Funds transfer is very easy through Electronic Funds Transfer (NEFT) and Real-time Gross Settlement (RTGS). A large number of people have opened savings accounts in post offices across the country. For a long time the need for electronic fund transfer facility was felt for these customers.
Post Office News: There is good news for those people who have a savings account in the post office. They are also going to get the facility of NEFT and RTGS like bank account customers. With the introduction of these services, post office customers will also be able to transfer funds electronically. This will make sending money easier than before.
The postal department has issued a circular in this regard. These facilities have been started under the supervision of the Ministry of Communications. At present, their trial is going on. These services will be started from May 31, 2022.
Funds transfer is very easy through Electronic Funds Transfer (NEFT) and Real-time Gross Settlement (RTGS). A large number of people have opened savings accounts in post offices across the country. For a long time the need for electronic fund transfer facility was felt for these customers.
What is NEFT
National Electronic Funds Transfer (NEFT) is an electronic payment mode. This facility is provided through Internet Banking. You can transfer any amount of money through NEFT. No limit has been set in this. This service can be availed seven days a week. NEFT transactions in banks are cleared in half an hour.
No charges are levied on outward NEFT transactions initiated through e-banking and m-banking channels. The minimum and maximum charges per transaction for NEFT remittance over the counter is Re 1 and Rs 15 lakh.
What is RTGS
Real-time gross settlement (RTGS) is a rapid process of transferring money. Through this, fund transfer from one bank account to another bank account is very fast. In this, the minimum limit of fund transfer is Rs 2 lakh.
NEFT/RTGS charge on Post Office Savings Account -Rs
- 2.50 for transactions up to Rs 10,000+GST
- Rs 5 for transactions above Rs 10,000 +GST-1 lakh above Rs 1 lakh and up to Rs
- 2 lakh Rs.15 +GST for transactions
- above Rs.2 lakh +GST for transactions above Rs.25 lakhs
