On the other hand, PO savings account holders can enjoy the RTGS feature from May 31, 2022. With the launch of the service, customers can easily transfer funds to and from other bank accounts to accounts POSB in DoP-CBS (Department of Posts – Basic Banking Solutions).
The CBDT said: “This is the deployment of the NEFT/RTGS facility for POSB accounts which will be made operational for POSB account holders from 31.05.2022. Standard operating procedure for channel division Attached is the Standard Operating Procedure for Post Office End Users (Annex ll) and Standard Accounting Procedure (Annex lll).
Later, the department issued a clarification stating that the RTGS feature is currently being tested and is expected to be deployed by May 31, 2022. “The NEFT deployment date can be read as 18.05.2022. A separate SOP for RTGS will be issued in due course before deployment,” he added.
What is NEFT, RTGS?
While NEFT stands for National Electronic Funds Transfer, RTGS stands for Real Time Gross Settlement. These facilities are available 24 hours a day, 7 days a week, 365 days a year, regardless of public holidays and post office hours. Both are the forms of electronic money transfers, however, NEFT transactions are settled every half hour where the first batch starts at 12:30 p.m. and the last batch i.e. EOD batch is settled around midnight. On the other hand, RTGS transactions are settled in real time.
The recipient receives the money the same or next day through NEFT transactions.
Fees for NEFT transactions
The following service fees are levied on customers using NEFT transactions:
For transactions up to Rs 10,000 – Rs 2.50 + GST applicable
For transactions above Rs 10,000 up to Rs 1 lakh – Rs 5 + GST applicable
For transactions above Rs 1 lakh up to Rs 2 lakh – Rs 15 + GST applicable
For transactions above Rs 2 lakh – Rs 25 + GST applicable
Maximum and minimum transaction limit
The minimum and maximum amount per transaction for NEFT installment is Rs 1 Re and Rs 15 lakh respectively. The limit per transaction is Rs 2 lakh for outgoing NEFT through eBanking and m-banking channels. The maximum number of trades that can be made in a day is 5.
The daily transaction limit for outgoing NEFTs initiated via eBanking and m-Banking services is Rs 10 lakh. In or to reduce the risk of fraud, there is a variable duration transaction cap for eBanking and m-Banking. Therefore, the maximum transaction limit for outgoing NEFT initiated via eBanking/m-Banking from 8:00 p.m. to 8:00 a.m. is Rs 2 lakh.
How to report a grievance
Customers can use one of the following methods to register complaints about their NEFT transactions:
a. Through India Post customer support number 1800 2666 868.
b. Via Complaint section on 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.
vs. Via SAP-CRM at any postal agency.
D. Post office end user should register complaints under Financial Services – Savings Bank category in SAP-CRM option
e. UTR number is mandatory to register complaints for all grievances related to NEFT transactions
F. Post Offices and Circles can contact Nodal Office, Bengaluru for any operational support and critical issues. (email id – [email protected])