SB order 08/2022: How to use NEFT and RTGS facilities for Post Office Accounts

Recently, the Department of Post introduced NEFT and RTGS facilities for all post office savings bank account holders. This order is known as SB order 08/2022.

As per SB order no. 08/2022, all post offices customer who has an SB account in the Post office can avail of NEFT and RTGS service to transfer money online.

We know that all banks are already providing NEFT as well as RTGS facilities to their customers. Now Postal Department started NEFT and RTGS facilities for their customer in 2022.

If a post office customer wants to use NEFT or RTGS, then what is the procedure to avail of post office NEFT and RTGS facilities.

Don't worry, I am going to share a step-by-step process on how to use NEFT and RTGS facilities for post office accounts.

How to use NEFT and RTGS facilities for Post Office Accounts

First of all, customers must have a post office savings bank (POSB) account in any post office. After that, they have to follow the below process to use Post Office NEFT or RTGS facility.

• Visit your nearest post office along with your Post office account Passbook.
• Ask to post office staff if you want to use NEFT or RTGS facility.
• Post Office Staff gives an NEFT/RTGS form.
• You have to fill out it.
• Submit duly filled NEFT/RTGS form along with Passbook and POSB cheque.
• The Beneficiary gets the funds on the same day or the next day.

Key Points on NEFT or RTGS Facility for Post Office account

• Post Office customers can send money to Post Office accounts from other banks through their internet banking.
• At present, NEFT Inward Remittance is allowed only to Post Office Savings Accounts. However, this facility will be extended to PPF and SSA accounts shortly. 
• During the closure of Accounts except for SB, the funds can be credited to the customer’s POSB account and further outward NEFT can be initiated through Post Office/Internet Banking / Mobile banking for desired Beneficiary bank accounts.
• UTR number for NEFT is a 16-digit Unique Transaction Reference number.
• NEFT services are available across post office counters during regular business hours.
• PO.

NEFT/RTGS facility Charges in the post office

When NEFT transactions are done from any bank to a post office account, no charge is applicable for inward NEFT Transactions. 

Similarly, online NEFT Transactions initiated through e-Banking and M-Banking Channels are also not chargeable.

When a customer visits at Post office and requests for NEFT Outward, charges are levied which are auto-debited from the POSB Account at the time of transaction.

These are as under-

• For transactions up to Rs. 10,000-- Rs. 2.50 + GST
• For transactions above Rs.10,000 up to Rs. 1 Lakh-- Rs. 5.00 + GST
• For transactions above Rs. 1 Lakh up to Rs. 2 Lakhs-- Rs. 15.00+GST
• For transactions above Rs. 2 Lakhs-- Rs. 25.00+GST

Limits for NEFT/RTGS in the post office

Post Office customers can do transactions under NEFT from Rs. 1/- rupees to Rs. 15 lakh.

The limit per transaction is Rs 2,00,000/- for outward NEFT through eBanking & m-Banking channels. 

The maximum number of transactions permitted per day is five. 

The daily Transaction limit for outward NEFT initiated through eBanking & m-Banking services is Rs.10,00,000/-.

There is a time variable transaction capping for eBanking & m-Banking to mitigate fraud risk. Hence maximum transaction limit for outward NEFT initiated through eBanking/m-Banking from 8 PM to 8 AM is Rs.2,00,000/-.

Post Office NEFT/RTGS form download

Post Office NEFT/RTGS form is pasted here for free download. Click here to download Post Office NEFT/RTGS form.

NEFT Full form in a post office

The full form of NEFT is National Electronic Fund Transfer. NEFT is RBI operated interbank payment system. Under this scheme, individuals can electronically transfer funds from any bank branch or channel to any other individual having an account with any other bank branch in the country participating in the scheme.

NEFT transactions are automated through Straight Through Processing (STP) modes by banks. NEFT transactions are 24 x 7 x 365 payment system. 

Transactions are settled between banks every half an hour batch by RBI. DoP participates in this scheme through sponsor bank IPPB. DoP CBS is integrated with the IPPB MQ server for NEFT message transmission.

RTGS full form in a post office

The full form of RTGS is Real Time Gross Settlement. RTGS is defined as the continuous and real-time settlement of fund transfers, individually on a transaction without netting or grouping. 

Real-Time means the processing of instructions at the time they are received. Gross Settlement means the settlement of fund transfer instructions occurs individually. RTGS transactions are available 24 x 7 x 365.

SB Order 08/2022 PDF download

Click here to download the PDF file of SB order no. 08/2022.

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