BackNow make fund transfer from bank account to PO savings account, PPF or SSY without adding beneficiary: Here’s how
Bank account holders can transfer funds from their bank accounts to a PO savings account and vice versa by using NEFT and RTGS services.
PremiumBank account holders can transfer funds from their bank accounts to a PO savings account and vice versa by using NEFT and RTGS services. Moreover, account users can use the NEFT service to transfer money from their bank accounts to their public provident funds (PPF) and sukanya samriddhi accounts (SSA). The most recent SB Order No. 09/2023 from the Ministry of Communications states that contributions can be made online, with or without adding a beneficiary.
According to a SB Order No. 09/2023, dated 05.04.2023, Ministry of Communications said that now fund transfer can be made from bank account to PO Savings Account or PPF account or SSA Quick Transfer without adding a beneficiary.
“It has been observed that general awareness of these facilities amongst staff and account holders is not adequate. Therefore competent authority has decided to circulate the process for fund transfer from Bank Account to PO Savings AccounciPPF/SSA by using NEFT/RTGS facilities," said Ministry of Communications in a circular.
Points to note while initiating fund transfer to PPF/SSA
According to Ministry of Communication, account holders are advised to be aware with the following points before initiating a fund transfer to PPF/SSA:-
1. PPF/SSA account should not have any pending previous years' defaulted subscriptions. If the account has pending previous year subscription pending default is to be deposited through any nearest CBS post office.
2. If PPF account has matured, submit the account extension form along with passbook at post office concerned within one year from the date of maturity.
3. Fund transfer in PPF/SSA should be in multiple of ₹50
4. Fund transfer in PPF/SSA should be a maximum of ₹1.50 lakh in a financial year.
5. In case any NEFT Transaction fails due to technical reasons, the amount will be reversed in the bank account concerned in one working day.
Process to make fund transfer from bank account to PO Savings Account or PPF account or SSA quick transfer (without adding beneficiary)
Login into netbanking of bank account.
Go to Payment/Transfer Tab
Select Quick Transfer (without beneficiary)
Enter beneficiary name
Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or SSA or PO Savings account No.
Select the payment option "Inter Bank Transfer"
Enter IFSC Code IPOS0000DOP
Select Transaction mode "NEFT"
Enter amount to be transferred
Select purpose 'Deposit/Investment'
Accept terms and conditions.
Click on Submit and then click on Confirm
Enter OTP and click on Confirm
Click on Print, if required
Log out
SMS will be received for debit and credit.
Process to make fund transfer by adding beneficiary
Login into netbanking of bank account.
Go to Payment/Transfer Tab
Select Add and Manage Beneficiary
Select Other Bank Beneficiary
Enter beneficiary name
Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or SSA or PO Savings account No.
Select IFSC and Enter IFSC Code IPOS0000DOP
Accept terms and conditions.
Click on submit and then click on confirm
Enter OTP and click on Confirm.
How to proceed with fund transfer after successfully adding beneficiary?
Go to Payment/Transfer Tab
Select Other Bank Transfer
Enter beneficiary name
Select NEFT/RTGS for Savings Account and NEFT for PPF/SSA Account
Click on proceed
Select purpose 'Deposit/Investment'
Select the beneficiary and then accept terms and conditions.
Click on submit and then click on confirm
Enter OTP and click on Confirm
Click on print, if required
Log out
SMS will be received for debit and credit.
Source: utilities.cept.gov.in
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