Post Office Savings Accounts customers can now transfer money between Post Office accounts and other bank accounts through Internet banking/ Mobile banking. This will make investment in POSB schemes easier. National Electronic Fund Transfer (NEFT) is one of the payment products operated by RBI. NEFT Inward Remittance is allowed to PPF and SSA accounts also. Similarly, during closure of Accounts except SB, the funds can be credited to customer’s POSB account and further outward NEFT can be initiated through Post Office/Internet Banking / Mobile banking for desired Beneficiary bank accounts.

There will be only one IFSC for all branches/POs.  IFSC for POSB customer is IPOS0000DOP.

NEFT services are available across counters during regular business hours of the Post Offices.

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.

Charges and Limits

Service charges for customer initiated NEFT outward transactions across counter are:
 

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

However, no charges are levied for outward NEFT transactions initiated through eBanking & m-Banking 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 & m-Banking channels. The maximum number of transactions permitted per day are five. Daily Transaction limit for outward NEFT initiated through eBanking & m-Banking services is Rs.10, 00,000/-.

 There is a time variable transaction capping for eBanking & m-Banking to mitigate fraud risk. Hence maximum transaction limit for outward NEFT initiated through eBanking/m-Banking from 8 PM to 8 AM is Rs.2, 00,000/-.

The customer should have an active post office savings account to initiate outward NEFT remittance to other bank accounts.

ND 

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