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  • Now transfer funds from bank account to PO savings account, PPF or SSY without adding beneficiary: Here’s how
Money

Now transfer funds from bank account to PO savings account, PPF or SSY without adding beneficiary: Here’s how

April 9, 2023
Sezarr

Bank account holders can transfer funds from their bank accounts to PO savings account and vice versa using NEFT and RTGS services. In addition, account users can use the NEFT service to transfer money from their bank accounts to their Public Provident Fund (PPF) and Sukanya Samriddhi Accounts (SSA). The most recent SB Order No. 09/2023 of the Ministry of Communications states that contributions can be made online with or without adding a beneficiary.

As per SB order No. 09/2023, dated 05.04.2023, Ministry of Communications said that now funds can be transferred from bank account to PO savings account or PPF account or SSA quick transfer without adding any beneficiary.

“It is observed that the general awareness about these facilities among the employees and account holders is not sufficient. Therefore the Competent Authority has decided to disseminate the process of transfer of funds from Bank Account to PO Savings AccountPPF/SSA using NEFT/RTGS facilities. The decision has been taken,” the communications ministry said in a circular.

Things to keep in mind while initiating fund transfer in PPF/SSA

As per Ministry of Communications, account holders are advised to be aware of the following points before initiating fund transfer in PPF/SSA:-

1. There should not be any defaulted contribution from previous years pending in the PPF/SSA account. If the account has pending membership of the previous year, the default is to be deposited through any nearest CBS Post Office.

2. If the PPF account has matured, submit the account extension form along with the passbook to the concerned post office within one year from the date of maturity.

3. Fund transfer to PPF/SSA should be in multiples 50

4. Fund transfer in PPF/SSA should be maximum 1.50 lakh in a financial year.

5. In case any NEFT transaction fails due to technical reasons, the amount will be refunded to the concerned bank account in one working day.

Process to Transfer Money from Bank Account to PO Savings Account or PPF Account or SSA Quick Transfer (Without Adding Beneficiary)

Login to the netbanking of the bank account.

Go to Payment/Transfer tab

Select Quick Transfer (Without Beneficiary)

Enter Beneficiary Name

Enter Beneficiary PPF or SSA or PO Savings Account Number, Re-enter Beneficiary PPF or SSA or PO Savings Account Number.

Select the payment option “Inter Bank Transfer”

Enter IFSC Code IPOS0000DOP

Select transaction mode “NEFT”

Enter the amount to transfer

Select Purpose ‘Deposit/Investment’

Accept terms and conditions.

Click on submit and then click on confirm

Enter OTP and click on confirm

Click on Print if required

log out

SMS will be received for debit and credit.

Fund transfer process by adding beneficiary

Login to the netbanking of the bank account.

Go to Payment/Transfer tab

Select Add & Manage Beneficiaries

Select other bank beneficiary

Enter Beneficiary Name

Enter Beneficiary PPF or SSA or PO Savings Account Number, Re-enter Beneficiary PPF or SSA or PO Savings Account Number.

Select IFSC and enter IFSC code IPOS0000DOP

Accept terms and conditions.

Click on submit and then click on confirm

Enter OTP and click on confirm.

How to transfer funds after successfully adding beneficiary?

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 and then accept the terms and conditions.

Click on submit and then click on confirm

Enter OTP and click on confirm

Click on Print if needed

log out

SMS will be received for debit and credit.

Source: utilities.sept.gov.in

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Tags: PO Savings Account, post office scheme, Post Office Small Savings Schemes, PPF, small savings schemes, Small Savings Schemes Interest Rate, SSY

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