New rules of India Post Payments Bank: From January this year, that is, from 2022, many banking and personal finance rules are set to change across the country. One such change is going to be implemented by India Post Payments Bank. With effect from January 1, 2022, India Post Payments Bank (IPPB) account holders will have to pay higher charges for cash withdrawals from their accounts if they exceed the prescribed limit. The new rule was notified by the state-owned lender earlier this year. IPPB has also revised the rates applicable on cash withdrawals from the accounts of its customers with effect from the same date.
India Post Payments Bank (IPPB) has three types of bank accounts for the customers to choose from. All these come with many benefits. Some of these benefits are common to all three types of accounts. However, the bank has recently announced some changes in its features.
“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 rates applicable in addition to GST/cess,” the payments bank said. A note on its website.
Under this, for basic savings bank accounts, cash deposits up to any amount will remain free, IPPB said in a notice. The bank also said that cash withdrawals will be free for up to four transactions per month. After that, a nominal withdrawal fee will be charged. IPPB said it will be 0.50 per cent of the minimum value of Rs 25 per transaction in case of basic savings bank account.
As per the notice, in case of savings (other than basic savings account) accounts, cash withdrawal up to Rs 25,000 per month will remain free. After that, charges will be applicable. This will be the same as stated above – 0.50 per cent of the value subject to the free limit after a minimum of Rs 25 per transaction. This same rule will apply to current bank accounts of India Post Payments Bank, the lender said in its November 30 notice.
Cash deposits up to Rs 10,000 will remain free in case of savings (other than basic savings account) accounts as well as current accounts. “After the free limit, 0.50 per cent of the value is subject to a minimum of Rs 25 per transaction,” the IPPB said in a chart notifying the changes.
The bank also clarified that the notified charges are in addition to GST/cess, which will be levied at the applicable rates.
India Post Payments Bank has three types of savings accounts – Regular Savings Account, Digital Savings Account and Basic Savings Account.
The India Post website says that the Basic Savings Account has “all the features and benefits offered by a regular savings account (except that it allows only four cash withdrawals in a month)”. The purpose of the Basic Savings Account is to provide primary banking. Services at a very nominal fee.
“Regular Savings Account can be opened at bank access points and at your doorstep. This account can be used to keep funds safe, withdraw cash, deposit funds and make easy remittances among other benefits. In addition, interest can be earned on funds held in this account and the cash withdrawal allowed in this account is unlimited,” the website states.
read all breaking news, today’s fresh news And coronavirus news Here.
,