From Cash Withdrawal Limit To ATM Charges: All You Need To Know About Post Office ATM-Cum-Debit Cards

India Post provides a range of financial and retail services, besides offering mailing services. It offers several types of accounts such as savings account, fixed deposit account, monthly income scheme account, senior citizen savings scheme (SCSS) account and recurring deposit (RD) account. The savings accounts of India Post comes with an ATM facility. This account can be opened by paying a minimum of Rs 20, according to the India Post's official website - indiapost.gov.in. India Post pays interest at the rate of 4 per cent per annum on deposit in its savings account in the current quarter. The minimum balance that is required to be maintained in an account without the cheque facility is Rs 50.

Here are the various types of ATM-cum-debit card charges levied by India Post and the transaction limits:

Transaction limit

• India Post permits cash withdrawals up to Rs 25,000 per day through its ATM card. A cash withdrawal limit of Rs 10,000 per transaction is allowed.
• India Post or Department of Post offers five transactions per day free of cost at its ATMs. This includes financial and non-financial transactions carried out at post office ATMs. It allows three free transactions in a month from its debit card when used at ATMs of other banks in metro cities.
• Post office ATM card holders are allowed five transactions free of cost in other banks' ATMs located in cities other than metros.

Transaction charges

• India Post ATM card holders exhausting the permissible number of transactions at ATMs of other banks have to pay a fee of Rs 20 (plus GST) for every additional transaction, according to India Post.

A post office savings account can be opened by cash only. A cheque facility is available if the account is opened with Rs 500 and for this purpose, maintenance of Rs 500 as minimum balance is required.