NEFT (National Electronic Funds Transfer)

Need to transfer money securely and efficiently? NEFT (National Electronic Funds Transfer) is a trusted electronic funds transfer system introduced by the Reserve Bank of India (RBI) to facilitate seamless transactions across banks. Whether it's sending money to a loved one or making a business payment, NEFT ensures a reliable, cost-effective, and convenient way to transfer funds between banks anywhere in India.
With round-the-clock availability (24x7) and multiple daily settlement batches, NEFT offers flexibility while maintaining security and speed. South Indian Bank enables NEFT transactions through SIB Mirror+ (Mobile Banking), SIBerNet (Internet Banking), and branch-assisted services.

Accessible Anytime, Anywhere – Available 24x7 through internet and mobile banking, ensuring round-the-clock fund transfers.
No Need for Physical Instruments – Unlike cheques or demand drafts, NEFT allows seamless digital transactions, reducing paperwork.
Efficient for Recurring Payments – Ideal for salary payments, EMI transfers, insurance premium payments, and bill payments, ensuring hassle-free transactions.
Supports Multiple Transaction Types – NEFT can be used for personal transfers, business payments, vendor settlements, and government transactions.
No Risk of Loss or Theft – Since NEFT is fully digital, there is no risk of physical loss like in the case of cheques or cash payments.
Eco-Friendly & Paperless – Helps in reducing the use of paper, making it an environmentally friendly option.
Operates Across All Banks – Works across all NEFT-enabled banks in India, facilitating easy fund transfers between different financial institutions.
Secure & Encrypted Transactions – NEFT transactions are highly secure, using encryption and multi-layer authentication to prevent fraud.
Auto-Reversal in Case of Failure – If a transaction fails due to incorrect details or technical issues, the amount is automatically refunded within 1 working day.
Convenient for NRIs – NRIs can use NEFT for fund transfers to Indian accounts through their NRE/NRO bank accounts.

Online Transactions (SIB Mirror+ & SIBerNet): Available 24x7, including weekends & holidays.
Branch-Assisted NEFT: Timings depend on branch working hours.
Transaction Processing: NEFT transactions are settled in half-hourly batches throughout the day.

Mobile Banking – SIB Mirror+
- Log in to SIB Mirror+ App.
- Navigate to Fund Transfers > NEFT.
- Enter the beneficiary details (Account Number, IFSC, Amount).
- Authenticate the transaction using MPIN.
- Receive instant confirmation.
Internet Banking – SIBerNet
- Log in to SIBerNet.
- Click on Fund Transfer > NEFT.
- Select the beneficiary or add a new one with IFSC & account details.
- Enter the amount and submit the request.
- Verify with OTP for secure processing.
Branch-Assisted NEFT Transfer
- Visit the nearest South Indian Bank branch.
- Fill out the NEFT Funds Transfer Application Form.
- Provide a cheque for the transfer amount (if applicable).
- The bank will process your request, and the funds will be transferred within the next settlement cycle.

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