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Check out how much GST applied on post office account during withdrawal and deposit

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Check out how much GST applied on post office account during withdrawal and deposit

GST on Post office account

Check out how much GST applied on post office account during withdrawal and deposit

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If you’ve got an account with the post office then there’s a piece of crucial information for you. India Post Payment Banks has now decided to withdraw, deposit, and charge AEPS (Aadhaar Based Payment System). The new rule is going to be implemented on 1 April 2021. Withdrawal is free fourfold monthly if you’ve got a basic bank account. Then, a minimum of 25 rupees or 0.50 percent of the worth is going to be deducted as a charge on every transaction.

There will be no charge for depositing in Basic Saving Accounts. If there’s a savings (excluding basic saving account) or accounting with the post office, then the withdrawal of up to 25000 thousand during a month is free. After crossing the limit, 0.50 percent of the worth or a minimum of 25 rupees will need to be paid on every transaction. If you attend deposit in such an account, then it also features a limit. Up to 10 thousand rupees are often deposited for free of charge monthly. For depositing quite that, 0.50 percent of the worth or a minimum of 25 rupees will need to be paid on every transaction.

How to charge on Aadhaar based transaction
Talking about Aadhaar based AEPS transactions, unlimited transactions are completely free on India Post Payment Bank’s network. Three transactions a month are free on non-IPPB networks. This includes depositing cash, withdrawing, and withdrawing mini statements. Then the charge is going to be deducted from the transaction. After the free limit is completed, all transactions are going to be charged Rs 20 for depositing the cash. The transaction charge is Rs 20 even on withdrawals.

GST charge separately
Apart from this, the charge for removing the mini statement is 5 rupees. After the free limit, the transfer charge is going to be 1% of the transaction amount, a maximum of Rs.20 to a minimum of Rs.1, for the transfer of funds. GST isn’t included within the above-mentioned charges. It seems different. This notification has been issued by India Post on 1 March. Customers are informed about this through a message.

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Anurag Srivastva
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