Other than providing a free intra-bank fund transfer service to its customers, India Post Payments Bank also provides instant money transfer services. IPPB or India Post Payments Bank charges a fee ranging from Rs 2.5 to Rs 50 per transaction from its customers for instant money transfer through NEFT, RTGS and IMPS payments platforms, according to the government-owned payments bank's website - ippbonline.com.

NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment Service) are payments platforms that enable instant money transfer - also known as wire transfer - from one bank account to another through computer systems. For NEFT transfers initiated from access points, India Post Payments Bank charges a fee of Rs 2.5-25 per transaction from its customers, according to its website.

The bank charges a fee ranging from Rs 2.5 to Rs 20 for an NEFT transaction made through mobile banking, it noted.For instant fund transfer through RTGS, the payments bank - which started countrywide operations in September this year - charges a fee of Rs 25-50 per transaction, according to its website.India Post Payments Bank customers are charged a fee of Rs 5-50 per transaction for instant money transfer through IMPS, according to the lender's portal.