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General_NEFT_RTGS

 NEFT AND RTGS FACILITY FOR POSB CUSTOMERS 


Postal Savings Bank customers can receive and transfer funds in their POSB accounts to and from other Banks.  The NEFT/RTGS facility was introduced for POSB customer on 18.5.2022 vide SB Order No. 8/2022.

There is only one IFSC code for all the Post office branches across the country and the code is IPOS0000DOP.

Customers can avail this facility through Net banking and Mobile Banking. They can also avail the facility  at the Post office counters during business hours. 

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 & m-Banking 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 & m-Banking channels. The maximum number of transactions permitted per day are five. 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/-.
  • The counter PA should collect a NEFT mandate form along with SB -7/POSB cheque if the transaction is made at the counter.
  • In case of Outward Return transaction (N07i), only the transaction amount will get reversed in customer’s POSB account excluding the service charges.
  • In case of failure at IPPB CBS/SFMS (FCAPI, FBAPI), the transaction amount along with the service charges will get reversed into customer’s POSB account.
  • In case of rejection at RBI end (N03), the transaction amount along with the service charges will get reversed into customer’s POSB account.
    Grievance Mechanism
      Customers can use any of the following methods to register complaints regarding their NEFT transaction
        a. Through India Post customer care number 1800 2666 868.
          b.Through complaints section in 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.
            c. Through SAP-CRM in any post office branch.
              d. Post office end user should register the complaints under financial services- Savings Bank category in SAP-CRM option
                e. UTR number is mandatory for registering complaints for all NEFT transaction related grievance.
                  f. Post Offices and circles can contact Nodal Office, Bengaluru for any operational support and critical issues. (email id - postatm@indiapost.gov.in)

                  Bank account holders can use the facility for transfer of funds to PPF and SSA accounts provided:

                  • PPF/SSA account should not have any pending previous years defaulted subscription. If the account has pending previous year subscription pending default is to be deposit through any nearest CBS post office.
                  • If PPF account has matured, submit Account extension form along with passbook at post office concerned within one year from the date of maturity.
                  • Fund transfer in PPF/SSA should be in multiple of Rs.50
                  • Fund transfer in PPF/SSA should be maximum of Rs. 1.50 lakh in a financial year.
                  • In case any NEFT Transaction fails due to technical reasons, the amount will be reversed in the bank account concerned in one working day.
                  • In order to publicize the availability of NEFT/RTGS service in POSB and for quick reference to the account holders, the  IFSC code shall be printed in the first page of the passbooks as well as on the title page of the passbooks
                   Click here for the relevant SB Order No. 9/2023 and SB Order No. 8/2022  and SB Order No. 21/2022