India Post Payments Bank New Rules: From January this year, that is 2022, many banking and personal finance rules across the country are set to go through changes. One such change is going to be implemented by the India Post Payments Bank. From January 1, 2022, account holders at the India Post Payments Bank (IPPB) have to pay more charges in order to withdraw cash from their accounts if they exceed the prescribed limit. The new rule was notified earlier this year by the state-owned lender. The IPPB has also revised rates on cash withdrawals from the accounts of its customers, applicable from the same date.
The India Post Payments Bank (IPPB) has three types of bank accounts for customers to choose from. All of these come with multiple benefits. Some of these benefits are common in case of all three types of accounts. However, the bank has recently announced some changes in its features.
“This is to inform all the concerned that charges of cash deposit & cash withdrawal transactions as mentioned will be effective from 01st January 2022. These prices are exclusive of GST/ CESS which will be levied at the applicable rates,” the payments bank said in a note on its website.
Under this, for the basic savings bank accounts, the cash deposit for up to any amount will remain free, IPPB said in a notice. The bank also added that cash withdrawals up to four transactions per month will remain free. Following that, a nominal withdrawal fee will be charged. This will be 0.50 per cent of the value subject to a minimum of Rs 25 per transaction in case of basic savings bank account, the IPPB said.
In case of the Savings (other than Basic Savings Account) accounts, cash withdrawals up to Rs 25,000 per month will remain free, as per the notice. Following that, charges will be applicable. This will be the same as mentioned above — 0.50 per cent of the value subject to a minimum of Rs 25 per transaction post free limit. This same rule will be applicable to Current Bank Accounts of the India Post Payments Bank, said the lender in its November 30 notice.
Cash deposits up to Rs 10,000 will remain free in case of the Savings (other than Basic Savings Account) accounts, as well as current accounts. “Post free limit, 0.50 per cent of the value subject to minimum Rs 25 per transaction,” said the IPPB in a chart notifying the changes.
The bank also clarified that the charges notified are exclusive of GST/ CESS, which will be levied at the applicable rates.
The India Post Payments Bank has three types of savings accounts — Regular Savings Account, Digital Savings Account and Basic Savings Accounts.
The Basic Savings Account has “all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month)”, says the India Post Website. The aim of the basic savings account is to provide primary banking services at a very nominal charge.
“The Regular Savings Account can be opened at the bank’s access points and your doorstep. This account can be used to keep funds secure, withdraw cash, deposit money and perform easy remittances, besides a host of other benefits. In addition, interest can be earned on the money kept in this account and the cash withdrawals allowed in this account are unlimited,” says the website.