Other than providing a free intra-bank fund transfer service to its customers, India Post Payments Bank also provides instant money transfer services. IPPB or India Post Payments Bank charges a fee ranging from Rs. 2.5 to Rs. 50 per transaction from its customers for instant money transfer through NEFT, RTGS and IMPS payments platforms, according to the government-owned payments bank’s website – ippbonline.com. NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment Service) are payments platforms that enable instant money transfer – also known as wire transfer – from one bank account to another through computer systems.
India Post Payments Bank instant money transfer – transaction limits and transaction charges
For NEFT transfers initiated from access points, India Post Payments Bank charges a fee of Rs. 2.5-25 per transaction from its customers, according to its website. The bank charges a fee ranging from Rs. 2.5 to Rs. 20 for an NEFT transaction made through mobile banking, it noted.
| Mode of money transfer | Transaction size (rupees) | Charges at access point and doorstep (rupees) | Charges for mobile banking (rupees) |
|---|---|---|---|
| Intra Bank(IPPB account to IPPB account) | Free | Free | Free |
| IMPS | Up to 2,000 | 10 | 5 |
| 2,001-5,000 | 20 | 5 | |
| Above 5,000 | 50 | 10 | |
| NEFT | Up to 10,000 | 2.5 | 2.5 |
| 10,001 to 1 lakh | 5 | 5 | |
| 1 lakh to 2 lakh | 15 | 10 | |
| Above 2 lakh | 25 | 20 | |
| RTGS | 2 lakh to 5 lakh | 25 | 25 |
| Above 5 lakh | 50 | 50 | |
| (Source: ippbonline.com) | |||
For instant fund transfer through RTGS, the payments bank – which started countrywide operations in September this year – charges a fee of Rs. 25-50 per transaction, according to its website.
India Post Payments Bank customers are charged a fee of Rs. 5-50 per transaction for instant money transfer through IMPS, according to the lender’s portal.
Source:- ndtv
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