India Post Payments Bank account holders availing Aadhaar Enabled Payment System (AEPS) transactions will now have to incur charges for using the services. Every month the initial three AEPS transactions like AEPS cash withdrawal, AEPS cash deposit, AEPS mini statement will be free. However, post the free transactions, each transaction (cash withdrawal or cash deposit) will be charged Rs 20 plus GST while the transaction for mini statement will cost Rs 5 plus GST. These charges will be effective from June 15, 2022.
Full form of AEPS is Aadhaar Enabled Payment System and it is a payment service that allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash withdrawal, remittances through a Business Correspondent.
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AEPS registration helps in availing these services:
i. Cash Withdrawal
ii. Balance Enquiry
iii. Mini Statement
iv. Aadhaar to Aadhaar Fund Transfer
AePS is a bank led model which allows online interoperable financial inclusion transactions at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
To make use of AEPS, one requires a bank name, Aadhaar Number and Fingerprint captured during enrollment. Transaction is completed using his/her biometric authentication only.
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If accounts are held with different (multiple) Banks, one will have a choice to select the Bank name in the AEPS app from where the transaction need to be done
If one has multiple accounts within the same Bank linked to Aadhaar, AEPS services will work with only the primary account associated with the Aadhaar. One needs to get in touch with his/her bank to specify/change the primary account linking.
AEPS helps a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like cash deposit, cash withdrawal, Intrabank or interbank fund transfer, balance enquiry and obtain a mini statement through a Business Correspondent.
