Post Office Saving Scheme: Account holders will get RTGS and NEFT facilities

There is good news for post office account holders. Post Office has started offering online money transfer facilities like RTGS and NEFT to its small savings account.

The Indian Post Office issued a circular on May 18, 2022, stating that the NEFT Online Money Transfer facility has been introduced for customers. Also, Post Office will soon launch the RTGS facility.

The post office will soon launch many of its services online, the government had said in Parliament a few days ago. RTGS and NEFT related to Post Office Savings Account are also included. The NEFT facility has started on 18th May 2022.

Meanwhile, the post office belongs to the Government of India, through which customers get many benefits. Like banks, people open savings accounts at post offices and take advantage of the facilities available here. Such as FD, Savings Scheme, ATM Card and Internet Banking, etc.

What is NEFT?

NEFT stands for National Electronic Funds Transfer, an electronic payment method. With an electronic mode of payment, you can transfer your money to another account. This service is available 365 days a year and 24 hours a day.

What is RTGS?

RTGS stands for Real-Time Gross Settlement. It is also an electronic mode of payment, through which you can transfer money from one bank account to another. This service is also available 365 days and 24 hours.

IFSC Code Issued

Meanwhile, a single IFSC code has been issued for each post office. This code is IPOS0000DOP.