India Post Bank Introduces AePS Service Fees

India Post Payments Bank (IPPB) introduced service charges for Aadhaar Enabled Payment System (AePS) transactions in June 2022. This article details the revised charges, services offered through AePS, and additional functionalities like NEFT/RTGS transactions for IPPB customers.

Understanding AePS and Its Services

AePS, a bank-led model, allows users to conduct various financial transactions at Point of Sale (PoS) terminals using Aadhaar authentication. This eliminates the need for debit cards or cash while offering essential banking services:

  • Cash Deposit
  • Cash Withdrawal
  • Balance Enquiry
  • Mini Statement
  • Aadhaar to Aadhaar Fund Transfer
  • Authentication (BHIM Aadhaar Pay)

Beyond banking services, AePS offers functionalities like:

  • eKYC (electronic Know Your Customer)
  • Best Finger Detection
  • Demographic Authentication
  • Tokenization
  • Aadhaar Seeding Status

IPPB AePS Service Charges (Effective June 15, 2022)

The first three AePS issuer transactions per month, including cash withdrawal, cash deposit, and mini statement generation, remain free. It’s important to note that “issuer” refers to transactions initiated from an IPPB account. The bank receiving the funds might have its own set of AePS transaction fees. However, exceeding this limit incurs charges:

  • Cash Withdrawal/Cash Deposit: ₹20 plus GST per transaction
  • Mini Statement: ₹5 plus GST per transaction

IPPB Enhances Services with NEFT/RTGS Transactions

IPPB has partnered with the Department of Post (DoP) to facilitate NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) transactions for its customers. This enables faster and more secure transfer of funds.

Important Information for NEFT/RTGS Users

  • A dedicated IFS code, “IPOS0000DOP,” is exclusively used for transactions in DoP Customer accounts.
  • For inward transactions to IPPB accounts, use the IFS code “IPOS0000001”.
  • For Post Office Savings Account (POSA) accounts in DoP, use “IPOS0000DOP”.
  • Double-check beneficiary account numbers to ensure proper credit, as IPPB and POSA account numbers may have similar structures in some branches.

Door-step Banking Charges

It’s important to remember that door-step banking, a service offered by IPPB, incurs separate charges based on prevailing rates. These charges are not included in the revised AePS service charges.

Staying Informed for Optimal Banking

By understanding these changes and service updates, IPPB customers can make informed decisions about their financial transactions. With free transactions for essential AePS services, the added convenience of NEFT/RTGS, and keeping door-step banking charges in mind, IPPB continues to provide accessible and evolving banking solutions.

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