Money Transfer Service Scheme (MTSS)

Money Transfer Service Scheme (MTSS)

South Indian Bank offers a seamless Money Transfer Service Scheme (MTSS) under RBI guidelines, facilitating instant cash payments for foreign inward remittances. This service is available through our strategic tie-ups with leading money transfer providers.

Features

MTSS allows only personal remittances, including those for personal expenses and payments to foreign tourists in India. Trade-related transfers, property purchases, investments, NRE/FCNR account credits, and charitable donations are not permitted.
The maximum remittance limit is USD 2500 per transaction.
Cash payments up to Rs.50,000 are allowed, while higher amounts are processed via cheque, DD, PO, or direct account credit.
A maximum of 30 transactions per beneficiary is permitted annually.
Payments are made in INR, with no deductions for the beneficiary.
A fast, secure, and hassle-free service with instant payment upon photo ID verification.
Repatriation of funds received through MTSS is not allowed.

MTSS Partner Services

Muthoot Global Pay – In partnership with Muthoot Forex Limited
Western Union Money Transfer – In partnership with Weizmann Forex Limited
Ria Money Transfer – In partnership with Weizmann Forex Limited

How It Works

For Remitter

Visit a partner money transfer outlet
Fill out the Send form and provide valid ID proof
Complete the transaction and receive a reference number
Share transaction details with the beneficiary

For Beneficiary

Collect the reference number from the remitter
Visit the nearest South Indian Bank branch
Fill out the Receive form and present a valid ID
Collect the funds in INR instantly

South Indian Bank ensures a swift, reliable, and secure remittance process, making it easy to rece

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