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NEFT and RTGS facilities available to Post Office savings account holders: Department of Post

PO saving accountclients, then again, will actually want to utilize the RTGS administration beginning May 31, 2022.

The Department of Post has made the NEFT and RTGS facilities accessible to Post Office bank account holders. PO investment account clients can now send cash electronically. In a round delivered on May 17, the CBDT expressed that the NEFT office will be accessible to POSB clients beginning May 18, 2022.

PO saving account clients, then again, will actually want to utilize the RTGS service beginning May 31, 2022. Clients can now easily move assets from other ledgers to POSB accounts in DoP-CBS, because of the presentation of the assistance (Department of Posts – Core Banking Solutions).

The CBDT said, “This is in regards to carry out of NEFT/RTGS facility for POSB accounts which will be made functional for POSB account holders from 31.05.2022. Standard Operating Procedure for Payment Channel Division, Bengaluru (Annexure l), Standard Operating Procedure for end clients of Post Offices (Annexure ll) and Standard Accounting Procedure (Annexure lll) are appended herewith.”

The division then delivered an explanation, expressing that RTGS usefulness is presently being tried and would be accessible by May 31, 2022. “The NEFT rollout date can be perused as 18.05.2022. Before the rollout, a different SOP for RTGS will be circled,” it noted.

What is NEFT, RTGS?

RTGS represents Real Time Gross Settlement, though NEFT is for National Electronic Funds Transfer. These administrations are accessible nonstop, 365 days per year, paying little mind to post office or bank occasions. Both are electronic cash moves, but NEFT exchanges are settled each half hour, with the primary bunch starting at 12:30 a.m. furthermore, the last group, known as the EOD cluster, finishing at 12 PM. RTGS exchanges, then again, are gotten comfortable continuous.

Through NEFT transactions, the cash is conveyed that very day or the following day to the beneficiary.

Charges for NEFT transactions

Clients that utilization NEFT exchanges are charged the accompanying assistance expenses:

  • For transactions up to Rs 10,000 – Rs 2.50 + appropriate GST
  • For transactions above Rs 10,000 up to Rs 1 lakh – Rs 5 + appropriate GST
  • For transactions above Rs 1 lakh up to Rs 2 lakh – Rs 15 + relevant GST
  • For transactions above Rs 2 lakh – Rs 25 + material GST

Maximum and minimum transaction limit

For NEFT settlements, the base and most extreme sums per transaction are Rs 1 and Rs 15 lakh, separately. Outward NEFT utilizing eBanking and mBanking channels has a transaction breaking point of Rs 2 lakh for every exchange. The most extreme number of transactions each day is 5.

Outward NEFT transactions started through eBanking and mBanking administrations have an everyday transaction cutoff of Rs 10 lakh. For eBanking and mBanking, there is a period variable transaction covering to restrict the gamble of misrepresentation. Subsequently, from 8 p.m. to 8 a.m., the greatest transaction limit for outward NEFT started through eBanking/m-Banking is Rs 2 lakh.

The most effective method to report a complaint

Clients can document grievances about their NEFT transactions utilizing any of the accompanying techniques:

  • India Post’s client assistance number is 1800 2666 868. Through the India Post site’s objections region (https://www.indiapost.gov.in/VAS/Pages/ComplaintRegistration.aspx). Select NEFT as the kind of reserve funds bank administration under the monetary administrations class.
  • In any post office branch, utilizing SAP-CRM.
  • End clients of post offices ought to document grumblings in SAP-CRM under the monetary administrations Savings Bank class.
  • For any NEFT transaction related grumblings, an UTR number is required.
  • For functional assistance and huge troubles, Post Offices and Circles can contact the Nodal Office in Bengaluru. (postatm@indiapost.gov.in) email

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