revise its charges on cash withdrawals and deposits, which will come into effect on 1 January next year. First four withdrawals from a basic IPBB savings account each month will not be subject to any charges, as it was the case before. But under the recent changes, once the free limit is exceeded 0.5 per cent of the value of the transaction will be charged on each withdrawal, in addition to GST and CESS, which will continued to be levied at the applicable rates. Cash deposits, on the other hand, will be free of costs.
Cash withdrawals of up to ₹25,000 per month from digital and regular savings accounts will not be subject to any cost, while a fee of 0.5 per cent of the value of the transaction will be charged on every withdrawal exceeding this limit. Another 0.5 per cent will be charged on each cash deposit exceeding ₹10,000 each month, the IPPB notice said.
Recently, the Department of Posts also introduced several new charged on ATM charges, which came into effect on 1 October, along with a cap on the number of financial and non-financial transactions that may be conducted via ATMs each month.
