If you are a Post office account holder, now you can deposit post office Sukayan subscriptions from your bank account to your PO savings account and vice versa online through NEFT and RTGS services. The post office has started a service to transfer the funds online from the bank account of the customer to the Post office account.
Post Office Account holders can now also deposit monthly installments of their Public Provident Fund (PPF) and Sukanya Samriti (SSA) accounts using the online net banking service of any of their bank accounts.
The customer has no need to visit to post office to stand in the long queue for depositing monthly subscriptions of PPF or SSA accounts every month.
According to DOP’s latest SB orders 09/2023 the PPF and SSA contributions can be made online with or without adding beneficiaries in the net banking.
Now Post office Customers can also transfer funds from any bank account to a Post office SB account or PPF account or SSA quick transfer without adding a beneficiary through the NEFT/RTGS facility.
How to deposit in post office Sukayan Account form bank account: –
Before you consider online fund transfer from your bank account to a post office account i.e POSB or PPF Or SSA you have to ensure the following: –
i. Before online fund transfer to the PPF/SSA account, ensure there should not be any outstanding subscriptions from the previous year. If your account has an unpaid subscription for the previous year, deposit the default amount through any nearest post office.
ii. If the PPF account has already matured but not completed one year of maturity you can extend your PPF account for a further 5 years. Submit the PPF account extension application within 1yr of maturity.
iii. You can transfer a PPF/SSA subscription in multiple of ₹50
iv. Ensure the overall limit of Fund transfer in PPF/SSA of a maximum of ₹1.50 lakh in a financial year.
v. If the NEFT Transaction fails due to technical reasons, the amount will be reversed in your bank account within one working day.
Fund transfer from any bank account to Post Office SB or PPF or SSA A/C instantly (without adding beneficiary)
Ø You can deposit/transfer funds from
Ø Login into net banking of bank account.
Ø Go to the Payment/Transfer Tab
Ø Select Quick Transfer (without beneficiary)
Ø Now enter a beneficiary name i.e Account holder name
Ø Now Enter beneficiary PPF or SSA or PO Savings Account Number and Re-enter PPF or SSA or PO Savings account No.
Ø Now Select the payment option “Inter Bank Transfer”
Ø Enter IFSC Code IPOS0000DOP
Ø Select Transaction mode “NEFT”
Ø Enter the amount to be transferred
Ø Select purpose ‘Deposit/Investment’
Ø Accept terms and conditions.
Ø Click on Submit and then click on Confirm to submit
Ø Enter the OTP received on mobile and click on Confirm
Ø Log out now
Ø Accordingly an SMS will be received for debit and credit in the post office accounts.
How to make a fund transfer by adding beneficiary in Post Office Account online:-
You can also transfer the fund to the POSB/PPF or SSA account by adding the beneficiary. It will help to make the fund transfer every month easy.
In addition to the above, you can also set the SI instructions for automatically depositing the amount from your bank account to PPF or SSA account.
The process is as simple as:-
Login into net banking of bank account.
Go to the Payment/Transfer Tab
Step 1: Access the Payment/Transfer Tab Open the platform and go to the Payment/Transfer tab to begin the beneficiary addition process.
Step 2: Add and Manage Beneficiary Select the option to “Add and Manage Beneficiary” within the Payment/Transfer section.
Step 3: Choose Other Bank Beneficiary Pick the “Other Bank Beneficiary” option to cater to beneficiaries with accounts in different banks.
Step 4: Input Beneficiary’s Name Enter the beneficiary’s name to ensure proper fund allocation.
Step 5: Provide Account Details Input the beneficiary’s PPF, SSA, or PO Savings Account number, and re-enter it for confirmation.
Step 6: Select IFSC Code Choose the IFSC Code, specifically “IPOS0000DOP,” which is relevant for this scenario.
Step 7: Accept Terms and Conditions Review and accept the terms and conditions associated with the beneficiary addition process.
Step 8: Submit and Confirm Submit the beneficiary details, then confirm to finalize the addition process securely.
Enter OTP and click on Confirm.
How to proceed with fund transfer after successfully adding beneficiary:-
In case you want to transfer funds after adding the beneficiary, successfully adding the beneficiary, you have to follow the following process: –
Step 1:Access the Payment/Transfer Tab Begin by navigating to the “Payment/Transfer” tab within the platform you’re using.
Step 2: Choose Other Bank Transfer Look for the option labeled “Other Bank Transfer” to proceed with adding a beneficiary.
Step 3: Input the Beneficiary’s Name Enter the full name of the beneficiary, ensuring accurate information.
Step 4: Select the Transfer Type For Savings Account transfers, choose “NEFT/RTGS,” and for PPF/SSA Account transfers, select “NEFT.”
Step 5: Proceed to the Next Step Click on the “Proceed” button to advance to the next step of the process.
Step 6: Specify the Purpose Select the purpose for the transfer, which is typically categorized as ‘Deposit/Investment.’
Step 7: Choose the Beneficiary From the list provided, pick the correct beneficiary and proceed to the next step.
Step 8: Accept the Terms and Conditions Read and agree to the terms and conditions associated with the beneficiary addition process.
Step 9: Submit and Confirm Click on the “Submit” button, then confirm the addition of the beneficiary to finalize the process securely.
Step 10: Verify with OTP Input the One-Time Password (OTP) you receive and click on “Confirm” for an additional layer of security.
Step 11: Optional – Print Confirmation If needed, you can choose to print the confirmation for your records.
Step 12: Log Out After completing the beneficiary addition, remember to log out of your account for security.
Step 13: Transaction Notifications Expect to receive SMS notifications for debit and credit as part of the confirmation process.
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