The Beneficiary gets the funds on the same day or the next day.
- Till now Post Office Savings Account withdrawal/closure could only be done through cash withdrawal and Cheque. Now, with NEFT/RTGS Post Office Savings Account withdrawal/closure amount can be transferred to other bank on request of customer.
- Similarly Post Office customers can send money to Post Office accounts from other bank through their internet banking. This will make investment in POSB schemes easier. At present, NEFT Inward Remittance is allowed only to Post Office Savings Account. However, this facility will be extended to PPF and SSA accounts shortly.
- IFSC (Indian Financial System Code) is an eleven-character alphanumeric code that is used to identify the particular branch of a participating bank and is used in remittances namely NEFT & RTGS. For POSB customers there will be only one IFSC for all branches/POs. IFSC for POSB customer is IPOS0000DOP.
- UTR number for NEFT is 16-digit Unique Transaction Reference number.
- NEFT services are available across counters during regular business hours of the PO
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