Here is a look at the new charges for post office savings account ATM cards.
New ATM card charges
From October 1, 2021, ATM/Debit card annual maintenance charges will be Rs 125 plus GST, according to the circular. These charges are applicable for the period of October 1, 2021, and September 30, 2022. India Post will now also charge for SMS alerts sent to its debit card customers — Rs 12 (inclusive of GST) will be charged for sending SMS alerts to the debit card holders per annum.
If a customer loses his/her India Post ATM card, then he/she will be required to pay Rs 300 plus GST for getting a replacement debit card. Similarly, if ATM PIN is lost, then getting a duplicate PIN will be chargeable from October 1. Regeneration of PIN through a branch or getting duplicate PIN will be charged at Rs 50 plus GST.
A customer will be liable to pay Rs 20 plus GST if the ATM or POS transaction declines due to a lack of balance in the savings account.
The Department of Posts has also limited the number of free financial transactions that can be done at ATMs. As per the circular, financial transactions at India Post’s own ATMs, after five free transactions will be charged at Rs 10 plus GST per transaction. Similarly, financial transactions at other ATMs, after 3 free transactions in metro cities or 5 free transactions in non-metro cities will be charged at Rs 20 plus GST.
For non-financial transactions at India Posts’ own ATMs, after 5 free transactions the customer will be charged Rs 5 plus GST per transaction. In case of other bank ATMs, after 3 free transactions in metro cities or 5 free transactions in non-metro cities, one will be charged Rs 8 plus GST.
Cash withdrawals made by the debit card holders at point of service (PoS) will be charged at 1 per cent of the transaction subject to maximum of Rs 5 per transaction.
