Standard Operating Procedure (SOP) for NEFT (National Electronic Funds Transfer) transactions for Post Office Savings Bank (POSB) customers.
Key highlights include:
Introduction to NEFT
- NEFT is an RBI-operated payment system allowing fund transfers between bank accounts.
- POSB customers can send/receive funds via NEFT using their Post Office Savings Account.
- IFSC for POSB: IPOS0000DOP (uniform across all branches).
Charges and Limits
Counter Transactions:
- ₹1 to ₹10,000: ₹2.50 + GST
- ₹10,001 to ₹1 lakh: ₹5 + GST
- ₹1–2 lakhs: ₹15 + GST
- Above ₹2 lakhs: ₹25 + GST
- Online (eBanking/mBanking): No charges.
Transaction Limits:
Max per transaction: ₹15 lakhs (counter), ₹2 lakhs (online).
Daily limit: ₹10 lakhs (online).
Requirements for Customers
- Active POSB account.
- Submission of NEFT Mandate Form and either:
- Withdrawal slip (SB-7) or
- POSB cheque.
Process Flow (Counter Transaction)
- Customer submits the NEFT Mandate Form + SB-7/Cheque.
- Counter PA initiates the transaction via Finacle (HPORDM menu).
- Supervisor verifies the transaction, generating a 16-digit UTR (Unique Transaction Reference).
Grievance Mechanism
- Complaints can be lodged via: India Post customer care (1800 2666 868).
- Online portal (India Post Complaints).
- SAP-CRM at Post Offices.
Nodal Office
Payment Channels Division, Bengaluru handles operational support.
Email: postatm@indiapost.gov.in.
Mandatory Documents for NEFT Payment (Customer Perspective)
To initiate an NEFT transaction at a Post Office counter, the customer must provide:
- Filled with beneficiary details (name, account number, IFSC, etc.).
- Signed by the account holder.
- Withdrawal Slip (SB-7) or POSB Cheque:
- For debiting the remitter’s POSB account.
Passbook/Account Details:
- To verify the remitter’s POSB account.
Note: For online NEFT (via eBanking/mBanking), no physical documents are needed, but registration is required.
Key Takeaway: Customers must submit the mandate form + SB-7/cheque and ensure correct beneficiary details (IFSC, account number) to avoid transaction failures. Charges vary based on transaction amount and channel (counter/online).
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