India Post Payments Bank (IPPB) Introduces AePS Service Charges

India Post Payments Bank (IPPB) has implemented service charges for Aadhaar Enabled Payment System (AePS) transactions, effective from June 15, 2022. AePS is a bank-led model allowing online financial transactions at Point of Sale (PoS) terminals through Aadhaar authentication, enabling various banking services.

IPPB AePS Service Charges

• The first three AePS issuer transactions per month, including cash withdrawal, cash deposit, and mini statement, will be free.
• Transactions exceeding the free limit will incur charges: ₹20 plus GST per transaction for cash withdrawals and deposits, and ₹5 plus GST per transaction for mini statements.

Services Provided by AePS

• Banking Services

  1. Cash Deposit
  2. Cash Withdrawal
  3. Balance Enquiry
  4. Mini Statement
  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 NEFT/RTGS Transactions

• IPPB has signed a sub-membership agreement with the Department of Post to facilitate NEFT/RTGS transactions for their customers.
• A dedicated IFS code, “IPOS0000DOP,” has been created exclusively for transactions in DoP Customer accounts.
• For inward transactions to IPPB accounts, the IFS code “IPOS0000001” should be used, while for Post Office Savings Account (POSA) accounts in DoP, “IPOS0000DOP” is to be used.
• Customers are advised to ensure accurate beneficiary account numbers to facilitate proper credit, as IPPB account numbers and POSA account numbers may share similar structures in some branches.