For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

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.

IPPB Revises Charges On Cash Deposit & Cash Withdrawal Transactions

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 TypeTransaction typeFree LimitCharges
Basic Savings AccountCash WithdrawalFree, up to 4 transactions per monthPost free limit, 0.50% of the value subject to minimum Rs. 25 per transaction
Basic Savings AccountCash DepositFreeNA
Savings (other than Basic SA) & Current AccountsCash WithdrawalFree, 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 AccountsCash DepositsFree, 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 TypeCharges (Rs.)Date of implementation
Debit Card Replacement ChargesRs. 300 + GST01.10.2021
Duplicate PIN/Regeneration of PIN through BranchRs. 50 + GST01.10.2021
ATM/POS transaction technical declines attributable to customer (i.e. lack of balance in account)Rs 20 + GST01.10.2021
At PoS- Cash withdrawals for DoP debit cards (On-Us transactions)1% of the transaction value subject to a maximum of Rs 5 per transaction01.10.2021
Charges for withdrawals at ATMFinancial transactions at other ATMs - Beyond 3 free transactions- (ln Metro Cities) and 5 free transactions in Non-Metro Cities Rs 20 + GST01.10.2021
Charges for withdrawals at ATMFinancial Transactions at own ATMs - Beyond 5 free transactions Rs. 10 + GST01.10.2021
Charges for withdrawals at ATMNon-financial transactions at other ATMs- Beyond 3 free transactions- (ln Metro Cities) and 5 free transactions in Non Metro Cities - Rs 8/- + GST01.10.2021
Charges for withdrawals at ATMNon-financial transactions at own ATMs - Beyond 5 free transactions - Rs. 5 + GST01.10.2021
ATM/Debit Card annual maintenance chargesRs. 125 + GSTCharges 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 holdersRs.12 + GSTCharges 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

Story first published: Saturday, December 4, 2021, 14:48 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X