Savings bank

Revised CPE credit card rates from October 1st: here are the new rates

The Postal Department, via a circular dated September 15, 2021, announced that it has introduced various fees on ATM cards which will come into effect from October 1, 2021. In addition, according to the circular, the Department has put a cap on the number of financial and non-financial transactions that can be made at ATMs in a month.

Here is an overview of the new rates for Postal Savings Account ATM cards.

New credit card fees

From October 1, 2021, the annual ATM/debit card maintenance fee will be Rs 125 plus GST, according to the circular. This charge is applicable for the period of 1 October 2021 to 30 September 2022. India Post will now also charge for SMS alerts sent to its customers via debit card – Rs 12 (including GST) will be charged for sending SMS alerts. to debit cardholders per year.

If a customer loses their India Post ATM card, then they will have to pay Rs 300 plus GST to get a replacement debit card. Likewise, if the ATM PIN code is lost, obtaining a duplicate PIN code will be charged from October 1st. Regeneration of PIN through branch or getting duplicate PIN will be charged at Rs 50 plus GST.

A customer will be required to pay Rs 20 plus GST if the ATM or POS transaction is declined due to a low balance in the savings account.

The Post Office has also limited the number of free financial transactions that can be made at ATMs. As per the circular, financial transactions at Indian Post ATMs, after five free transactions, will be charged Rs 10 plus GST per transaction. Similarly, financial transactions at other ATMs, after 3 free transactions in metropolitan cities or 5 free transactions in non-metropolitan cities, will be charged at Rs 20 plus GST.

For non-cash transactions at India Posts ATMs, after 5 free transactions, customer will be charged Rs 5 plus GST per transaction. In case of other ATMs, after 3 free transactions in metropolitan cities or 5 free transactions in non-metro cities, one will be charged Rs 8 plus GST.

Cash withdrawals by Point of Service (PoS) debit cardholders will be charged at 1% of the transaction subject to a maximum of Rs 5 per transaction.

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