Ippb introduces service charges for Aadhaar Enabled Payment System (aeps)

India Post Payments Bank (IPPB) has introduced the Aadhaar Enabled Payment System (AePS) service fee. The AePS issuer transaction fee will be effective from June 15, 2022. According to RBI, “AePS is a bank-led model that enables interoperable online financial inclusion transaction at point-of-sale (MicroATM) via the commercial correspondent of any bank using Aadhaar authentication. AePS allows you to carry out six types of transactions.”

In this scenario, a customer’s bank name, Aadhaar number and biometrics acquired during registration are the only data needed to complete a transaction. AEPS was allowed to perform basic banking transactions like cash deposit, cash withdrawal, intra-bank or inter-bank fund transfer, account balance and get mini statement using Aadhaar as identity to access accounts respective banks activated by Aadhaar of banking customers via a business correspondent.

“AEPS is a bank-led model that enables an interoperable online financial inclusion transaction at the point of sale (MicroATM) through the commercial correspondent of any bank using Aadhaar authentication. It is a payment service enabling a bank customer to use Aadhaar as their identity to access their respective Aadhaar-enabled bank account and perform basic banking transactions such as balance enquiry, cash deposit, cash withdrawal, remittances via business correspondent,” Digital India’s website says.

IPPB AePS Service Fee

The first three transactions of the AePS issuer each month, such as cash withdrawal, cash deposit and mini statement, will be free. Whereas, beyond the free transaction limit, cash withdrawals and deposits from the AePS issuer will be charged at 20 plus GST per transaction, and mini-statement transactions will be charged at 5 plus GST per transaction.

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IPPB AePS Service Fee

Services provided by the AePS

According to NPCI here are the services provided by AePS

Banking services

1. Cash deposit

2. Cash withdrawal

3. Balance inquiry

4. Mini statement

5. Fund transfer from Aadhaar to Aadhaar

6. Authentication

7. BHIM Aadhaar Pay

Other services

1.eKYC

2. Better finger detection

3. Demographic authentication

4. Tokenization

5. Seeding status of Aadhaar

The IPPB has also recently signed a sub-membership agreement with the Ministry of Posts to facilitate NEFT/RTGS transactions for their customers with eligible accounts. The IPPB said in a notification dated May 19, 2022 that “To facilitate these inbound/outbound transactions, to and from DoP Client Accounts, a dedicated IFS code has been created which will be exclusively used only for transactions on Client Accounts DoP. The IFS code is IPOS0000DOP.”

For Inward Transaction to India Post Payments Bank (IPPB) accounts, the IFS code to be used by the public is IPOS0000001 and for Inward Transaction to Post Office Savings Account (POSA) accounts in DoP, the IFS code to be used is IPOS0000DOP.

“It should be noted that the credit of NEFT/RTGS is only based on the beneficiary’s account number and the Bank will proceed to credit these accounts if the account number is a valid account in IPPB. Customers are advised to be careful when mentioning the payee’s account number as IPPB account numbers and POSA account numbers may have a similar structure for some branches,” the payment bank said in an official notification.

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Elaine R. Knight