Kochi: The Post Payment Bank of India (IPPB) has decided to charge a fee for transactions beyond the prescribed limit in the savings account from April 1. Fees will be charged for cash deposits and withdrawals after the free limit. There will be fixed free deals per month. Payments banks operate with a maximum deposit of Rs. 1 lakh from their customers. They are not allowed to lend. However, customers can avail of ATM, fund transfer, bill payment, recharge, and net banking services.
Basic Savings Account
Withdrawals: Free four transactions per month. A fee of 0.50 percent of the value (minimum Rs. 25) for subsequent transactions. There is no fee for cash deposit.
Savings and current account
Withdrawal: No fee up to Rs. 25,000 per month. Thereafter a fee of 0.50 percent of the value per transaction (minimum Rs. 25).
Cash Deposit: No fee up to Rs. 10,000 per month. Thereafter a fee of 0.50 percent of the value per transaction (minimum Rs. 25).