Bulk Posting Meaning: What is Bulk Posting in SBI?
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If you want to know what bulk posting is and how to do it in SBI bank, this is the place to go. Then you will find this helpful information. Here are all the details about bulk posting meaning and the basics of bulk posting in banks.
Table of Contents
- Bulk Posting Meaning
- What is Bulk Posting in SBI?
- What is Bulk Posting BROS in SBI?
- What if the customer gets the Wrong Credit under Bulk Posting?
- Bulk posting By Salary in SBI
Bulk Posting Meaning
Bulk posting is a technical phrase commonly used in the banking industry. Bulk posting entails regularly crediting funds in several accounts at the same time. Money is credited to many accounts from a single source throughout this process. For example, the government announces any agricultural subsidies, pensions, or other benefits. Alternatively, any business company or institution might transfer their employee’s salary.
What is Bulk Posting in SBI?
Bulk posting in a bank is simultaneously crediting many accounts. This occurs when funds must be transferred from a single source to numerous accounts. For instance, corporate salaries, pensions, and government subsidies.
A batch of transactions is established in which the money is debited from the employer’s account and concurrently credited to the accounts of numerous employees. Normally it is displayed in the OnlineSBI statement following format-
BULK POSTING ECSCreditDTIO18XXXXXXXXXXXXXX XXXXX
What is Bulk Posting BROS in SBI?
Bulk posting BROS in SBI moves funds from a single source to multiple accounts. It is frequently referred to as bulk posting.
Bulk Posting is a banking word that refers to bulk transactions from a single account to several accounts. Bulk Posting is typically used for any salary transfer from the company’s current account to all employee salary accounts in only a few clicks. The bulk posting meaning in sbi got implemented after computers were brought into the banking sector. Previously, bank cashiers kept salaries in a register. However, the process of transferring funds is now theoretically simpler.
What if the customer gets the Wrong Credit under Bulk Posting?
Typically, bulk posting transactions are performed for specific people under various schemes, pay transfers, or similar procedures. If you receive credits through bulk posting, this will be reflected on your bank statement.
There are only two possible justifications: you are one of the true beneficiaries of that fund, or it is the consequence of a technical error. By accident, your account was added to the beneficiary lists. So, if you are the true beneficiary, you do not need to be concerned. However, if you believe an unexpected fund credit to your account, you must inquire and notify the branch.
- Once the fund is transferred, the bank will not recover it unless you refuse to authorize it or follow a specific fund transfer method.
- On the other hand, banks have the right to freeze your account not to withdraw money. However, you can perform rest of the necessary tasks, such as applying for credit, receiving subsidies or a wage, and so on.
You will need a standard application form for this, which you may obtain from the branch. In addition, submit an application with the topic “Wrong credit to your account.” Then, include your account number and other information such as your complete address and phone number, as well as the fund credit date. Finally, please send it to your local branch.
If you tried to be smart by withdrawing the money before the bank did, you might have to go through the legal process.
Bulk posting By Salary in SBI
Bulk Posting By Salary means your salary has been deposited into your bank account via the bank’s bulk posting service. Using the bulk posting feature, the employer sends an excel sheet to the bank, which processes it on behalf of the employer. That makes payroll processing easier for employers. It helps them process salary in bulk, saving time and money.
- Bulk posting BROS in a bank entails crediting multiple accounts at the same time.
- Whenever money needs to be credited to various accounts from a single source.
- A series of transactions is generated in which the amount is debited from the employer’s account and credited to the accounts of multiple different employees.
- Pensions, corporate pay, government subsidies, and so forth are examples of bulk postings.
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What does bulk posting mean?
Bulk posting allows you to transfer payments from a single account to multiple accounts quickly and easily. It saves bankers a lot of time when moving funds. As a responsible citizen, you must notify the bank if you receive an incorrect credit or debit to your account.