The new charges will be effective from April 1, 2021. The charges have been fixed according to account type.
If you have an account in India Post Office, then this news may disappoint you. India Post Payment Banks has decided to impose a charge on depositing and withdrawing cash. The new charges will be effective from April 1, 2021.
The charges have been fixed according to account type.
Charge on basic savings account
There is no charge for withdrawing cash up to four times a month. After this, every transaction will be charged Rs 25 or 0.50 percent of the total amount withdrawn. However, you will not have to pay any charge when depositing the cash. You can deposit any amount of cash without paying any extra charges.
Charge on saving account and current account
Apart from the basic savings account, if you have a savings account or current account, then you can withdraw Rs 25,000 every month without incurring extra charges. After that, every withdrawal will be charged a minimum of Rs 25 or 0.50 percent of the total amount withdrawn. If you make a cash deposit up to Rs 10,000 in a month, then there will be no charge. However, if you deposit more than that, a minimum of Rs 25 will be charged on every deposit or 0.50 per cent of the total value.
Charge on AePS account as well
You will also have to pay a charge on Aadhaar Enabled Payment System. While there are free unlimited transactions on IPPB (India Post Payment Banks) network, only three transactions a month are free on non-IPPB networks. This includes depositing cash, cash withdrawal and mini statement. After the free limit in AePS is over, a charge will have to be given on every transaction. On depositing cash after the limit, all transactions will cost Rs 20. The charge is Rs 20 on withdrawing cash as well. To get a mini statement, you have to pay Rs 5. If funds are transferred after the limit is over, then 1% of the transaction amount will be charged, which will be a minimum of Rs. 1 and a maximum of Rs. 20. GST and Cess will also be levied on these charges.
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