India Post Payments Bank (IPPB) has implemented service charges for the Aadhaar Enabled Payment System (AePS) transactions

Description

India Post Payments Bank (IPPB) has instituted service charges for Aadhaar Enabled Payment System (AePS) transactions beginning June 15, 2022. AePS is a bank-led concept that allows online financial transactions at Point of Sale (PoS) terminals using Aadhaar authentication, providing a variety of banking services.

IPPB AePS Service Charges

• The first three AePS issuer transactions per month, which include a cash withdrawal, deposit, and mini statement, will be free.

• Exceeding the free limit will result in a charge of  Rupees 20 plus GST per transaction for cash withdrawals and deposits, and Rupees 5 plus GST for mini statements.

Services Provided By AePS

• Banking Services

  • Cash Deposit

  • Cash Withdrawal

  • Balance Enquiry

  • Mini Statement

  • Aadhaar to Aadhaar Fund Transfer

  • Authentication

  • BHIM Aadhaar Pay

• Other Services

  • eKYC

  • Best Finger Detection

  • Demographic Authentication

  • Tokenization

  • Aadhaar Seeding Status

IPPB NEFT/RTGS Transactions

• IPPB has entered into a sub-membership agreement with the Department of Post to facilitate NEFT/RTGS transactions for its customers.

• A separate IFS code, "IPOS0000DOP," has been generated specifically for transactions in DoP Customer accounts.

• For inbound transactions to IPPB accounts, use the IFS code "IPOS0000001", while for Post Office Savings Account (POSA) accounts in DoP, use "IPOS0000DOP".

• Customers are urged to provide precise beneficiary account numbers to assist proper credit, as IPPB and POSA account numbers may have identical structures in some branches.

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