Post Office update: The post office account holders will soon get to use NEFT and RTGS facilities under the supervision of the Ministry of Communications. It will facilitate the account holders to conduct digital transactions. According to the official notice released by the department, the facility will be available from May 31, 2022.
PO saving account customers, on the other hand, will be able to use the RTGS service starting May 31, 2022. Customers can now effortlessly transfer funds from other bank accounts to POSB accounts in DoP-CBS, thanks to the debut of the service (Department of Posts – Core Banking Solutions).
The CBDT said, “This is regarding the roll-out of 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 lll) is attached herewith.”
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 GS
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 subject 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 the complaints section on the India Post website https://www.indiapost.gov.in/VAS/Pages/ComplaintRegistration.aspx under the 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 the financial services- Savings Bank category in the SAP-CRM option.
A 16-digit UTR number is mandatory for registering complaints about all NEFT transaction-related grievances.
Post Offices and circles can contact Nodal Office, Bengaluru for any operational support and critical issues. (email id – email@example.com).