India Post Payment Banks has now decided to withdraw, deposit and charge AEPS (Aadhaar Based Payment System). The new rule will be implemented on 1 April 2021. Withdrawal is free four times every month if you have a basic savings account. After that, a minimum of 25 rupees or 0.50 per cent of the value will be deducted as a charge on every transaction.
There will be no charge for depositing in Basic Saving Accounts. If you have a savings (excluding basic saving account) or current account with the post office, then the withdrawal of up to 25000 thousand in a month is free. After crossing the limit, 0.50 per cent of the value or at least 25 rupees will have to be paid on every transaction. And for depositing money you will have certain limits. Up to Rs 10,000 can be deposited for free every month. For depositing more than that, 0.50 per cent of the value or at least 25 rupees will have to be paid on every transaction.
How will the Aadhaar based transaction charge?
Aadhaar based AEPS transactions, unlimited transactions are completely free on India Post Payment Bank’s network. Three transactions a month are free on non-IPPB networks. This includes depositing cash, withdrawing and withdrawing mini statements. After that, the charge will be deducted from the transaction. After the free limit is completed, all transactions will be charged Rs 20 for depositing the cash. The transaction charge is Rs 20 even on withdrawals.
GST charge separately
Apart from this, the charge for removing the mini statement is 5 rupees. After the free limit, the transfer charge will be 1% of the transaction amount, a maximum of Rs.20 to a minimum of Rs 1, for the transfer of funds. GST is not included in the above-mentioned charges. It seems different. This notification has been issued by India Post on 1 March. Customers have been informed about this through a message.