India Post Payments Bank was launched by the Prime Minister of the country on September 1, 2018. Through India Post Payments Bank,
the Government of India will be able to provide banking facility in every nook and corner of the country as well as help farmers and people living in villages to upgrade their economy.
The countdown for the arrival of New Year 2022 has started. From the common man to the market is preparing for the new year’s Istqbal. Some people are preparing plans for what will be the new beginning in the new year. But in reality, from January 1, many such rules are changing, which will have a direct effect on your pocket.
There is also going to be a change in the functioning of some banks. For example, if your account is in India Post Payments Bank (IPPB), then this news is definitely for you, because from January 1, you will have to pay a separate charge for deposits and withdrawals of Rs 10,000 in IPPB.
India Post Payments Bank (IPPB) provides 3 types of savings account service to the customers. These savings accounts have their own set of rules. According to the Reserve Bank of India, you cannot keep more than Rs 1 lakh in all payment bank accounts, but you can open an account in a post office bank where an amount exceeding Rs 1 lakh can be transferred.
IPPB Basic
Savings Account Cash deposit up to any amount in Basic Savings Account will be free. Every month 4 cash withdrawal transactions will be free. Thereafter the withdrawal fee will be 0.50 per cent of the value subject to a minimum of Rs 25 per transaction.
IPPB Savings and Current Account
Cash deposit up to Rs 10,000 in savings and current accounts of Indian Post Payment Bank will be free. 10,000 after 0.50 percent fee will be levied. Which will be a minimum of Rs 25 per transaction.
Cash withdrawal up to Rs 25,000 in savings and current accounts will be free per month and after that half a percent charge will be levied on every transaction.
According to the IPPB website, “This is to inform all concerned that the charges for cash deposit and cash withdrawal transactions will be effective from January 01, 2022. These prices will be applicable at the applicable rates in addition to GST/Cess.” ,
Earlier, India Post Payments Bank had changed its doorstep banking charges with effect from August 01, 2021, which is Rs 20 per transaction.
India Post Payments Bank
India Post Payments Bank was launched by the Prime Minister of the country on September 1, 2018. India Post Payment Bank is a public sector bank under the Department of Posts and Ministry of Communications, Government of India, in which it has a 100% stake.
A new banking system was introduced through the Indian Postal Service, which is known as ‘India Post Payments Bank’, for the spread of banking from village to village.
Through India Post Payments Bank, the Government of India will be able to provide banking facility in every nook and corner of the country as well as help farmers and people living in villages to upgrade their economy.
