National Electronic Funds Transfer (NEFT) system is an electronic funds transfer system introduced by Reserve Bank of India to facilitate banks to transfer funds electronically from one customer account of a NEFT participant bank branch to another customer account of any other NEFT participant bank branch in India in an efficient, secure, economical, reliable and expeditious manner.

The NEFT system in contrast with the RTGS system settles in batches. Currently there are six settlement batches daily in NEFT. At present RTGS system can be used to send only high value transactions, while NEFT can handle low value transactions also inclusive of paisa component.

South Indian Bank has started live NEFT operations from 1st March 2007 onwards with all the branches enabled to do NEFT operations. Customers of all branches of South Indian Bank  can avail NEFT services for transferring funds to accounts of other banks; provided those bank branches are also NEFT enabled.

Procedure

For payments through NEFT, the remitter (customer) is required to submit the 'NEFT Funds Transfer Application Form’ along with his/her cheque for the amount to be transferred plus bank charges at any of our branches. The remitter shall be responsible for the accuracy of the particulars given in the NEFT Funds Transfer Application Form.

Fund Transfer Amount

There is no upper value limit or lower value limit for putting through an individual NEFT transaction. NEFT transactions can be done inclusive of paisa component.

Charges

NEFT  - Payments

Up to Rs 10000 :Rs.2.50/-per transaction
Less than Rs 1 lakh : Rs.5/- per transaction
Rs 1 lakh to less than Rs 2 lakh : Rs.15/- per transaction
Rs 2 lakh and above : Rs .25/- per transaction 
 

NEFT receipts: NIL

Operational Timings :

Days
Customer Transactions
Monday - Saturday
8:00 am to 6:50 pm

 *Second and Fourth Saturdays will be holiday from Sept 1st 2015

Operational Timings provided is that of RBI. Transactions at the branch level depends on individual branch business hours.

IFSC Codes

Click here to view IFSC Codes of South Indian Bank branches

Click here to view Customer Facilitation Centres