Indian Post Payment Bank (IPPB) has recently increased the Aadhaar Enabled Payment System (AePS) service charge. If you use the Aadhar payment system then now you will have to pay more charges. Along with this, GST will also be added to it. According to the IPPB website, this increased charge will be effective from December 2022. Users using AePS will be charged Rs 20 plus GST on cash withdrawals and cash deposits over and above the free transaction limit on every transaction. Whereas mini-statement transactions will be charged at Rs 5 plus GST per transaction. It has been informed by the website that no charge will be taken for 1 transaction on AEPS cash deposit, withdrawal and mini-statement every month.
What is AePS?
AEPS is a bank-based model, which allows online interoperable financial transactions at POS (MicroATM) through the business correspondent of any bank using Aadhaar verification. NPCI has been designed to effectively handle multiple service requests by enabling authentication gateways for all Aadhaar-linked account holders.
Who can use it?
Any resident of India who has an Aadhaar number linked to a bank account called an Aadhaar Enabled Bank Account (AEBA) can use the AePS service.
What services does AePS provide?
Customers can make a cash deposit, cash withdrawal, balance enquiry, mini statement, Aadhaar to Aadhaar fund transfer, authentication and access BHIM Aadhaar Pay banking services by entering the above credentials. Apart from these, AEPS also provides eKYC, Finger Detection, Demographic Authentication, Tokenization and Aadhaar Seeding Status services.
What needs to be done to take advantage
If you want to use this service then you must have a bank account, and an Aadhar card linked with your bank account. The transaction is completed using only his/her biometric authentication.
