This bank Customers will have to pay for cash deposits above Rs 10000 from January 1

Come January 1, 2022, India Post Payments Bank (IPPB) account holders will have to pay more Rs 10000 for cash deposit and making cash withdrawals if they exceed the prescribed limit. India Post Payments Bank (IPPB) has offered all of its clients the convenience to quick and reliable financial services via its digital and mobile platforms for years.

The India Post Payments Bank (IPPB) offers three different kinds of savings accounts, each with its own set of features. All three IPPB savings accounts have several features and functionality in them. According to RBI restrictions, you can’t have more than Rs 1 lakh in any savings bank account.

however, you can register a postal service bank account and deposit any sum over 1 lakh there. Cash deposits in Savings (other than Basic SA) and Current Accounts will be unlimited up to Rs 10,000 monthly, after which there will be a levy of 0.50 percent of the amount set to a minimum of Rs 25 each transaction.

Cash withdrawals from Savings and Current Accounts will be unlimited up to a monthly limit of Rs 25,000, after which a levy of 0.50 percent of the cash, subjected to a least of Rs 25 per transfer, will be charged. “This is to inform all the concerned that charges of cash deposit & cash withdrawal transactions as mentioned will be effective from 01st January 2022. These prices are exclusive of GST/ CESS which will be levied at the applicable rates,” the IPPB stated on their official website.

Also Read: Mumbai Indians bring back Hardik Pandya and Trent Boult for IPL 2022

Previously, IPPB increased its Doorstep Banking rates to Rs 20 per demand per user, starting August 1, 2021. Cash deposits up to any sum are unlimited with the Basic Savings Account. Cash withdrawals will be independent for up to four payments monthly, after which they will cost 0.50 percent of the transfer amount, with a least of Rs 25 per payment.