Cash deposit above Rs 10,000 will not be free in this bank from January 2022
India Post Payments Bank (IPPB) account holders will have to bear charges on making cash withdrawals and while depositing cash in their accounts from the next year, if they exceed the prescribed limit. IPPB will levy charges on cash deposit and cash withdrawal transactions, subject to limits, from January 1, 2022.
In the Basic Savings Account, cash withdrawal will remain Free up to 4 transactions per month and after that the withdrawal charge will be 0.50% of the value subject to minimum Rs. 25 per transaction. The cash deposit up to any amount will remain free in the Basic Savings Account.
In the Savings (other than Basic SA) and Current Accounts, the cash withdrawal will be free up to Rs. 25,000 per month and thereafter, post the free limit, a charge of 0.50% of the value subject to minimum Rs. 25 per transaction will be levied.
In the Savings (other than Basic SA) and Current Accounts, the cash deposits will be Free up to Rs. 10,000 per month and thereafter, a charge of 0.50% of the value subject to minimum Rs. 25 per transaction will be levied.
The actual fee will be calculated after taking into account the GST or CESS which will be levied at the applicable rates.
Earlier, India Post Payments Bank had revised its Doorstep banking charges effective from 01st August 2021 which is Rs 20 for each request per customer.
From July 1, 2021, the interest rate on savings accounts was revised which depends on the account balance. The account balance up to Rs 1 lakh was revised to 2.5 per cent per annum while on balance above Rs 1 lakh up to Rs 2 lakh, there is no change and account holders will continue to earn 2.75 per cent per annum. The frequency of payout is quarterly for the account holders.
A unique feature of India Post Payments Bank savings account is its ‘ banking with QR card’. The biggest advantage of the QR card is that one need not remember the account number or any password to undergo banking activities as the authentication can be done using the biometrics of the account holder. One can also avail funds transfer modes of NEFT, IMPS, RTGS through IPPB account.