Post office ATM card annual fee in 2020: You will be surprised to know here. In this article, you will know full details of the Post office ATM card annual fee, transaction fee, transaction limits also.
You will also find:
Firstly, what are the Post office ATM annual charges?
Likewise, how many free ATM ( Automatic Teller Machine) transactions can be made in a day in a post office ATM?
Surely, how much fee has to be paid for transactions beyond the permissible limit in a Bank ATM?
In detail, what is the comparison of Post office ATM annual fee Vs Bank ATM annual Fee and other charges?
Above all, what are the transaction limits of Post office ATM and Bank ATMs?
And lots more.
Let`s dive in.
Post office ATM card annual fee in 2020
What would be the Post office ATM card yearly charges?
Many people do not check their Bank account for the transactions/deductions also made unknowingly.
On a cursory note, at the end of any financial year that is after 31-03-2020, you observe few debits in your bank statement that you have no say. They are not the transactions made by you certainly. Surprised?
They are the annual fees charged by Bank for maintaining your account and SMS fee for the SMSs you receive as soon as you make a withdrawal or any transaction.
Now, you know that your Bank Account will be charged with an annual fee, SMS fee, interbank/city transaction fee also at the end of the financial year.
Whenever you open a Post office Savings account, you will be offered with an ATM card free of cost on application. Indeed, you can open a Savings Bank Account in a Post office with a minimum deposit of Rs500.
Thereafter, you can save any amount without any maximum limit. You earn a 4% rate of interest that is added to your account on the first of April every year.
You will have a doubt normally what is the annual fee charged by the Post office when its ATM is used. In addition, it is quite interesting to note the Post office ATM card annual fee.
Let’s see the Post office ATM card annual fee and other charges levied especially by the Post office on its ATM cardholders now.
Post office ATM card annual fee or Post office ATM card annual charges
1. Annual Fee for ATM card of Post office::
Firstly, what would be the Post office ATM card yearly charges? Indeed, there is no annual fee as such for the Post office ATM card. In other words, the post office, ATM card annual fee is zero.
Post office customers are so lucky that the post office ATM annual charges are Nil. Right?
So, After you see that post office ATM card annual charges, you like to know what would be the SMS fee for a post office ATM Card?
In fact, there is no SMS fee for the Post office ATM Card. Many customers don`t know this, in particular.
3.Inter Branch/city transaction charges:
Post offices do not levy Inter Branch/city transaction charges also. In truth, this is a more welcoming scenario for Post office customers. That way the post office atm card annual charges come down further.
Per day 5 ATM transactions are allowed for free in a Post office ATM in fact. Above all, it’s all free you know? and to much surprise, these free transactions are per DAY, not per month, unlike Banks. So, now with this, India Post ATM card annual charges can not be more.
5.Post Office Debit Card Annual Charges
Charges Beyond Free ATM Transactions:
Further, Beyond the permissible free ATM transactions allowed at the ATMs of other banks, you (as a Post office ATM Cardholder) have to pay a fee of Rs20 plus GST applicable for every additional transaction made in other Bank ATMs.
In view of the free ATM transactions allowed, the Post office debit card annual charges will be dismal.
6. Five(5) Free Post office ATM transactions per DAY are high in number when compared to any bank that allows only a maximum of 5 transactions per MONTH(not day). Thus, the Post office debit card annual fee is pocket friendly.
However, beyond the 5 free ATM transactions, you (as a Post office ATM Cardholder) you are not allowed to make 6th transaction in Post office ATM even you are ready to pay a fee. After you have seen Post office debit card annual charges, better you have a look at the Banks ATM Card annual fee also to better appreciate the difference.
Banks ATM Card Annual Fee:
1. ATM Annual Fee: Of course, Banks do levy annual fees/charges for ATM cards usually ₹125 per annum.
2. SMS Fee: Also, Banks do charge an SMS fee @ ₹60 per annum.
3. Inter Branch/intercity transaction Fee: Meanwhile, inter Branch/intercity transaction is ₹ 57 to ₹100 per transaction.
4. Fee on Non-Financial Transaction:
A charge of ₹8 plus GST applicable will be charged on each non-financial transaction made at other banks’ ATMs beyond the prescribed number of free transactions specifically.
Let’s see the comparison of Post office ATM Vs Bank ATM in terms of charges, transactions, and services provided in particular:
India Post ATM Card Annual charges
Post Office ATM annual Fee Vs Bank ATM Fees & Transaction Limits
Now that you have seen the comparison between post office debit card annual charges and that of the bank, let’s see the post office ATM card charges.
