SB Order 9/2023 – Promotion of Post Office NEFT RTGS Facility
SB Order 09/2023: Regarding promotion of NEFT/RTGS facility for fund transfer from Bank account to PPF/SSA and PO Savings Account in Post Office
| Letter Number | SB Order 9/2023 – F. No FS-13/7/2020-FS-Part(1) |
| Letter Dated | 05.04.2023 |
| Issued by | FS Division |
| Subject | SB Order 9/2023 – Promotion of Post Office NEFT RTGS Facility |
| Signed By | AD (SB-II) |
| Download PDF | Click Here |
This has reference to SB Order No.08/2022 dated 17-05-2022 in which NEFT/RTGS facilities have been introduced for POSB account holders. By availing these facilities Bank Account holders can transfer fund between Bank Account to PO Savings Account and vice versa. Further, Account holders can also transfer fund from Bank account to Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) by using NEFT facility.
2. It has been observed that general awareness on 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 Account PPF/SSA by using NEFT/RTGS facilities.
3. (A) General : – Account holders are advised to be aware with the following points before initiating fund transfer to PPF/SSA:-
- (i) PPF/SSA account should not have any pending previous years defaulted subscription. If the account has pending previous year subscription pending default is to be deposit through any nearest CBS post office.
- (ii) If PPF account has matured, submit Account extension form alongwith passbook at post office concerned within one year from the date of maturity.
- (iii) Fund transfer in PPF/SSA should be in multiple of rs 50/-
- (iv) Fund transfer in PPF/SSA should be maximum of rs 1.50 lakh in a financial year.
- (v) In case any NEFT Transaction fails due to technical reasons, the amount will be reversed in the bank account concerned in one working day.
(B) The procedure for fund transfer from Bank Account to PO Savings Account or PPF account or SSA Quick Transfer (without adding beneficiary) is mentioned below:
- Login into net banking 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 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
- Click on Confirm
- Enter OTP and click on Confirm
- Click on Print . if required
- Log out
- SMS will be received for debit and credit.
(C). Fund Transfer by adding beneficiary:
- Login into net banking 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
- Click on Confirm
- Enter OTP and click on Confirm
- After successful adding beneficiary, proceed with fund transfer
- 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
- Accept terms and conditions.
- Click on Submit
- Click on Confirm
- Enter OTP and click on Confirm
- Click on Print , if required
- Log out
- SMS will be received for debit and credit.
4. It is requested to circulate it to all concerned for information, guidance and necessary action to promote this facility to account holders. Same may also be placed on the notice board of all Post Offices in public area.
5. This is issued with the approval of the Competent Authority
Download PDF of SB Order 9/2022 – Click Here