NEFT AND RTGS OF POSA
As per SB Order 08/2022 dated 17.05.2022 and 18.05.2022 the NEFT/ RTGS facility will be operational for POSB Account holders with effect from 18.05.2022.
NEFT & RTGS
NEFT (National Electronic Fund Transfer) is RBI operated interbank payment system. Under this scheme individuals can electronically transfer funds from any bank branch or channels to any other individual having an account with any other bank branch in the country participating in the scheme.
RTGS (Real Time Gross Settlement) 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*7*365.
2. NEFT/ RTGS facility at Post Offices / Online
NEFT/ RTGS facility for Account holders across the counter at Post Offices:The walk-in customers by just visiting any of the Post Office can avail NEFT/ RTGS facility.
The following are the features:
1. Customer should have an active Post Office Savings Account to initiate outward NEFT remittance to other Bank Accounts.
2. Account holder need not activate Net banking facility in the system.
3. Account holder will submit filled NEFT/ RTGS mandate form along with withdrawal slip (SB-7) or POSB cheque and present across the counter at Post Office.
4. In case of Joint ‘A’ type , both the Account holders shall sign the NEFT mandate form.
5. Service charges for each NEFT/RTGS transaction initiated across the counter of Post
Office will be deducted from SB Account.
IFSC (Indian Financial System Code) is an eleven-character alphanumeric code that is
used to identify the particular branch of a participating bank and is used in remittances namely NEFT & RTGS.
For POSB customers there will be only one IFSC for all branches/POs. IFSC for POSB customer is IPOS0000DOP.
UTR number for NEFT is 16-digit Unique Transaction Reference number.
NEFT services are available across counters during regular business hours of the PO.
In addition, customers who are already registered users of India Post eBanking and
mBanking services can also initiate outward NEFT transaction through those channels.
The unregistered POSB customers can also avail NEFT facility after due registration.
3. India Post NEFT Charges and Limits
Service charges for customer initiated NEFT outward transactions across counter are:
For transactions up to ₹10,000 - ₹ 2.50 + Applicable GST
For transactions above ₹ 10,000 up to ₹ 1 lakh - ₹ 5 + Applicable GST
For transactions above ₹ 1 lakh and up to ₹ 2 lakhs - ₹ 15 + Applicable GST
For transactions above ₹ 2 lakhs and not exceeding the maximum limit -
₹ 25 + Applicable GST
However, no charges are levied for outward NEFT transactions initiated through
eBanking & mBanking channels.
Minimum & Maximum amount per transaction for NEFT Remittance across the counter is Rs.1/- and Rs.15,00,000/- respectively.
The limit per transaction is Rs 2,00,000/- for outward NEFT through eBanking &
mBanking channels.
The maximum number of transactions permitted per day are five.
Daily Transaction limit for outward NEFT initiated through eBanking & mBanking services is Rs.10,00,000/-.
There is a time variable transaction capping for eBanking & mBanking to mitigate fraud risk.Hence maximum transaction limit for outward NEFT initiated through eBanking/mBanking from 8 PM to 8 AM is Rs.2,00,000/-.
The charges and limits are subjected to revision