Keeping Money in Post Office? Know New Service Fee by India Post Payments Bank

The India Post Payments Bank, or IPPB, which is the lending wing of the government-owned post office, has announced modifications on charges for its virtual debit cards. The bank said that from June 15, Wednesday, it will charge Rs 25 as annual maintenance and re-issuance fee for these digital debit cards. This is including GST, the lender said in its press release a day back. The IPPB had launched its virtual debit card to help customers shift towards the digital payment ecosystem that has been promoted by the central government.

In a press release dated June 14, the India Post payments Bank (IPPB) said, “This is to inform all concerned that annual maintenance charges of Rs 25 (incl. of GST) on Virtual Debit Card (VDC) will be applicable w.e.f 15 July, 2022.” The IPPB also mentioned in its press note that premium accounts (SBPRM) will be exempt from these charges.

The virtual debit card launched by the India Post Payment Bank, can be used for online shopping, utility bill payments, ticket bookings among others, the lender has said. The bank already charges a one-time issuance charge of Rs. 25 for virtual debit cards, which is also inclusive of GST.

What is IPPB Virtual Debit Card?

IPPB RuPay Virtual Debit Card is a digital debit card which can be generated by the customers on their mobile banking App. It allows IPPB customers to do digital transactions on ecommerce and online websites for purchasing of goods, services, paying bills etc. on RuPay enabled portals or payment gateways. All the transactions are validated via OTP as a second factor authentication. 

“Debit cards are one of the most popular instruments these days for cashless transaction & already a prominent mode for payment adopted in India. With growing business of Ecommerce/ Online services in India, usage of debit card on ECOM/ Online merchant transactions are increasing significantly, day by day,” the IPPB says on its website.

“India Post Payments Bank (IPPB) presents RuPay Virtual Debit Card to promote Government of India’s digital payments mission and encouraging customers / merchants to shift towards digital payments mode,” it adds.

IPPB customers who have the mobile banking app with transaction rights and access can avail the services of virtual debit card.

Features of IPPB Virtual Debit Card

– The debit card can be self -generated, blocked, unblocked from IPPB mobile banking app.

– Individuals can set their own per day limits.

– Acceptance on all RuPay enabled e-commerce site/ merchant site

– There are attractive e-commerce offers, cashback on paying utility bills, instant discounts etc.

– The debit card card can be used only for making online payments on ecommerce/ merchant websites/ payments gateways that accept RuPay Debit Cards.

Read all the Latest News , Breaking News , watch Top Videos and Live TV here.