Starting the new year, customers of India Post Payments Bank (IPPB) account holders will be charged more for depositing cash as well as withdrawing cash over and above the set limit. As per the bank's site, it offers 3 savings accounts namely - Regular Savings A/c, Digital Savings A/c and Basic Savings A/c in addition to the current account.
|IPPB Savings A/c type & Current A/c||Cash deposit charges||Cash withdrawal|
|Basic S/B A/c||Free uptil any amount||Free up to 4 transactions per month and post that charges shall apply @ 0.5% of value, with minimum charges of Rs. 25/ withdrawal transaction|
|Regular S/B A/c and Current A/c||Free up to Rs. 10,000/month and after it cash deposit shall entail a charge equal to 0.5% of the value, subject to Rs. 25/ transaction||Free up to Rs. 25,000 monthly and post it 0.5% of the withdrawal value, subject to minimum charges of Rs. 25/ transaction will apply|
"This is to inform all the concerned that charges of cash deposit & cash withdrawal transactions as mentioned will be effective from 01st January 2022. These prices are exclusive of GST/ CESS which will be levied at the applicable rates," IPPB mentioned on its website.
Notably the bank had earlier revised its doorstep banking charges which effective August 1, 2021 has been at Rs. 20 per request per customer.
One of its kind functionality of IPPB savings accounts is its 'Banking with QR card' feature due to which a customer without remembering his or her bank account number or any other credential can simply engage in banking activities as the authentication process is complete through the customer's biometrics.
Note: as per RBI rules, customers cannot maintain a sum over Rs. 1 lakh in all Payments bank but they can open an account with the Post Office and any sum over the prescribed limit will be transferred to that.