South Indian Bank is one of the leading private-sector banks in India. It was founded in 1929 under the Companies Act and later became a scheduled bank under the RBI Act in 1946. The bank has headquarters in Thrissur, Kerala and has PAN-India operations. The most commonly searched information by the customers is related to the South Indian Bank NEFT timings. The bank offers world-class banking sectors across the country catering to every possible strata of society.Â
South Indian Bank has also proved its mettle with its proven track record of satisfactory services. This blog will cover some must-know details regarding NEFT timings at South Indian Bank. Keep following and reading more.
What is the NEFT system in South Indian Bank?
NEFT or National Electronic Fund Transfer is a progressive and beneficial step of the Reserve Bank of India, which is available at South Indian Bank with added facilities. The process started in 2007, and the bank allows self-transfer and third-party transfer under this facility.
What are the South Indian Bank NEFT timings?
The NEFT timings for South Indian Bank are flexible because the break hours are rotational here. Thus, a set of employees goes for a break while others continue their regular work and vice versa. Thus, South Indian Bank NEFT timings are from 8 am to 7 pm on every working day for offline transactions. However, you can do NEFT transfers around the clock online.
What are the working hours of South Indian Bank?
Days | Working Hours |
Monday to Friday bank timing | 10 am to 4 pm |
Bank timing for 1st , 3rd and 5th Saturday | 10 am to 4 pm |
NEFT processing timings | 8 am to 7 pm |
NEFT availability online | 24*7 |
RTGS processing timings | 7 am to 5:50 pm |
RTGS online timings | 24*7 |
Transaction timings every day except 2nd and 4th Saturday | 10 am to 4 pm |
Closing dates | 2nd and 4th Saturdays and every Sunday |
What to know about South Indian Bank NEFT transfer timings?
Here are some important aspects of the National Electronic Funds Transfer facility and timings of South Indian Bank:
When does the facility become unavailable?
Every branch of this bank usually gets a lunch break from 1 pm to 2 pm. However, NEFT timings for South Indian Bank are not regulated by the lunch break, and it remains available throughout the scheduled time, which is 8 am to 7 pm.
Generally, offline transactions in any bank are affected by the break hours of the employees. Therefore, to ensure optimum customer satisfaction, South Indian Bank follows a more customer-centric approach.
What is the South Indian Bank NEFT transfer time to other banks?
Generally, 2 hours are enough to transfer the amount via NEFT transaction from South Indian Bank to other banks. It can be done instantly with the help of IMPS or Immediate Payment Service.
What are some important aspects of fund transfer from South Indian Bank?
You can do ‘Self Fund Transfer’ and ‘Third Party Fund Transfer’ under South Indian Bank’s ‘Fund Transfer’ section. The process of ‘Self Fund Transfer’ is as follows:
Step 1: Click on ‘Fund Transfer’ from your registered SIBerNet account
Step 2: Select My Credit or Debit Account
Step 3: Enter details like amount, transaction date, frequency, etc., and proceed with the fund transfer
To transfer money to another SIB account, the process will be:
Step 1: Click on ‘Third Party Fund Transfer’ from your registered SIBerNet account
Step 2: Select the beneficiary or instant payee option
Step 3: Input the necessary details and proceed with transferring the amount
To transfer money to other banks, the following steps will be helpful:
Step 1: Choose ‘External Fund Transfer’ from your registered SIBerNet account
Step 2: Select payee or beneficiary
Step 3: Choose a debit account
Step 4: Go for NEFT or choose RTGS if the amount exceeds ₹ 2 lakh
Step 5: Input details like frequency type, transaction date, remarks, etc.
Step 6: Complete the transaction
You can also transfer money with a VAN or Virtual Account Number. It is only available for NEFT. The steps are as follows:
Step 1: Go to the ‘Fund Transfer’ option from your registered SIBerNet account.
Step 2: Choose the VAN transaction
Step 3: Select the debit account and VAN number
Step 4: Go for OTP verification
Step 5: Proceed with the transaction
What is the procedure for NEFT transfer in South Indian Bank?
The process of NEFT transfer is quite easy. Customers should fill out a form, which is available here. In this form, applicants must update the cheque and branch details, NEFT amount and other necessary information. However, for a seamless transaction process, it is important to keep your NEFT bank details updated. You can check out how to update NEFT bank details from any reputed source.
What are the charges for NEFT at South Indian Bank?
You do not need to pay any charges for transferring the amount to a South Indian Bank account holder. However, for other banks, the charges are:
- ₹1.25 for up to ₹10,000
- ₹2.50 for up to ₹1 lakh
- ₹7.50 for up to ₹2 lakhs
- ₹12.50 for above ₹2 lakhs
What are the things to consider for South Indian Bank NEFT timings?
A few things to consider for South Indian Bank NEFT transfer timings are as follows:
Operational Hours
South Indian Bank typically follows the regular NEFT operational hours set by the Reserve Bank of India (RBI). It is essential to be aware of these timings to initiate transactions successfully.
Transaction processing time
Typically, hourly batches of transactions are processed for those started during business hours. A bank employee will guide you about precise timings as per the server condition at the time of the transaction.
Cut-off hours
To process NEFT transactions, South Indian Bank, like other financial institutions, has set cut-off hours. To make sure that your transactions are completed on the same day, you must be aware of the cut-off periods. Transactions started after the deadline will be completed on the following business day.
Transaction finalisation
After starting an NEFT transaction, you should monitor the confirmation to ensure the money has successfully reached the recipient’s account. If there are any issues or delays, get in touch with the bank’s customer service right away.
Bottom Line
Thus, South Indian Bank NEFT timings are quite flexible and the process is easy to follow. As a prestigious financial institution, the bank ensures you have the convenience while completing the transaction and faces no delays.
South Indian Bank NEFT Timings FAQ’s:-
South Indian Bank has 6 days working in a week, which becomes 5 days working on the 2nd and 4th week of a month. This is because the 2nd and 4th Saturdays are bank holidays as per RBI guidelines.
There is no low or high limit for NEFT set by the Reserve Bank of India. However, South India Bank allows ₹25 lakhs at the highest to transfer via NEFT.
Yes, you can do NEFT at any time if you face any emergency, as this service remains active 24/7 online.