Introduction of NEFT/RTGS facility for POSB Account holders - reg.
As per SB Order 08/2022 dated 17.05.2022 and 18.05.2022 the NEFT/ RTGS facility will be operational for POSB Account holders with effect from 18.05.2022. This facility will be very much useful for the SB Account holders. The gist of the facility are as below:
1. NEFT/ RTGS
NEFT (National Electronic Fund Transfer) is RBI operated interbank payment system. Under this scheme individuals can electronically transfer funds from any bank branch or channels to any other individual having an account with any other bank branch in the country participating in the scheme.
RTGS (Real Time Gross Settlement) is defined as the continuous and real time settlement of fund transfers, individually on a transaction without netting or grouping. Real Time means the processing of instructions at the time they are received. Gross Settlement means the settlement of fund transfer instructions occurs individually. RTGS transactions are available 24*7*365.
2. NEFT/ RTGS facility at Post Offices / Online
a. NEFT/ RTGS facility for Account holders across the counter at Post Offices:
The walk-in customers by just visiting any of the Post Office can avail NEFT/ RTGS facility. The following are the features:
1. Customer should have an active Post Office Savings Account to initiate outward NEFT remittance to other Bank Accounts.
2. Account holder need not activate Net-banking facility in the system.
3. Account holder will submit filled NEFT/ RTGS mandate form along with withdrawal slip (SB-7) or POSB cheque and present across the counter at Post Office.
4. In case of Joint ‘A’ type , both the Account holders shall sign the NEFT mandate form.
5. Service charges for each NEFT/RTGS transaction initiated across the counter of Post Office will be deducted from SB Account.