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

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.