India Post Payments Bank has brought a big change for its customers. Additional charges will be applicable on both cash deposits and withdrawals from the bank. These new rules are for those customers who regularly use the bank's cash transactions. This step of the bank has been taken with the aim of encouraging customers to go digital and reduce cash transactions.
This step of the bank has been taken with the aim of encouraging customers to do digital transactions and reduce cash transactions.
Free transaction limit in basic savings account
Customers with basic savings accounts will be allowed four free cash deposits and withdrawals per month. This free facility is under the basic services provided by the bank.
However, after four free transactions, customers will have to pay a fee of ₹25 or more for each additional transaction. This fee will be based on the transaction amount and additional GST will also be applicable.
Savings and Current Account Terms and Charges
Savings Account:
No charge will be levied on cash deposits up to ₹10,000 per month.
0.50% charge will be applicable for deposits above ₹10,000, with a minimum charge of ₹25.
The same rule will also apply to withdrawal limits.
Current Account:
Cash withdrawals up to ₹25,000 per month will be free for current account holders.
After this limit, a fee of ₹25 or more will be charged on each withdrawal.
The same limit will also apply to cash deposits.
Impact on Doorstep Banking and Charges
The bank has implemented new charges for Doorstep Banking in August 2021. Under this service, customers get the facility of depositing and withdrawing cash from the comfort of their homes. The new charges, which will be applicable from January 1, 2022, may make this service more expensive. Moreover, adding transaction charges and GST will increase the total cost.
Purpose of charges
The bank has clarified that this step has been taken to promote digital transactions and discourage excessive use of cash. The use of digital payments like UPI, internet banking and mobile banking can be more beneficial for customers, as no additional charges will be levied on these.
Impact of Cash Charges and GST
GST/CESS will be applicable separately on India Post Payments Bank charges.
If a customer deposits ₹50,000 in cash and it exceeds the free limit, he will have to pay a charge of 0.50%.
Adding GST/CESS to it will further increase the charges.
This rule will have a greater impact on customers who do large-scale cash transactions.
Digital transactions
The bank has announced these charges to promote digital transactions. Customers can use options like UPI, mobile banking and internet banking, which are not only easy but also do not charge any additional charges.
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Digital transactions make the banking process faster and safer. Apart from this, it also saves customers from the burden of charges.
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