India Post NEFT SOP | DOP NEFT/RTGS SOP | Post Office NEFT Charges and Limits | Postal NEFT/RTGS Mandate Form
This DOP (Department of Post) NEFT SOP provides all related information to the India Post end users to understand the process of NEFT (National Electronic Fund Transfer) Outward and Inward Remittance transactions process flow and operations across the PO counter.
2. Introduction of NEFT and RTGS in Post Offices for POSB (Post Office Savings Bank) Customers
National Electronic Fund Transfer (NEFT) is one of the payment products operated by RBI.
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.
In addition, customers who are already registered users of India Post eBanking and mBanking services can also initiate outward NEFT transaction through those channels. The unregistered POSB customers can also avail NEFT facility after due registration.
3. India Post NEFT Charges and Limits
Service charges for customer initiated NEFT outward transactions across counter are:
For transactions up to ₹ 10,000 - ₹ 2.50 + Applicable GST
For transactions above ₹ 10,000 up to ₹ 1 lakh - ₹ 5 + Applicable GST
For transactions above ₹ 1 lakh and up to ₹ 2 lakhs - ₹ 15 + Applicable GST
For transactions above ₹ 2 lakhs and not exceeding the maximum limit -
₹ 25 + Applicable GST
However, no charges are levied for outward NEFT transactions initiated through eBanking & mBanking channels.
Minimum & Maximum amount per transaction for NEFT Remittance across the counter is Rs.1/- and Rs.15,00,000/- respectively.
The limit per transaction is Rs 2,00,000/- for outward NEFT through eBanking & mBanking channels.
The maximum number of transactions permitted per day are five. Daily Transaction limit for outward NEFT initiated through eBanking & mBanking services is Rs.10,00,000/-.
There is a time variable transaction capping for eBanking & mBanking to mitigate fraud risk. Hence maximum transaction limit for outward NEFT initiated through eBanking/mBanking from 8 PM to 8 AM is Rs.2,00,000/-.
The charges and limits are subjected to revision.
4. Requirements
Customer should have an active post office savings account to initiate outward NEFT remittance to other bank accounts.
The counter PA should collect a NEFT mandate form along with SB -7/POSB cheque from the customer.
5. Post Office Outward NEFT transaction initiation & verification procedure
a) After logging on to Finacle with User Name and Password, select the solution as NEFT/RTGS
b) Invoke HPORDM menu
c) Select the function Add for initiating fresh outward NEFT transaction and Payment Product as ‘Customer Transfer’
d) Enter the following mandatory fields:
I. Debit A/c of the POSB customer
II. Remittance Amount
III. If POSB cheque is presented instead of SB7, fill Instrument Type and Instrument Alpha/Serial No details.
IV. Name of the beneficiary under Beneficiary Customer Section
V. A/c ID of the beneficiary under Beneficiary Customer Section
VI. Address Line 1 of the beneficiary under Beneficiary Customer Section
VII. IFSC code of the beneficiary bank under Account with Institution Section. After entering IFSC code, bank code and branch code will automatically get populated.
Counter PA should ensure that correct account number and IFSC are entered as mentioned in NEFT mandate
form by the customer, to avoid wrong credit.
e) Method of Payment to be entered as ‘NEFT’ and click on Fetch. After clicking Fetch, required fields will auto populate.
f) Click on View Charges to view the charges screen and click on submit in the Charges Details screen.
g) Finally Click on Submit in HPORDM screen and a payment order ID will get generated. Same has to be recorded in NEFT mandate form.
h) After payment order ID is generated, supervisor can verify the same from HPORDM menu using Verify function.
i) Alternatively, supervisor can also see the unverified payment records using the search option in Payment order ID and verify the same after confirmation.
j) Once supervisor verifies the transaction, a 16-digit UTR number (Example DOPH221100005618) will be
generated which has to be noted in both the NEFT mandate form and SB-7 form or POSB cheque by the supervisor.
6. Message numbers for Identifying NEFT Outward and Inward transactions in CBS
N06 - For Outward NEFT transaction.
N02 - For Inward NEFT transaction.
N03 - For RBI Rejection.
N07 - For Outward/Inward Return transaction.
N10 - For Successful Outward/inward transaction credit confirmation.
F27- For knowing positive/negative acknowledgment from IPPB CBS/SFMS
7. Identification of UTR Numbers
UTR starting with DOPH are for counter initiated NEFT outward remittance
UTR starting with DOPE are for eBanking initiated NEFT outward remittance
UTR starting with DOPM are for mBanking initiated NEFT outward remittance
8. Reversals in case of failed transactions
In case of Outward Return transaction (N07i), only the transaction amount will get reversed in customer’s POSB account excluding the service charges.
In case of failure at IPPB CBS/SFMS (FCAPI, FBAPI), the transaction amount along with the service charges will get reversed into customer’s POSB account.
In case of rejection at RBI end (N03), the transaction amount along with the service charges will get reversed into customer’s POSB account.
9. Inquiry of outward NEFT initiated transaction
a. End user can Inquire/check the status of the outward NEFT initiated transaction using HSMI menu. For all outward NEFT initiated transactions, the message no N06 is to be used
b. Enter the following fields in HSMI screen:
PaySys ID as NEFT
Message no. as N06
Set ID as SOL ID
In/Out Indicator as Out
From Execution Date & To Execution Date is transaction date
c. For the successful transaction, the status will be shown as processed and for unsuccessful transaction, the status will be shown as error in N06 message.
d. User can click on the View Message for the error status and find the failure reason for the
transaction. Following are some of the failure reasons.
FBAPI, - Failure at IPPB (failure because of technical reasons)
FCAPI - Failure at IPPB (failure because of technical reasons)
N03- Rejection at RBI end
N07i – Outward Return transaction (return by other bank because of incorrect account details)
