It is a technical term popularly used in the banking system. Bulk posting means crediting funds in multiple accounts continuously at the same time. In this process, the money is credited to multiple accounts from a single source only.
What is Blog Posting?
A series of transactions are generated in which the amount is debited from the employer’s account and credited to the accounts of multiple different employees.
This is done to reduce the amount of time needed for the process. As you are well aware, SBI has millions of consumers. As a result, when a payment is due for a government plan such as MGNREGA, the number of recipients might number in the thousands. Instead of entering individual account numbers, the bank will simply utilize a computerized database of beneficiary account numbers and do bulk posting transactions. The entries are performed electronically and saved in a certain sequence in a file. The entire file or batch is then processed with a computerized command to post to all of the mentioned accounts.
Furthermore, in the case of organizations like the State Bank of India, bulk posting may assist in managing a bank account with a minimum requisite balance, making it easier to transfer cash.
Also, Read: “Top 5 Buy Now, Pay Later Apps in India 2022“.
What happens when you get accidentally credited through Bulk Posting?
Usually, bulk posting transactions are done for specific people under various schemes, salary transfer, or similar processes. If you receive credit through bulk posting, it will be reflected in your bank statement.
There are only two possible justifications: You are one of the true beneficiaries of that fund, or it is the result of a technical error. By accident, your account was added to the beneficiary list. So, if you are the true beneficiary, you need not be worried. However, if you feel that an unforeseen fund has been credited to your account, you should inquire with the branch and inform the same.
What is Bulk Posting by salary?
Bulk posting by pay means that your salary has been credited to your bank account through the bulk posting service of the bank. Using the bulk posting facility, the employer sends an excel sheet to the bank, which processes it on behalf of the employer. It makes payroll processing easier for employers. It helps them process salaries in bulk, thereby saving time and money.
