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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