Post office ATM card charges
The Post office ATM card charges are comparatively less when compared to Bank ATM charges. So, it relates to ATM annual fee even.
|SL N0||ATM Transactions||India Post ATM||Vs Bank ATM|
|1||Annual Fee for ATM||0||₹125 including GST|
|2||SMS Fee||0||₹60 per annum|
|3||Inter Branch/City Transaction||0||₹57 to ₹100 per transaction|
|4||Cheque Bounce Fee||₹50||₹500+90 for insufficient funds; ₹150+GST for other reasons|
|5||ATM Transaction||5 Free transactions per DAY in DOP ATM. * No limit for Non-Financial||Rural : 5 per MONTH URBAN : 4 per MONTH Metros : 3 per MONTH|
|6||Deposit Limit from another Branch||₹25,000||₹25,000 only|
|7||Minimum Balance on SB for ATM||₹500||Zero (Savings Bank Account)|
|8||Extra Cheque Book Fee||No fee Up to 10 Cheques. Thereafter, ₹ 2 +GST per each cheque leaf||No fee Up to 10 Cheques. Thereafter, ₹2.75+GST per each cheque leaf|
|9||Charge for Balance goes lower than Minimum Balance||₹100 for per Financial Year||Now zero (earlier it was 2% of shortfall of minimum balance)|
|10||Maximum Amount of withdrawal on a day||₹25,000 (₹10,000 at a time)||Classic ATM Cards- ₹ 20000 Global ATM card ₹ 40000 at a time)|
|11||Cash Withdrawal Limit per Transaction||₹10,000 per transaction||₹20,000 per transaction in Classic And ₹40,000 in Global ATM card|
|12||Withdrawal can be made in Post office or Bank||Withdrawal can be made either in Post office ATM or Bank ATM||Withdrawal can be made either in Post office ATM or Bank ATM|
|13||Charges after exceeding permissible free transaction limit at other Bank ATMs||Rs 20+ GST applicable (both Financial & Non-Financial Transactions)||Rs 20+ GST applicable (both Financial & Non-Financial Transactions)|
Now let’s check out the various charges levied by the Post office and the transaction limits specifically with reference to post office ATM charges.
Post office ATM charges/ Post office ATM limit or Post office ATM Transaction Limits &
If you have a Savings Bank(SB) account with the Post office, in particular, then the post office ATM limit is as follows:
1.Maximum Amount per day:
To begin with, in a Post office ATM, you can withdraw cash up to ₹25,000 per day through a post office ATM card.
Post office ATM withdrawal limit
Indeed, the Post office ATM withdrawal limit is as follows:
2.Transaction limit: Maximum Five free transactions per day can be made in Post office ATM in respect of the Post office ATM card provided when you open a PO SB account.
3.Maximum Amount in Single transaction: In fact, the Maximum cash that one can withdraw in a single transaction through Post Office ATM is ₹10,000. In other words, the Post office ATM withdrawal limit is as such.
Post office ATM withdrawal limit per day
4.Other Limits: Particularly, the Post office ATM withdrawal limit per day as follows: Only ₹ 10,000 per transaction is allowed.
In other words, no ATM transaction is allowed in Post office ATM beyond ₹25,000 per day or 5 transactions per day whichever is earlier. So, this is the Post office ATM limit.
To be clearer, the 6th transaction is not allowed even if you are ready to pay any fee.
So, hope that you are clear on the Post office ATM withdrawal limit per day now.
5. Non-financial Transactions Limits:
There is also no limit on the number of non-financial transactions made at post office ATMs.
6. In Metros, the Limits on Transactions made in Bank ATMs:
Also, you are allowed to make 3 free ATM transactions using a Post office ATM card at ATMs of other banks in metro cities.
7. Transactions Limit in Bank ATMs in Urban Areas: You can make 4 free ATM transactions from the Post office ATM card when used at ATMs of other banks in Urban areas*.
8. Rural Areas: Limit on Transactions made in Bank ATMs: You are also allowed to make 5 free ATM transactions from the Post office ATM card when used at ATMs of other banks in Rural areas*.
Post office ATM charges
Further, beyond the permissible free ATM transactions allowed at the ATMs of other banks, you (as a Post office ATM Cardholder) have to pay a fee of Rs 20 plus GST applicable for every additional transaction made in other Bank ATMs. These are the Post office ATM charges when you make transactions on other banks.
