transaction would be charged from next month. Whereas for Savings (other than Basic SA) & Current Account holders, IPPB allows free cash deposits up to Rs. 10,000 per month and surpassing the limit a customer will have to pay 0.50% of the value subject to minimum Rs. 25 per transaction from January 2022.

According to the India Post Payments Bank (IPPB) all prices are exclusive of GST/ CESS which will be levied at the applicable rates.

IPPB Cash Withdrawal and Cash Deposit Charges

Cash Transaction Charges
Account Type	Transaction type	Free Limit	Charges
Basic Savings Account	Cash Withdrawal	Free, up to 4 transactions per month	Post free limit, 0.50% of the value subject to minimum Rs. 25 per transaction
Basic Savings Account	Cash Deposit	Free	NA
Savings (other than Basic SA) & Current Accounts	Cash Withdrawal	Free, up to Rs. 25,000 per month.	Post free limit, 0.50% of the value subject to minimum Rs. 25 per transaction
Savings (other than Basic SA) & Current Accounts	Cash Deposits	Free, up to Rs. 10,000 per month.	Post free limit, 0.50% of the value subject to minimum Rs. 25 per transaction
Source: ippbonline.com

IPPB ATM Transaction Charges

In a circular dated 15.09.2021, the Department of Posts (DoP) also said that the charges for ATM transactions at India Post and other banks have been amended. According to the DoP, the following are the different charges on ATM cards.

Transaction Type	Charges (Rs.)	Date of implementation
Debit Card Replacement Charges	Rs. 300 + GST	01.10.2021
Duplicate PIN/Regeneration of PIN through Branch	Rs. 50 + GST	01.10.2021
ATM/POS transaction technical declines attributable to customer (i.e. lack of balance in account)	Rs 20 + GST	01.10.2021
At PoS- Cash withdrawals for DoP debit cards (On-Us transactions)	1% of the transaction value subject to a maximum of Rs 5 per transaction	01.10.2021
Charges for withdrawals at ATM	Financial transactions at other ATMs - Beyond 3 free transactions- (ln Metro Cities) and 5 free transactions in Non-Metro Cities Rs 20 + GST	01.10.2021
Charges for withdrawals at ATM	Financial Transactions at own ATMs - Beyond 5 free transactions Rs. 10 + GST	01.10.2021
Charges for withdrawals at ATM	Non-financial transactions at other ATMs- Beyond 3 free transactions- (ln Metro Cities) and 5 free transactions in Non Metro Cities - Rs 8/- + GST	01.10.2021
Charges for withdrawals at ATM	Non-financial transactions at own ATMs - Beyond 5 free transactions - Rs. 5 + GST	01.10.2021
ATM/Debit Card annual maintenance charges	Rs. 125 + GST	Charges are applicable on cycle of 01.10.2021 to 30.09.2022 and subsequent cycles. Charges to be collected at the end of the cycle i.e. on 30.09.2022
SMS Alert charges per annum from debit card holders	Rs.12 + GST	Charges are applicable on cycle of 01.10.2021 to 30.09.2022 and subsequent cycles. Charges to be collected at the end of the cycle i.e. on 30.09.2022
Source: Department of Posts