The India Post Payments Bank (IPBB has announced that it has revised charges on cash withdrawals and deposits at branches with effect from January 1, 2022. The India Post Payments Bank is a division of Indian Post, which is owned by the Department of Post.
According to a notice by IPBB issued on November 3, 2021, for a basic savings account, cash withdrawals, which are free up to 4 transactions per month, will be charged at 0.50% of the value subject to minimum Rs 25 per transaction, after the free limit is crossed. (Charges are exclusive of GST/ CESS which will be levied at the applicable rates.) Whereas, cash deposits are free of cost.
For savings (other than Basic SA) and current accounts, cash withdrawals are free up to Rs 25,000 per month. “Post free limit, 0.50% of the value subject to minimum Rs. 25 per transaction,” stated the IPPB notice.
Cash deposits into these accounts are free up to Rs 10,000 per month. “Post free limit, 0.50% of the value subject to minimum Rs. 25 per transaction.”
Savings accounts with IPPB
IPPB has three kinds of accounts: Regular, Digital and Basic savings account. These accounts come with interest rates:
- Balance up to Rs 1 lakh: 2.50%
- Balance above Rs 1 lakh and up to Rs 2 lakh: 2.75%
- One can open these savings accounts with zero balance…..Read More>>