India Post Payments Bank (IPPB) Implements Service Charges for AePS Transactions

India Post Payments Bank (IPPB) Implements Service Charges for AePS Transactions

Daily Current Affairs   /   India Post Payments Bank (IPPB) Implements Service Charges for AePS Transactions

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Category : Business and economics Published on: April 16 2024

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  • India Post Payments Bank (IPPB) has introduced service charges for Aadhaar Enabled Payment System (AePS) transactions, effective from June 15, 2022. 
  • This move aims to regulate and sustain the operational costs associated with providing AePS services.
  • Initially, customers will be entitled to three free AePS issuer transactions per month, which include cash withdrawal, cash deposit, and mini statement. This initiative ensures that a certain number of basic banking transactions remain accessible to customers without incurring additional charges.
  • Beyond the free transaction limit, customers will be charged for each transaction. 
  • Cash withdrawals and deposits will incur a charge of ₹20 plus GST per transaction, while mini statements will be charged at ₹5 plus GST per transaction. 
  • These charges are intended to cover the costs incurred by the bank in facilitating AePS transactions beyond the free limit.
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