You might have heard the term “bulk posting” many times but are not aware of its meaning. Actually, “bulk posting” refers to continuously crediting funds in multiple accounts at the same time. It is a terminology that is mostly used in the banking system. Still confused? Do not worry, as in this article we are going to learn about bulk posting in SBI in detail.
Bulk Posting Meaning
When the money is credited to different accounts from the same source, the process is referred to as “bulk posting.” This term is most commonly used in banks or related departments. In this process, the transactions are made within a few seconds, irrespective of the number of entries made. For instance, when a government announces any subsidy or credits pension, any corporate company or institution transfers the salary of its employees, etc., it comes under the category of bulk posting.
If you are in a dilemma about whether there is any difference between “bulk posting” and “bulk posting in SBI” or not, let’s clear it out also.
Bulk posting on SBI
As bulk posting is a technical term used when bulk transactions are done from a single account to multiple accounts, it is known as “bulk posting” in SBI when payment is to be made for some government scheme.
This is usually done to reduce the burden and save a lot of time. As there are lakhs of customers of SBI, bulk posting helps in using the computerised list of beneficiaries and performing the transaction with a single click. It helps in making the entries electronically, and more than 100 entries can be made easily without any hassle within just a few seconds.
Additionally, there are numerous other benefits of bulk posting that you should be aware of. These are:
- Bulk posting enables you to credit multiple accounts from one source.
- It saves a lot of time and effort and thus speeds up the transactions.
- You can use bulk posting while debiting the employer’s account and crediting the employee’s account, etc.
- If the balance is high, it will help in signifying the dividend as well.
- You can make hundreds of entries electronically instead of having to do them manually.
- Bulk posting seems to be helpful in making hundreds or more entries such as pensions, subsidies, salaries, etc.
Moreover, in the case of banks such as the State Bank of India, bulk posting may help to manage a bank account with a minimum required balance, making it easier to transfer the funds.
However, there are chances of crediting the wrong account or wrong credit under bulk posting. Well, it raises a big question: what if the customer gets the wrong credit or an incorrect account gets credited under bulk posting? Move ahead and read about it.
What to do if your accounts get wrongly credited under bulk posting?
As bulk posting is done electronically, there is almost no room for any mistakes. It is because there are selected groups of people for whom bulk posting is done and transactions are made. But if your account is showing a transaction related to bulk posting, it can be due to only two reasons:
- You are a real beneficiary of the fund.
- Technical error
If you are a real beneficiary of the fund, the bulk posting will ensure the amount gets credited to your account on time and reflected on your bank statement. Though it can be a wrong credit as per your information, in actuality, it is not so. Secondly, if it is a technical error, you are supposed to get informed by branch authorities, but they do not have any right to pull back that money until you don’t allow it or follow a particular procedure. They can only freeze your account to stop you from withdrawing the money. You can, however, do the rest of the things at that time as well.
So, whenever you find your account getting credited with the wrong amount, make sure to contact the branch and discuss your concerns. You would just need to write an application and mention your account number along with the subject, “wrong credit done to the account” and other required information such as address, mobile number, fund credit date, amount, etc.
That’s all. The branch authorities will undergo a legal process and inform you about the same.
Conclusion
Bulk posting is one of the most convenient methods to credit a large number of people with a few clicks. It saves a lot of time and allows institutions like the government and corporations to make timely payments to beneficiaries. Also, if you notice any wrong credit on your account due to bulk posting, it is your responsibility to contact the branch immediately, otherwise you may experience a legal procedure resulting in much hassle.
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