India Post Payment Bank IPPB – Schedule of Charges (Tariffs are excluding applicable taxes)
India Post Payment Bank
IPPB – Schedule of Charges
(Tariffs are excluding applicable taxes)
| Account variants -> Account feature | Regular Account – Safal Account | Basic Savings Bank Deposit Account(BSBDA) – Sugam Account |
BSBDA – Small Account – Saral Account |
| Account opening | |||
| Eligibility | Anybody 10 years and above with KYC |
Anybody 10 years and above with KYC |
Anybody 10 years and above with simplified KYC |
| Initial minimum deposit requirement |
INR 100 | Nil | Nil |
| Minimum account balance | Nil | Nil | Nil |
| Maximum balance | INR 1,00,000 | INR 1,00,000 | INR 1,00,000 |
| Nomination facility | Available | Available | Available |
| ATM/ Debit CArd | Free | Free | Free |
| Subsequent cards | INR 100 | INR 100 | INR 100 |
| Annual maintenance charges (from 2nd Year) |
INR 100 | NA | NA |
| PIN regeneration | INR 100 | INR 50 | INR 50 |
| Servicing / Transaction | |||
| Minimum Quarterly Average Balance (QAB) |
Nil | Nil | Nil |
| Annual Interest Rate | 5.5% | 5.5% | 5.5% |
| Quarterly Non maintenance charges |
NA | NA | NA |
| Interest payment | Quarterly | Quarterly | Quarterly |
| Mobile Alerts | Free | Free | Free |
| Monthly Account statement (including duplicate statements) |
Free | Free | Free |
| Doorstep banking (Refer Doorstep banking charges for details) |
INR 15-35 | INR 15-35 | INR 15-35 |
| Interbank remittances charges (IPPB Intrabank remittance is free |
2 remittances free per month For more details, see Remittances charges |
See Remittances charges |
See Remittances charges |
| Branch Banking | |||
| Free monthly customer induced transactions.Subsequently @ INR 20 per transaction at branch and Customer Service Points |
4 Free | 4 Free | 4 Free |
| Charge frequency | Monthly | Monthly | Monthly |
| ATM monthly transactions | |||
| At India Post ATMs | All free | All free | All free |
| At Punjab National Bank’s ATMs |
All free | All free | All free |
| At other bank’s ATMs: Metro |
3 txns. free | 3 txns. free | 3 txns. free |
| At other bank’s ATMs: Non- Metro |
5 txns. free | 5 txns. free | 5 txns. free |
| Additional transactions at Other Bank’s ATMs |
Financial: INR 20 | Financial: INR 20 | Financial: INR 20 |
| Non-financial: INR 8 | Non-financial: INR 8 | Non-financial: INR 8 | |
| Maximum ATM withdrawal per transaction |
INR 10,000 | INR 10,000 | INR 10,000 per month in aggregate by way of withdrawals through withdrawal slips at Branch, ATM, POS Outlets and E-Commerce Transactions |
| Maximum ATM withdrawal per day |
INR 25,000 | INR 25,000 | |
| Maximum cumulative spend at POS outlets and ecommerce sites per day |
INR 65,000 | INR 65,000 | |
| Miscellaneous | |||
| Standing Instruction Charges (IPPB to IPPB) |
Free | Free | Free |
| Account status change (Inactive to active and dormant to active) |
Free | Free | Free |
| Account Closure Charges within 14 days of Account Opening |
Free | Free | Free |
| Account Closure within 6 months – Customer induced | INR 250 | INR 250 | INR 250 |
| Balance certificate per Instance | Free | Free | Free |
| ATM card/ KIT returned due to wrong address | INR 100 | INR 100 | INR 100 |
| Charges to be recovered from IPPB customer in case of cheque bounce |
100% of clearing charges |
100% of clearing charges |
100% of clearing charges |
All transaction limits set in this Schedule of Charges are applicable subject to the transaction amounts being within regulatory limits for the specified period as prescribed by RBI.
Remittances Charges
These charges are applicable irrespective of the type of Savings account.
| Mode of Outward Remittance |
Transaction size | Charges (excluding service tax) at branch and doorstep banking |
Charges (excluding service tax) for mobile banking |
| NEFT | Up to INR 10,000 INR | 2.5 per transaction | NA |
| INR 10,000 – INR 1 Lakh |
INR 5 per transaction | NA | |
| IMPS |
Upto 1 INR Lakh
|
INR 5 per transaction | INR 4 per transaction |
| AEPS | Upto INR 10,000 (max. limit) |
Free | NA |
The charges are subject to any regulatory changes that might be intimated from time to time
Doorstep Banking Charges
|
Service
|
Charges (INR) | |
| Doorstep Banking -On-boarding | Customer On- boarding |
Free |
| Doorstep Banking – Cash based transactions |
Cash Deposit and Withdrawal |
For cash transactions |
| < INR 2,001 : INR 15 per visit | ||
| INR 2001 – 5,000 : INR 25 per visit | ||
| INR 5,001 – 10,000 : INR 35 for per visit | ||
| Cash transactions above INR 10,000 will not be offered at doorstep |
||
| Doorstep Banking – Non-cash based Financial Transactions |
Remittance | INR 10 per visit |
| Doorstep Banking – Non-cash based Non-Financial Transactions |
Balance Enquiry | Free |
| Mini Statement | ||
Notes:
1. The above charges are in addition to the transaction charges (e.g. charges for AEPS are not included above). Please refer to the respective sections for transaction charges.
2. The higher of financial and non-financial transaction charges for Doorstep Banking will be levied in case a customer avails both the facilities in a single visit (e.g. if a customer avails cash deposit of INR 10,000 and balance enquiry in a single Doorstep visit) the customer will be charged INR 35 for that visit).
3. Only three transactions are allowed per visit. Fourth transaction would be treated as another visit, and charges would apply accordingly.
Source: http://utilities.cept.gov.in/dop/pdfbind.ashx?id=2348
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