As per a notice issued by IPBB on 3rd November, 2021, a basic Savings account, cash withdrawal, which 4. is free till transactions Per month, 0.50% of the value will be charged, subject to a minimum of Rs 25 per transaction, after crossing the free limit. (Fees are in addition to GST/Cess which will be levied at applicable rates.) Whereas cash deposit is free of cost.
For savings (other than Basic SA) and current accounts, cash withdrawal up to Rs 25,000 per month is free. “After the free limit, 0.50% of the value minimum Rs.25 per transaction,” said the IPPB notice.
Cash deposit up to Rs 10,000 per month is free in these accounts. “After free limit, 0.50% of the value minimum Rs.25 per transaction.”
Savings Accounts with IPPB
IPPB has three types of accounts: Regular, Digital and Basic Savings Account. These accounts come with interest rates on:
- Balance up to Rs 1 lakh: 2.50%
- Balance above Rs 1 lakh and up to Rs 2 lakh: 2.75%
- These savings accounts can be opened with zero balance.
post office savings bank account
Like a bank savings account, one can open a savings account at a post office and interest is paid by the post office on the balance in the savings account. The account can be opened with cash only with a minimum limit of Rs 20 and a maximum limit of Rs. For a non-cheque facility account, the minimum balance to be maintained is Rs 50. To avail the check facility, a minimum balance of Rs.500 has to be maintained. The interest rate on these savings accounts is 4% per annum.
Department of Posts recently announced that it has set up various charges ATM The cards, which will be effective from October 1, 2021, through a circular dated September 15, 2021. The department has also set a limit on the number of financial and non-financial transactions that can be done at ATMs in a month. Click
Here to read more.