NEFT, RTGS facility rolled out for Post Office savings account holders. Details here

On the other hand, PO saving account holders can avail the RTGS facility from May 31, 2022. With the launch of the service, customers can easily transfer funds to and from other bank accounts to POSB accounts in DoP-CBS (Department of Posts – Core Banking Solutions).

The CBDT said, “This is regarding 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) are attached herewith.”

Later, the department issued a clarification which stated that RTGS functionality is currently under testing and is expected to be rolled out by May 31, 2022. “The roll out date for NEFT may be read as 18.05.2022. Separate SOP for RTGS will be circulated in due course before roll out,” it added.

What is NEFT, RTGS?

While NEFT is the acronym of National Electronic Funds Transfer, RTGS stands for Real Time Gross Settlement. These facilities are available 24X7X365, regardless of post office/bank holidays and timings. Both are the forms of electronic money transfers, however, NEFT transactions are settled every half an hour where first batch starts at 12:30 AM and last batch i.e., EOD batch is settled around midnight. On the other hand, RTGS transactions are settled in real time.

The receiver gets the money on the same day or the next day through NEFT transactions.

Charges for NEFT transactions

The following service charges are levied on customers using NEFT transactions:

For transactions up to Rs 10,000 – Rs 2.50 + applicable GST

For transactions above Rs 10,000 up to Rs 1 lakh – Rs 5 + applicable GST

For transactions above Rs 1 lakh up to Rs 2 lakh – Rs 15 + applicable GST

For transactions above Rs 2 lakh – Rs 25 + applicable GST

Maximum and minimum transaction limit

The minimum and maximum amount per transaction for NEFT remittance is Re 1 and Rs 15 lakh, respectively. The limit per transaction is Rs 2 lakh for outward NEFT through eBanking and m-banking channels. The maximum transactions that can be made in a day is 5.

Daily transaction limit for outward NEFT initiated through eBanking and m-Banking services is Rs 10 lakh. In or to reduce the risk of frauds, there is a time variable transaction capping for eBanking and m-Banking. Hence, the maximum transaction limit for outward NEFT initiated through eBanking/m-Banking from 8 PM to 8 AM is Rs 2 lakh.

How to report a grievance

Customers can use any of the following methods to register complaints regarding their NEFT transactions:

a. Through India Post customer care number 1800 2666 868.

b. Through complaints section in India Post website https://www.indiapost.gov.in/VAS/Pages/ComplaintRegistration.aspx under financial services category, Savings bank service and select the type as NEFT.

c. Through SAP-CRM in any post office branch.

d. Post office end user should register the complaints under financial services- Savings Bank category in SAP-CRM option

e. UTR number is mandatory for registering complaints for all NEFT transaction related grievance

f. Post Offices and circles can contact Nodal Office, Bengaluru for any operational support and critical issues. (email id – postatm@indiapost.gov.in)