India Post Payments Bank (IPPB) account holders will have to pay extra charges for cash withdrawals and deposits in their accounts from the very first month of the new year if they surpass the prescribed limit.
From January 1, 2022, the IPPB will levy charges on cash deposit and withdrawal transactions, subject to limits.
Cash withdrawals from the Basic Savings Account will be free for the first four transactions each month, after which they will be charged 0.50 percent of the value, with a minimum of Rs. 25 per transaction. The cash deposit in the Basic Savings Account will be free up to a certain amount.
In the Savings (other than Basic SA) and Current Accounts, the cash withdrawal limit is set at Rs. 25,000 per month, after that, a charge of 0.50% of the value subject to a minimum of Rs. 25 per transaction will be charged.
In the Savings (other than Basic SA) and Current Accounts, the cash deposits will be Free up to Rs. 10,000 per month and after that, a charge of 0.50% of the value subject to a minimum of Rs. 25 per transaction will be levied.
The actual fee will composite the GST or CESS fees which will be levied at the applicable rates.
Previously, India Post Payments Bank revised its Doorstep Banking charge to Rs 20 per request per client, beginning August 1, 2021.
The interest rate on savings accounts has been revised, and it now relies on the account balance. This came into effect on July 1, 2021. Account balances up to Rs 1 lakh have been lowered to 2.5 percent per year, while balances between Rs 1 lakh and Rs 2 lakh have remained unchanged and account holders will continue to receive 2.75 percent per year. For account holders, payouts are made on a quarterly basis.
India Post Payments Bank allows its savings account holders to do ‘ banking with QR card’. With this QR card, one need not remember the account number or any password to do any banking activity as the authentication can be done using the biometrics of the account holder.