Promoting NEFT/RTGS for PPF/SSA and PO Savings

The Ministry of Communications, Department of Posts has issued SB Order No. 09/2023 to promote the use of NEFT/RTGS facility for fund transfer from Bank account to PPF/SSA and PO Savings Account. The order provides guidelines and procedures for account holders to initiate fund transfer to PPF/SSA using NEFT/RTGS facilities. The order also emphasizes the importance of general awareness among staff and account holders regarding these facilities. The circular has been circulated to all concerned for information and necessary action to promote this facility to account holders.

Promotion of NEFT/RTGS facility for fund transfer from Bank account to PPF/SSA and PO Savings

SB Order No. 09/2023

F. No FS-13/7/2020-FS-Part(1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi – 110001
Dated: 05.04.2023

All Head of Circles/Regions

Subject: Regarding promotion of NEFT/RTGS facility for fund transfer from Bank account to PPF/SSA and PO Savings Account.

Sir/Madam,

This has reference to SB Order No. 08/2022 dated 17-05-2022 in which NEFT/RTGS facilities have been introduced for POSB account holders. By availing these facilities Bank Account holders can transfer fund between Bank Account to PO Savings Account and vice versa. Further, Account holders can also transfer fund from Bank account to Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) by using NEFT facility.

It has been observed that general awareness of these facilities amongst staff and account holders is not adequate. Therefore competent authority has decided to circulate the process for fund transfer from Bank Account to PO Savings Account/PPF/SSA by using NEFT/RTGS facilities.
(A) General : – Account holders are advised to be aware with the following points before initiating fund transfer to PPF/SSA:-

(i) PPF/SSA account should not have any pending previous years defaulted subscription. If the account has pending previous year subscription pending default is to be deposit through any nearest CBS post office.

(ii) If PPF account has matured, submit Account extension form alongwith passbook at post office concerned within one year from the date of maturity.

(iii) Fund transfer in PPF/SSA should be in multiple of = 50/-

(iv) Fund transfer in PPF/SSA should be maximum of 2 1.50 lakh in a financial year.

(v) Incase any NEFT Transaction fails due to technical reasons, the amount will be reversed in the bank account concerned in one working day.

(B) The procedure for fund transfer from Bank Account to PO Savings Account or PPF account or SSA Quick Transfer (without adding beneficiary) is mentioned below:

Login into netbanking of bank account.
Goto Payment/Transfer Tab
Select Quick Transfer (without beneficiary)
Enter beneficiary name
Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or SSA or PO Savings account No.
Select payment option “Inter Bank Transfer”
Enter IFSC Code IPOS0000DOP
Select Transaction mode “NEFT”
Enter amount to be transferred
Select purpose ‘Deposit/Investment’
Accept terms and conditions.
Click on Submit
Click on Confirm
Enter OTP and click on Confirm
Click on Print , if required
Log out
SMS will be received for debit and credit.

(C). Fund Transfer by adding beneficiary:

Login into netbanking of bank account.
Goto Payment/Transfer Tab
Select Add and Manage Beneficiary
Select Other Bank Beneficiary
Enter beneficiary name
Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or SSA or PO Savings account No.
Select IFSC and Enter IFSC Code IPOS0000DOP
Accept terms and conditions.
Click on Submit
Click on Confirm
Enter OTP and click on Confirm

After successful adding beneficiary, proceed with fund transfer

Go to Payment/Transfer Tab
Select Other Bank Transfer
Enter beneficiary name
Select NEFT/RTGS for Savings Account and NEFT for PPF/SSA Account
Click on proceed
Select purpose *Deposit/Investment’
Select the beneficiary
Accept terms and conditions.
Click on Submit
Click on Confirm
Enter OTP and click on Confirm
Click on Print , if required
Log out
SMS will be received for debit and credit.

It is requested to circulate it to all concerned for information, guidance and necessary action to promote this facility to account holders. Same may also be placed on the notice board of all Post Offices in public area.
This is issued with the approval of the Competent Authority.

Yours Faithfully

(Devendrs Sharma)
Assistant Director (SB-II)

Source: utilities.cept.gov.in