If you transact using AePS then you will have to pay higher charges for the same. The rules for cash withdrawal and cash deposit have been changed. You also get complete information about it.
Indian Post Payments Bank has increased the fee for payments made through Aadhaar. The new transaction charges of AePS will be effective from December 1, 2022. In such a situation, if you are also going to make any payment using your Aadhaar on or after December 1, then know the new rules.
Aadhaar Payment System (AePS) is a service through which a customer can use Aadhaar for transactions from his Aadhaar enabled bank account. The customer can do basic banking transactions like balance enquiry, cash deposit, cash withdrawal and money transfer through it.
How much will be charged
As per the latest notification, every transaction of cash transaction through AEPS will attract GST in excess of Rs 20. Please note that this charge will be taken after the limit of free transactions. 5 per transaction plus GST will be charged on mini statement. For those who do not have an account with Indian Post Payment Bank, customers can take cash withdrawal, cash deposit and mini statement once in a month.
Customers can transact through Aadhaar with bank name, Aadhaar number and fingerprint at the time of enrollment.
Aadhaar makes transactions easy
NPCI says that Aadhaar Enabled Payment System (AEPS) makes it easy and secure for customers to access bank accounts using Aadhaar number and biometrics. AePS works on the demographic and biometric/iris information of an individual, thus eliminating the risk of fraud.
Who can use it
Any citizen of India who has a linked bank account and Aadhaar number is called an Aadhaar Enabled Bank Account (AEBA).
What services does AePS provide?
Customers can access Cash Deposit, Cash Withdrawal, Balance Enquiry, Mini Statement, Aadhaar to Aadhaar Fund Transfer, Authentication and BHIM Aadhaar Pay banking services with the help of AePS. With its help, customers can also avail services like eKYC, demographic authentication and Aadhaar seeding.
