India Post Payments Bank to charge Rs 20 for doorstep banking

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The customers of India Post Payments Bank (IPPB) will have to pay an additional charge for availing of its doorstep banking services. The IPPB has fixed a doorstep banking charge of Rs 20 plus GST (Goods and Services Tax) per request per customer, with effect from August 1. As of now, the doorstep banking (DSB) facility is free.

A customer can avail of as many transactions as needed during a single DSB request. However, if another customer avails of the facility during the same visit, it will be considered as separate DSB delivery and hence be charged.

What is IPPB’s doorstep banking?

With the DSB services, IPPB customers can enjoy banking facilities in the comfort of their homes.

The IPPB’s doorstep banking facility covers almost all services: opening an account, cash deposits and withdrawals, 24×7 money transfers, recharge, and bill payments, or buying life insurance and general insurance.

However, there will be no charge for new account opening at doorstep, apart from account-related services like updating passbook, nominee, mobile number/email ID or PAN; checking balance or last 10 transaction details; and Aadhaar card seeding.

According to the IPPB website, the service is available for all citizens across every district, town, and village. The banking needs are handled by local postmen and Gramin Dak Sevaks.

Lower interest rates on some savings accounts

Earlier the IPPB had cut its interest rate on some savings accounts as per an approved policy of the asset-liability committee.

For a balance up to Rs 1 lakh, the interest rate has been revised to 2.5% per annum from 2.75%. The rates remain unchanged at 2.75% p.a. for the balance between Rs 1 lakh and Rs 2 lakh. The IPPB pays the interest on a quarterly basis.