A long list of charges and restrictions could prove to be challenges for India Post Payments Bank (IPPB), launched on Saturday, in its objective of financial inclusion, say experts.
While IPPB offers 4 per cent quarterly interest — better than peers, which offer 3.5 per cent — it also has charges on transactions, withdrawals, and deposits. According to its 12-page document, reviewed by Business Standard, there are 80 different charges and restrictions for accounts with IPPB.
For getting cash delivered at one’s doorstep, one would have to pay Rs 25 per transaction; the goods and services tax (GST) would be