As per the issued circular, “This is the deployment of NEFT/RTGS facility for POSB accounts which will be made operational for POSB account holders from 31.05.2022. Payment, Bengaluru (Appendix l), Standard Operating Procedure for Post Office End Users (Appendix ll) and Standard Accounting Procedure (Appendix lll) are attached hereto, therefore it is requested that they be circulated to all persons concerned for information, necessary action and advice Wide publicity on the availability of the NEFT/RTGS facility to POSB account holders can also be done through the notice boards/information board of all post offices in the public area.”
Later, a clarification was issued by the department on May 18, 2022. In accordance with the published clarification, “Attention is drawn to SB Order No. 08/2022 issued under this office letter of the same issue dated 05.17. 2022. In this connection, after the references received from the field units, it should be clarified that NEFT and RTGS are distinct products. The SOP distributed for post offices in annex ll of the said order concerns only NEFT. The RTGS functionality is currently being tested and is expected to be deployed by May 31, 2022. The deployment date of NEFT, as mentioned in paragraph L of SB Order No. 0812022, can be read as May 18, 2022. A separate SOP for RTGS will be issued in due time prior to deployment.
What is NEFT, RTGS
NEFT stands for National Electronic Funds Transfer and RTGS stands for Real Time Gross Settlement. These facilities are available 24 hours a day, 7 days a week, 365 days a year, regardless of public holidays and post office hours.
NEFT transactions are settled every half hour where the first lot starts at 12:30 p.m. and the last lot i.e. the EOD lot is settled around midnight. RTGS transactions are settled in real time.
Under NEFT, the beneficiary receives the money the same day or the next day. Post office customers can send money to post office accounts from another bank using the online banking service. For customers of Postal Savings Banks, there will be only one IFSC for all branches/POs. The IFSC for the POSB client is IPOS0000DOP. Post offices should affix IFSC DoPs in all passbooks, PPFs and SSAs on the front page as “IFSC: IPOS0000DOP”.
Fees for NEFT transactions
Here are the service fees for NEFT outbound transactions initiated by customers:
|For transactions up to Rs 10,000||Rs 2.50 + applicable GST|
|For transactions above Rs 10,000 up to Rs 1 lakh||Rs 5 + applicable GST|
|For transactions above Rs 1 lakh up to Rs 2 lakh||Rs 15 + applicable GST|
|For transactions above Rs 2 lakh||Rs 25 + applicable GST|
Maximum and minimum transaction limit
The minimum and maximum amount per transaction for NEFT installment is Rs 1 Re and Rs 15 lakh respectively, according to SOURCE. The limit per transaction is Rs 2 lakh for outgoing NEFT through eBanking and m-banking channels. The maximum number of transactions allowed per day is five. The daily transaction limit for outgoing NEFTs initiated via eBanking and m-Banking services is Rs 10 lakh. There is a variable duration transaction cap for eBanking and m-Banking to mitigate the risk of fraud, SOURCE said. Therefore, the maximum transaction limit for outbound NEFT initiated via eBanking/m-Banking from 8:00 p.m. to 8:00 a.m. is Rs 2 lakh.
Make a NEFT transfer via the postal agency
Customers must have an active postal savings account to initiate a NEFT payment to other bank accounts. The counter PA should collect a NEFT money order form and an SB-7/POSB check from the customer.
Once the supervisor has verified the transaction, a 16-digit UTR number (example DOPH221100005618) will be generated and should be noted on both the NEFT money order form and the SB-7 form or POSB check, by the supervisor .
Customers can use one of the following methods to register complaints about their NEFT transactions:
a. Via India Post customer support number 1800 2666 868.
b. Via complaints section on India Post website https://www.indiapost.gov.in/VAS/Pages/ComplaintRegistration.aspx under Financial Services category, Savings Bank Service and select the type as NEFT.
vs. Via SAP-CRM at any postal agency.
D. Post office end user should register complaints under Financial Services – Savings Bank category in SAP-CRM option
e. The UTR number is mandatory for registering complaints for all grievances related to NEFT transactions.
F. Post Offices and Circles can contact Nodal Office, Bangalore for any operational support and critical issues. (email id – email@example.com)