Post Office savings account holders to get NEFT, RTGS facility: Check details here
Zee News
PO saving account customers, on the other hand, will be able to use the RTGS service starting May 31, 2022.
New Delhi: The Department of Post has made the NEFT and RTGS facilities available to Post Office savings account holders. PO savings account customers can now send money electronically. In a circular released on May 17, the CBDT stated that the NEFT facility will be available to POSB clients starting May 18, 2022.
PO saving account customers, on the other hand, will be able to use the RTGS service starting May 31, 2022. Customers can now effortlessly transfer funds from other bank accounts to POSB accounts in DoP-CBS, thanks to the debut of the service (Department of Posts - Core Banking Solutions).
The CBDT said, "This is regarding roll out of NEFT/RTGS facility for POSB accounts which is going to be made operational for POSB account holders from 31.05.2022. Standard Operating Procedure for Payment Channel Division, Bengaluru (Annexure l), Standard Operating Procedure for end users of Post Offices (Annexure ll) and Standard Accounting Procedure (Annexure lll) are attached herewith.”
The department then released a clarification, stating that RTGS functionality is now being tested and would be available by May 31, 2022. "The NEFT rollout date can be read as 18.05.2022. Before the rollout, a separate SOP for RTGS will be circulated," it noted.
What is NEFT, RTGS?
