India Post Payment Bank: Service charges up! Customers shocked!
Posted on: 22/Dec/2021 1:45:39 PM
India Post Payment Bank has announced an upward revision of service charges for depositing or withdrawing cash!
As per this, the new regulations will be effective from the 1st January 2022.
Additional charges have to be paid henceforth when depositing or withdrawing cash above the prescribed limits!
Under the Basic Savings Account, the account holder can withdraw cash without any charges up to 4 times in a month. If cash is withdrawn for the 5th time in a month, a minimum charge of Rs. 25/- has to be paid!
However, deposits can be made any number of times in a month! No charges need to be paid for this.
For other types of savings accounts apart from the Basic Savings Accounts, if cash up to Rs. 25000/- is withdrawn within a month, there will be NO charges. However, for cash withdrawals exceeding Rs. 25000/- in a month, additional charges of Rs. 25/- will have to be paid!
As regards deposit, for other types of savings accounts apart from the Basic Savings Accounts, up to Rs. 10000/- can be deposited in 2 months. If the amount deposited exceeds this, additional charges need to be paid!
It is worth noting on this issue that In the payment system linked with Aadhar cards (AEPS), system if financial transactions are undertaken in the India Post Payment Bank, there are no charges as mentioned above!
