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Post Office Savings Account Holders: Get Ready To Pay Charges For Deposits & Withdrawals


If you are a holder of a post office savings account, be prepared to pay for withdrawals and deposits. The major reform will take place on April 1st. Customers with accounts with India Post Payments Bank (IPPB) will be charged additional fees for withdrawals and deposits. Customers must now also pay an additional fee for the Aadhaar Enabled Payment System (AEPS). Customers should be aware that they must pay the additional charges only when the free transaction cap has exceeded. Until now, if you have an IPPB "basic savings account," you are limited to four free transactions. Then there will be a charge of Rs 25 per transaction (only withdrawals) or 0.50 percent of the overall withdrawal amount. There will be no additional fees for depositing any amount. You can withdraw up to Rs 25,000 a month if you have a savings account other than the "basic savings account."

Post Office Savings Account Holders Now Need To Pay Fees For Deposit/Withdrawal

Any subsequent withdrawals will be charged Rs 25 per transaction, or 0.50 percent of the overall transaction value. You can deposit up to Rs 10,000 a month into this account without incurring any additional fees. Following that, you will charge Rs 25 or 0.50 percent of the overall amount. You are entitled for three free transactions if you have a non-IPPB account. Deposits, withdrawals, and mini statements are instances of these transactions. Once you've used up your free transactions limit, you'll have to pay Rs 20 per withdrawal. To get a statement, you must pay Rs 5. You will be charged fees for fund transfers. All account holders must now maintain a minimum balance of Rs 500, as mandated by the IPPB. Once your minimum balance drops below the limit, you will be charged an additional fee of Rs 100.

Read more about: post office
Story first published: Tuesday, March 16, 2021, 16:01 [IST]
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