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|
|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|
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.