As of January 1, 2022, India Post Payments Bank (IPPB) account holders will be required to pay more for cash deposit and cash withdrawals if they exceed the prescribed limit.
India Post Payments Bank (IPPB) offers 3 types of savings accounts with multiple benefits. The 3 IPPB savings accounts offer common features and benefits, among others. According to RBI rules, you cannot hold more than ?? 1 lakh in all payment bank accounts, but you can open postal bank account where any amount greater than ?? 1 lakh will be transferred.
IPPB Basic Savings Account
In the Basic Savings Account, cash deposit up to any amount will remain free. Cash withdrawal will remain free for up to 4 transactions per month and after that the withdrawal fee will be 0.50% of the value subject to a minimum of ??25 per transaction. in the Basic Savings Account.
IPPB Savings and Current Accounts
In savings accounts (other than Basic SA) and current, cash deposits will be free up to Rs. 10,000 per month and thereafter a charge of 0.50% of the value subject to a minimum of ??25 per transaction will be charged.
In Savings Accounts (excluding Basic SA) and Current Accounts, cash withdrawals will be free until ??25,000 per month and thereafter, after the free limit, a fee of 0.50% of the value subject to a minimum of ??25 per transaction will be charged.
“This is to inform all those concerned that the fees for depositing and withdrawing cash mentioned will come into force on January 1, 2022. These prices do not include the GST / CESS which will be levied at the applicable rates”, stated IPPB on its website. .
Previously, India Post Payments Bank revised its home banking charges as of August 1, 2021, which is ??20 for each request per customer.
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