From April 1, charges will be levied for withdrawal and deposit from Post Office Savings Account.

From April 1, charges will be levied for withdrawal and deposit from Post Office Savings Account.

If your account is with India Post Payment Bank (IPPB), you will have to pay a charge on Aadhaar based Payment System (AEPS) from April 1, 2021 except deposit and withdrawal. This charge will be levied after the free transaction limit is met. This means that the charge has to be paid only if the free limit of the transaction is met.

Savings or current account will be charged

If you have a Basic Savings Account in IPPB, there is no charge for withdrawing 4 times per month. A minimum charge of Rs 25 or 0.50% of the total value will then be deducted on each transaction. There is no charge for depositing money.

Also, if we are talking about savings or current account, there is no charge for withdrawing up to Rs 25,000 per month. Then 0.50% of the total value or at least Rs 25 per transaction has to be paid. There is also a limit to the amount you can deposit into this account. Deposit up to Rs 10,000 per month will be free. If you deposit more than that, you will have to pay 0.50% of the value or at least Rs 25 per transaction.

The rules of AEPS transactions also changed

In AEPS transaction, unlimited transactions on the network of India Post Payment Bank are completely free. As well as 3 transactions a month on the non-IPPB network is free. This includes depositing, withdrawing cash and issuing mini statements. After fulfilling the free limit, it will cost Rs 20 each time to deposit or withdraw cash. The charge for issuing a mini statement is Rs. On transfer of funds after free limit, the transfer charge will be 1% of the transaction amount, maximum Rs. 20 and minimum Rs.

There is a charge for not maintaining a minimum balance

The IPPB is required to maintain a minimum balance in all savings accounts previously in December last year. A minimum balance of Rs.500 is required in a savings account. If the balance is less than Rs 500, a charge of Rs 100 will be levied.

In addition, if your account never exceeds Rs.500, Rs.100 will be taken from you as account maintenance at the end of the financial year. According to reports, you cannot withdraw money with a minimum balance in a post office savings account. This means that if you have only 500 rupees in your account, you cannot withdraw a single rupee.

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Post Office Savings Account is earning 4% interest

Post Office Savings Account carries an annual interest of 4%. Interest up to Rs 10,000 is completely tax free. It has all the necessary facilities like ATM card, fund transfer, bill payment, recharge, net banking.