New Delhi: The India Post Payments Bank (IPBB) has announced a revision in major banking charges, following in the footsteps of other public and private banks. The IPPB has changed the fees for cash withdrawals and deposits at physical branches.
The new fees will go into effect on January 1, 2022. IPBB, a division of Indian Post, announced the revision of cash deposit and withdrawal charges in a notification dated November 30, 2021.
“This is to notify all parties concerned that the charges listed below for Cash Deposit and Cash Withdrawal transactions will become effective on January 1, 2022,” the IPBB stated in its notification.
Customers with IPPB Basic Savings Accounts will now have to pay “0.50 percent of the value subject to a minimum of Rs 25 per transaction” after four free cash withdrawal transactions, according to the notification.
Customers with a Basic Savings Account do not have to pay anything for cash deposits, which means the service will be free beginning January 1, 2022.
Other savings account customers, on the other hand, will now have to pay “0.50 percent of the value subject to a minimum of Rs 25 per transaction” after making free withdrawals of up to Rs 25,000 per month.
Similarly, after free deposits of up to Rs 10,000 per month, savings account customers should expect to pay “0.50 percent of the value subject to a minimum of Rs 25 per transaction” on cash deposits.
Furthermore, IBBP stated that the charges listed above are exclusive of goods and services tax (GST) or applicable CESS.
Earlier in the day, ICICI Bank announced that the Service Charge on ICICI Bank Savings Accounts will be revised effective January 1, 2022. The bank has also announced a change in ATM Transaction Charges for Domestic Savings Account holders beginning in January.