What are the services that are offered through a Post office ATM?
The following services will be available to POSB customers at ATMs:-
1. Cash Withdrawal,
5.Funds Transfer (Funds Transfer within OWN Savings Accounts of POSB),
6.Funds Transfer (Funds Transfer to other Savings Accounts of POSB),
Types of ATM Transactions
There are 2 types of ATM Transactions:
1.Financial Transactions: Specifically, Financial Transactions include cash withdrawal and Fast cash.
2. Non-Financial Transactions: To explain, Non-Financial Transactions include:
(i) Mini Statement,
(ii) Balance inquiry
(iii) Funds Transfer (Funds Transfer within OWN Savings Accounts of POSB),
(iv) Funds Transfer (Funds Transfer to other Savings Accounts of POSB),
(v) Pin Change
Once in a While at ATM
1. No charges will be levied for the reasons that are not in the control of customers or they are directly attributable to banks etc., as per RBI FAQs & Guidelines also.
2. Normally, banks/Post offices reverse the failed transactions for which the account is debited immediately or within 5 calendar days from the date of the failed transaction specifically.
However, RBI suggests that it is always a good practice to lodge a complaint with the card-issuing bank or ATM owner bank at the earliest.
What if your ATM Card is Lost/stolen?
3. In case your ATM card is lost or stolen, you should contact the card-issuing post office/bank immediately on noticing the loss/theft of the card and should request the post office/bank to block the card in writing.
4. Further, you may request for new duplicate ATM Card at the post office counter after submitting it in writing. Then the counter PA and postmaster enter the necessary details provided by you in the system.
Then, within 10 days from the request, National ATM Unit, Bangalore will dispatch the New ATM card to your address directly through the post and PIN number to the respective post office.
Finally, the Post office will hand over the sealed envelope with a new PIN number by taking your signature in their register.
Tips & precautions for ATM Customers
RBI prescribes the customers to observe the following Do’s and Don’ts to keep their transactions at ATMs safe and secure :
1. Firstly, customers must conduct the ATM transaction in complete privacy.
2. Secondly, only one cardholder should enter and access the ATM at a time.
3. Surely, you must not lend his / her card to anyone.
4. The ATM cardholder should not write the PIN on the card also.
5. You must not share the PIN with anyone also.
6. The customer must not let anyone see the PIN while it is being entered at the ATM.
7. Indeed, you should not use a PIN that could be easily guessed.
8. Furthermore, the cardholder must never leave the card in the ATM.
Precautions for ATM Customers…
9. You should register his / her mobile number also with the card-issuing bank for getting alerts for transactions at ATMs. Of course, if you observe any unauthorized card transaction in the account, you should immediately report to the card-issuing bank/post office.
10. The ATM cardholder must be vigilant and check if any extra device/s is/are attached to the ATMs, in detail.
The device/s may be put in place to capture customer data fraudulently also; if found, indeed, the security guard/bank/post office entity should be informed immediately.
11. You should keep an eye on suspicious movement/s of people around the ATMs especially.
He / She should be careful of strangers trying to engage him/her in conversation or offering assistance/help in operating the ATM, in particular.
12. To explain, the customer must remember that bank/post office officials never ask for card details or PIN over telephone/email.
So, he/she should not respond to any such communication from anyone indicating that they represent his / her bank/post office.
Post office and Banks Instructions to customers on ATM Fraud Prevention.
1) Certainly, change your PIN at regular interval
2) Cover ATM/POS keypad while entering the PIN
3) Above all, memorize your PIN. Avoid writing it on your ATM card or anywhere else especially.
4) Specifically, avoid using birthdays and anniversary dates as you PIN
5) Particularly, ensure to register/update your mobile number in your account to receive SMS about the debit cards and other transactions in the account invariably.
6) Even after that, you should not share/disclose your OTP or ATM card PIN number details also with anyone.
7) You need not respond to any email /SMS or a call asking you to share your ATM PIN or any other data that is confidential in nature.
8) However, only one person is allowed in the ATM kiosk at a time.
9) Protect yourself also from someone stealing your PIN behind your shoulder.
In conclusion, now it’s your turn.
Finally, you know now the Post office ATM card annual fee in 2020, the transaction fees charged by Post office and Banks, the tips you have to follow while making an ATM transaction to make it more secure.
Let me know in the comments section in case of any doubt on this topic of Post office ATM card annual charges.