The post office account holders can soon be able to use NEFT and RTGS facilities. Now,
Post Office customers can send money to Post Office accounts from other banks through their internet banking.
According to the official notice released by the department, the facility will be available from May 31, 2022.
The official statement read, “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,” it added.
Charges for post office account holders for using RTGS and NEFT
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
What are NEFT and 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.
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.
