India Post Payments Bank to Charge Annual Maintenance and Re-issuance Fees for Virtual Debit Cards

India Post Payments Bank (IPPB) has announced that it introduced annual maintenance and re-issuance charges for its virtual debit cards effective from 15 July 2022.
According to an IPPB press release, "This is to inform all concerned that annual maintenance charges of Rs25 (incl. of GST) on Virtual Debit Card (VDC) will be applicable w.e.f 15 July 2022." However, premium accounts (SBPRM) will be exempt from these charges.
IPPB Virtual Card
IPPB virtual card is a digital debit card that can be used for e-commerce transactions (online). The card can be used to shop online in India at any merchant website/online portal that accepts RuPay cards, just like a traditional plastic card. This digital debit card can be generated by the customers on their mobile banking app.
IPPB Charges
How to generate Virtual Debit Card on IPPB app?
Step 1: Download IPPB app and login
Step 2: Click on Rupay Cards, and click on Virtual debit cards
Step 3: In next page, click on 'Request Virtual Debit Card'
Next page will display details of Rupay card
Step 4: Tick the box to accept the terms and conditions and click on 'Continue' and confirm
Step 5: Enter OTP received on your registered mobile number
Your virtual debit card will be generated and t ..



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Changes in Our Business Model
Greetings from Moneylife Advisory Services
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
Debashis Basu