Correct Answer : India Post Payments Bank
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 :
* Cash Deposit
* Cash Withdrawal
* Balance Enquiry
* Mini Statement
* Aadhaar to Aadhaar Fund Transfer
* Authentication
* BHIM Aadhaar Pay
Other Services :
* eKYC
* Best Finger Detection
* Demographic Authentication
* Tokenization
* 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.
