Latest News
-
Gold Prices Ayodhya: In Ram-Janma-Bhumi, 24carat Falls By Rs 380 In 10-Grams, Drops By Rs 3,800 In 100-gram -
Penny Stock Hits 2nd Upper Circuit After Declaring Earnings, Gains 14% In 1-Week -
Rs 8.50/Share Dividend Recommended: Nestle India Reports 27% YoY Jump In Profit -
0.50% Dividend Yield: Midcap Cement Stock Slumps 10% Following Weak Q4 Results; Profit Down 48% YoY -
1:10 Split, Rs 147/Share Dividend: FMCG Major Likely To Report Profit Growth; Buy Or Sell? -
Mark Zuckerberg's Meta Reports Record Q1 Profit Surge, Projects AI Investments This Year; Stock Slumps -
Gold Prices India: 24K/100 Grams Yellow Metal Falls By Rs 3800, 24K/10 Grams Down By Rs 380 -
Rs 44,000 Crore M-Cap Lost, Stock Falls 10%, No More 4th Largest Bank; How RBI's Ban Rocked Kotak -
Mukesh Ambani Led JioCinema Slashes Premium Subscription Prices; IPL Live Stream Remains Free -
Strong Listing: Vodafone Idea FPO Soars In Debut, Shares Rebound; KM Birla Lauds Success
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 |
