NEFT SOP for Post Office Counter PA
Here below Standard Operating Procedure (SOP) for Post Office Counter PA to do NEFT RTGS Transactions POSB to Bank Account
1. About this Document
This document provides all related information to the India Post end users to understand the process of NEFT (National Electronic Fund Transfer) Outward and Inward Remittance transactions process flow and operations across the PO counter.
2. Introduction
• National Electronic Fund Transfer (NEFT) is one of the payment products operated by RBI.
• The Beneficiary gets the funds on the same day or the next day.
• Till now Post Office Savings Account withdrawal/closure could only be done through cash withdrawal and Cheque. Now, with NEFT/RTGS Post Office Savings Account withdrawal/closure amount can be transferred to other bank on request of customer.
• Similarly Post Office customers can send money to Post Office accounts from other bank through their internet banking. This will make investment in POSB schemes easier. At present, NEFT Inward Remittance is allowed only to Post Office Savings Account. However, this facility will be extended to PPF and SSA accounts shortly.
• IFSC (Indian Financial System Code) is an eleven-character alphanumeric code that is used to identify the particular branch of a participating bank and is used in remittances namely NEFT & RTGS. For POSB customers there will be only one IFSC for all branches/POs. IFSC for POSB customer is IPOS0000DOP.
• UTR number for NEFT is 16-digit Unique Transaction Reference number.
• NEFT services are available across counters during regular business hours of the PO.
• In addition, customers who are already registered users of India Post eBanking and mBanking services can also initiate outward NEFT transaction through those channels. The unregistered POSB customers can also avail NEFT facility after due registration.
3. Charges and Limits
Service charges for customer initiated NEFT outward transactions across counter are:
| For Transactions Upto 10,000 Rs | Rs 2.50 + Applicable GST |
| For Transactions above Rs 10,000 Upto Rs 100,000 | Rs 5 + Applicable GST |
| For Transactions Above Rs 100,000 upto Rs 200,000 | Rs 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 &
mBanking 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 & mBanking channels. The maximum number of transactions permitted per day are five. Daily Transaction limit for outward NEFT initiated through eBanking & mBanking services is Rs.10,00,000/-.
• There is a time variable transaction capping for eBanking & mBanking to mitigate fraud risk. Hence maximum transaction limit for outward NEFT initiated through eBanking/mBanking from 8 PM to 8 AM is Rs.2,00,000/-.
• The charges and limits are subjected to revision.