India Post Payments Bank (IPPB) has recently revised Aadhaar Enabled Payment System (AePS) service charges. Under this, AePS issuer cash withdrawals and cash deposits will be charged at Rs 20 plus GST for every transaction exceeding the free transaction cap.
The mini statement transactions will, meanwhile, be charged at Rs 5 plus GST per transaction.
The same will be effective from December 1, 2022.
As per IPPB website, up to 1 transaction is free over non-IPPB Network (Issuer-Transactions) per month (including AePS Cash Deposit, Withdrawal and Mini-statement).
What is AePS?
AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the business correspondent of any bank using the Aadhaar authentication.
This solution has been designed by NPCI to handle various kinds of service requests effectively by enabling an authentication gateway for all Aadhaar linked account holders.
Who can utilize it?
Any resident of India having an Aadhaar number linked to a bank account - referred to as an Aadhaar Enabled Bank Account (AEBA) - can utilise the AePS service
What services AePS offers?
Customers may access the cash deposit, cash withdrawal, balance enquiry, mini statement, Aadhaar to Aadhaar fund transfer, authentication, and BHIM Aadhaar Pay banking services offered by AePS by entering the said credentials.
In addition to these, AePS also offers eKYC, Finger Detection, Demographic Authentication, Tokenization, and Aadhaar Seeding Status services.
To open an Aadhaar-enabled bank account with a recognised bank and use the AePS service range, customers must have a valid Aadhaar number.
What is important for AEPS to work?
A. The customer looking to avail AEPS should mandatorily:
a. Have a Bank Account with a Bank participating in AEPS
b. His / Her Aadhaar should be linked to his/her Bank account with other Bank.
c. Transaction is completed using his/her biometric authentication only.
