NEFT facility started in Post Offices, hassle free transaction between Bank and Post Office

The Government of India has also started the facility of Electronic Funds Transfer (NEFT) for Post Office savings account holders. With this, money can be transferred online from any Bank account to Post Office account and similarly, from Post Office account to Bank account. This facility can be availed through Post Office counters, Internet Banking or Mobile Banking. To avail this service through the counters, customers should have a savings account in the Post Office and for transfer of funds through NEFT, customers will have to fill up a mandate form and present it on the counter. Mr. Krishna Kumar Yadav, Postmaster General, Varanasi Region said that there will be only one IFSC code IPOS0000DOP for all the Post Offices across the country for transfer of funds to Post Office accounts. By having one unique IFSC code of all the Post Offices across India, the customers will not have to search the IFSC code of each Post Office separately.

Postmaster General Mr. Krishna Kumar Yadav said that the facility of National Electronic Fund Transfer will bring great convenience to the people. Account holders of Public Provident Fund (PPF) and Sukanya Samriddhi Yojana of Post Offices can deposit money in these accounts through NEFT sitting at home. The minimum limit for transferring amount in NEFT is Rs.1 and the maximum limit is Rs.15 lakh. Under Internet Banking or Mobile Banking, a maximum of 5 NEFT transactions in a day and a maximum of Rs 2 lakh per transaction and Rs 10 lakh per day can be done. Postmaster General Mr. Yadav further added that for NEFT up to Rs 10,000, account holders will have to pay Rs 2.50 and GST. For amounts more than ten thousand to one lakh rupees, this charge will increase to five rupees and GST. Apart from this, Rs 15 and GST will have to be paid for the amount more than one lakh to two lakh rupees and for the amount above 2 lakh rupees, 25 and GST will have to be paid. This facility is available 24 hours free of cost under Internet Banking or Mobile Banking.

It is worth mentioning that Post Offices have an important role in financial inclusion. Most of the people in rural areas still have their accounts opened in Post Offices. As such, the introduction of NEFT facilities in the Post Office by the Government of India will bring great convenience to the people.

IFSC code of Post Office for NEFT facility will be IPOS0000DOP