If you have an account in India Post Office, then this news may disappoint you. India Post Payment Banks has decided to impose a charge on depositing and withdrawing cash. The new charges will be effective from April 1, 2021.
The charges have been fixed according to account type.
Charge on basic savings account
There is no charge for withdrawing cash up to four times a month. After this, every transaction will be charged Rs 25 or 0.50 percent of the total amount withdrawn. However, you will not have to pay any charge when depositing the cash. You can deposit any amount of cash without paying any extra charges.
Charge on saving account and current account
Apart from the basic savings account, if you have a savings account or current account, then you can withdraw Rs 25,000 every month without incurring extra charges. After that, every withdrawal will be charged a minimum of Rs 25 or 0.50 percent of the total amount withdrawn. If you make a cash deposit up to Rs 10,000 in a month, then there will be no charge. However, if you deposit more than that, a minimum of Rs 25 will be charged on every deposit or 0.50 per cent of the total value.