Post office account holder? Important news on cash deposit, withdrawal - check new charges on savings, current and other accounts
Post office account new charge: India Post office new rule on charges on different account types may disappoint you.
Post office account new charge: India Post office new rule on charges on different account types may disappoint you. As per new rule, India Post Payment Banks have decided to charge extra money for depositing and withdrawing cash from your Post Office account. The new charge will come into effect from April 1, 2021, said Zee News. This was also confirmed by India Post representative, when called on toll free number. She said charges will be put into effect from April 1 and details will be made available to its customers soon.
Meanwhile as per reports, this charge varies as per different types of accounts. Let's have a look at charges incurred on different accounts.
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India Post basic savings account charge
There is no charge for withdrawing cash up to four times in a month in this account. After this, every transaction will be charged Rs 25 or 0.50 percent of the total amount withdrawn. However, you will not have to pay any charge while depositing the cash. You can deposit any amount of cash without paying any extra charges.
India Post Saving account and current account charges
Apart from the basic savings account, if you have a savings account or current account, then you can withdraw Rs 25,000 every month without incurring extra charges. However, after that, every withdrawal will be charged a minimum of Rs 25 or 0.50 percent of the total amount withdrawn. If you make a cash deposit up to Rs 10,000 in a month, then there will be no charge.
However, if you deposit more than that, a minimum of Rs 25 will be charged on every deposit or 0.50 per cent of the total value.
India Post AePS account charge
Now with this new India Post rule, you will also have to pay a charge on Aadhaar Enabled Payment System. While there are free unlimited transactions on IPPB (India Post Payment Banks) network, only three transactions a month are free on non-IPPB networks. This includes depositing cash, cash withdrawal and mini statement. After the free limit in AePS is over, a charge will have to be given on every transaction.
On depositing cash after the limit, all transactions will cost Rs 20. The charge is Rs 20 on withdrawing cash as well. To get a mini statement, you have to pay Rs 5. If funds are transferred after the limit is over, then 1% of the transaction amount will be charged, which will be a minimum of Rs. 1 and a maximum of Rs. 20. GST and Cess will also be levied on these charges.
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