FinanceHow to Transfer Money from Savings Account to India Post Payment Bank?

How to Transfer Money from Savings Account to India Post Payment Bank?

Prime Minister Narendra Modi led Government of India launched India Post Payment Bank in the year 2018 as an initiative and an attempt to revive the India Post for which Narendra Modi should be appreciated as he nailed it. Government of India announced that India Post Payment Bank would operate as normal banks in India but initially, the services offered by India Post Payment Bank has limited access and service in fact it was lagging in providing essential banking services which include lack of interbank and intrabank services, unfunctional ATM cum debit card services and online fund transfer from other banks to India Post Payment Bank or India Post Payment Bank to other banks.

On 15th December 2020, India Post Payment Bank announced UPI based app similar to BHIM UPI and listed India Post Payment Bank on all the UPI platforms enabling inter-banking services and fund transfer services from India Post Payment Bank to other banks or from other banks to India Post Payment Bank.

Now no matter whether your account is in State Bank of India, ICICI Bank, HDFC Bank, Syndicate Bank, Allahabad Bank or Punjab National Bank you can transfer money from other banks to India Post Payment bank and from India Post Payment Bank to others using the following payment options:

  • NEFT, RTGS and IMPS using IFSC Code
  • UPI ID or registered UPI Mobile number
  • UPI services offered by Google Pay, PhonePe, Paytm, WhatsApp and SBI UPI
  • Internet Banking
  • Interbank fund transfer from your home branch

We’ve already covered in detail the Best Ways to Transfer Money from ATM & Debit to Another Bank Account Online.

How to transfer money from other banks to India Post Payment Bank

To transfer money from other banks to India Post Payment Bank:

  • Get your India Post Payment Bank Branch IFSC code.
  • In case of IFSC code for your branch isn’t available you can use IPOS0000001 which can be used for all types of RTGS and NEFT including Internet Banking and UPI transfers.
  • Login in to your internet banking account or use any third-party UPI app or BHIM app to initiate the fund transfer.

How to transfer money from India Post Payment Bank to other banks

To transfer money from India Post Payment Bank to other banks You must have an ATM Debit card or Internet banking facility active in your India Post Payment Bank account.

If you have ATM Debit card issued against your India Post Payment Bank account you can follow these instructions:

  • Download DakPay UPI app from Play Store/App store.
  • Install the app and set-up your UPI account using your ATM Debit card and registered mobile number.
  • Tap on Send option and select A/C+ IFSC option.
  • Select the beneficiary bank name from the provided list of banks.
  • Enter the beneficiary bank’s IFSC Code along with his [or her] account number, name and enter the amount and tap on Pay.
  • Enter your fund transfer secure code to complete the transaction.

If you’ve internet banking facility active for your India Post Payment Bank account, then you can simply login into your India Post Payment Bank’s Internet banking account and initiate the fund transfer using NEFT, RTGS or IMPS.

Isrg Team
Isrg Team
Isrg Team is a member of Digital Pradesh News Networks, a collective of journalists, reporters, writers, editors, lawyers, advocates, professors, and scholars affiliated with the Digital Pradesh News Network.

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