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NEFT, RTGS facility to be provided to post office account holders: Check details

The Department of Posts (DoP) has rolled out NEFT and RTGS facilities under the supervision of the Ministry of Communications in order to provide post office savings account holders with the ability to conduct digital transactions.Premium
The Department of Posts (DoP) has rolled out NEFT and RTGS facilities under the supervision of the Ministry of Communications in order to provide post office savings account holders with the ability to conduct digital transactions.

The Department of Posts (DoP) has rolled out NEFT and RTGS facilities under the supervision of the Ministry of Communications in order to provide post office savings account holders with the ability to conduct digital transactions.

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The Department of Posts (DoP) has rolled out NEFT and RTGS facilities under the supervision of the Ministry of Communications in order to provide post office savings account holders with the ability to conduct digital transactions. The POSB account holders will be able to use the NEFT/RTGS service starting on May 31, 2022 which is currently under the testing phase.

According to a statement dated 17.05.2022, DoP has said that “This is regarding the rollout of the NEFT/RTGS facility for POSB accounts which is going to be made operational for POSB account holders from 31.05.2022. Standard Operating Procedure for Payment Channel Division, Bengaluru (Annexure l), Standard Operating Procedure for end-users of Post Offices (Annexure ll), and Standard Accounting Procedure (Annexure-III) are attached herewith. lt is therefore requested to circulate this to all concerned for information, necessary action, and guidance. Wide publicity about the availability of the NEFT/RTGS facility to POSB account holders may also be made through notice boards/information Boards of all the Post offices in the Public areas."

What are NEFT & RTGS?

National Electronic Fund Transfer (NEFT) is an interbank payment system that can be used 24 hours a day, 7 days a week, 365 days a year and transactions are cleared between banks in half-hour batches by the RBI. DoP is a participant in this initiative, which is sponsored by IPPB. For NEFT message transmission, DoP CBS is linked with the IPPB MQ server.

RTGS stands for Real-Time Gross Settlement, which is a real-time fund transfer settlement system in which individual fund transfer instructions are settled. RTGS transactions are available around the clock, 365 days a year.

Post office savings account NEFT & RTGS charges and limit

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

Key takeaways of NEFT and RTGS facility as per DoP

No charges are levied for outward NEFT transactions initiated through eBanking & m-Banking channels.

The 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 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, the maximum transaction limit for outward NEFT initiated through eBanking/m-Banking from 8 PM to 8 AM is Rs.2,00,000/-.

The charges and limits are subjected to revision.

Post office NEFT & RTGS grievance mechanism

Customers can file complaints regarding their NEFT transaction using any of the procedures listed below, according to the DoP.

Through India Post customer care number 1800 2666 868.

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.

Through SAP-CRM in any post office branch.

Post office end-user should register the complaints under financial services- Savings Bank category in SAP-CRM option.

16-digit UTR number is mandatory for registering complaints for all NEFT transaction-related grievance.

Post Offices and circles can contact Nodal Office, Bengaluru for any operational support and critical issues. (email id - postatm@indiapost.gov.in).

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