Cash Deposit & Withdrawal Transactions Will Not Be Free From January 2022 In This Bank

From January 1, 2022, customers of the India Post Payments Bank (IPPB) will be charged for cash deposits and withdrawals. If the free limit set by the bank is exceeded, these charges, which are exclusive of GST/CESS, will be charged. Cash withdrawals, which are free up to 4 transactions per month for a Basic Savings Account, will be charged at 0.50 percent of the total amount, subject to a minimum of Rs 25 per transaction, if the free limit is exceeded, according to an announcement made by IPPB dated November 3, 2021. However, Basic Savings Account holders will not be charged for cash deposits.

Customers having Savings (other than Basic SA) & Current Accounts will be allowed to make free cash withdrawals up to a limit of Rs. 25,000 per month. Upon surpassing the limit, the bank will charge a fee of 0.50% of the total amount subject to a minimum of Rs. 25 per transaction to the account holders.

Whereas customers having Savings (other than Basic SA) & Current Accounts will be allowed to make a free cash deposit up to a limit of Rs. 10,000 per month and after surpassing this free limit IPPB will charge a fee of 0.50% of the total amount subject to a minimum of Rs. 25 per transaction to the customers.

Previously, India Post Payments Bank modified its Doorstep Banking charges to Rs 20 per request, effective September 1, 2021, for each request such as fund transfer within IPPB Accounts or other bank accounts, standing instructions, POSB sweep in and sweep out, availing DOP products, mobile postpaid bill payment, reissue of QR code, assisted UPI service, cash withdrawal and a deposit made by per customer. According to the IPPB, customers who reside more than 1 kilometre away from a Post Office would be charged this fee + GST for every doorstep visit.

IPPB, on the other hand, is currently offering a 2.50 percent annual interest rate effective from 1st July 2021 to customers who have a Digital Savings Account. Anyone over the age of 18 can open this account with KYC verification, and the account's maximum end-of-day balance should be Rs. 1,00,000. IPPB currently charges Rs. 10 quarterly for SMS alerts, Rs. 50 for issuing a Balance certificate, Rs. 50 for Card or Kit returned due to incorrect address, and Rs. 25 for issuing a Virtual Debit Card for Digital Savings Accounts.