India Post Payments Bank (IPPB) has introduced Aadhaar Enabled Payment System service charges (AePS). AePS Issuer transaction charges will be in effect from June 15, 2022.
India Post Payments Bank (IPPB) has introduced Aadhaar Enabled Payment System service charges (AePS). AePS Issuer transaction charges will be in effect from June 15, 2022. According to RBI “AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication. AePS allows you to do six types of transactions.”
Read More:-Digit Insurance targets $5 billion in IPO valuation
In this scenario, a customer’s bank name, Aadhaar number, and biometric acquired during enrolment are the only data necessary to complete a transaction. AEPS was enabled to perform basic banking transactions like cash deposit, cash withdrawal, intrabank or interbank fund transfer, account balance, and get a mini statement using Aadhaar as an identity to access respective Aadhaar enabled bank accounts of banking customers through a Business Correspondent.
“AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication. It is a payment service empowering 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 balance enquiry, cash deposit, cash withdrawal, remittances through a Business Correspondent,” Digital India website says.
Read More:-How cryptocurrencies and NFTs are related to metaverse?
IPPB AePS service charges
The first three AePS issuer transactions each month, such as cash withdrawal, cash deposit, and mini statement, will be free of charge. Whereas, over the free transaction limit, AePS issuer cash withdrawals and cash deposits will be charged at ₹20 plus GST per transaction, and mini statement transactions will be charged at ₹5 plus GST per transaction.
Services provided by AePS
According to NPCI here are the services provided by AePS
Banking Services
1. Cash Deposit
2. Cash Withdrawal
3. Balance Enquiry
4. Mini Statement
Read More:-Ethos IPO share allotment: Here is how to check status on BSE, KFintech
5. Aadhaar to Aadhaar Fund Transfer
6. Authentication
7. BHIM Aadhaar Pay
Other Services
1. eKYC
2. Best Finger detection
3. Demographic Authentication
4. Tokenization
5. Aadhaar Seeding Status
IPPB recently also signed a sub membership agreement with the Department of Post to facilitate NEFT/RTGS transactions for their customers with eligible accounts. IPPB has said in a notification dated 19th May 2022 that “To facilitate such inward/outward transactions, to and from DoP Customer accounts, a dedicated IFS code has been created which will be exclusively used only for transactions in DoP Customer accounts. The IFS code is IPOS0000DOP.”
Also Read- 4 Trains Connecting Chhattisgarh With Rajasthan Cancelled; Check List
For Inward Transaction to India Post Payments Bank (IPPB) accounts, IFS code to be used by the public is IPOS0000001 and for Inward Transaction to Post Office Savings Account (POSA) accounts in DoP, IFS code to be used is IPOS0000DOP.
“It shall be noted that credit of NEFT/RTGS is solely based on beneficiary account number and Bank will go ahead with credit to such accounts if the account number is valid account in IPPB. Customers are advised to take care while mentioning beneficiary account number as IPPB account numbers and POSA account numbers may be of similar structure for some branches,” the payments bank has said in an official notification.
