South Indian Bank NEFT Charges and Limits
South Indian Bank NEFT Charges, Limits, and Timings
South Indian Bank does not charge customers for NEFT transfers initiated through internet banking or the SIB Mirror+ app, as per RBI guidelines effective January 2020. NEFT at branch counters may attract nominal charges depending on the transaction amount.
SIB NEFT Charges at Branch
- Up to Rs. 10,000: Rs. 2.50 per transaction
- Rs. 10,001 to Rs. 1 lakh: Rs. 5 per transaction
- Rs. 1 lakh to Rs. 2 lakh: Rs. 15 per transaction
- Above Rs. 2 lakh: Rs. 25 per transaction
Note: GST applies to all branch charges. Online NEFT (via net banking or SIB Mirror+) is free of charge.
NEFT Transaction Limits at SIB
- Minimum amount: Rs. 1
- Maximum amount per transaction: No upper cap (varies by account and customer type)
- Daily limit: Depends on the beneficiary limit set in net banking
NEFT Timings
NEFT operates on a 24×7 basis since December 2019, as mandated by RBI. Transactions are settled in half-hourly batches throughout the day. Funds reach the beneficiary’s account within 30 minutes to 2 hours in most cases.
How to Do NEFT via SIB Mirror+
- Log in to SIB Mirror+ and tap Fund Transfer.
- Select NEFT as the transfer mode.
- Add a new beneficiary or select an existing one.
- Enter the amount and remarks.
- Confirm with OTP.
FAQ
Is NEFT free for SIB savings account holders?
Yes. NEFT through SIB Mirror+ and internet banking is free. Branch NEFT carries nominal charges as listed above.
What is the NEFT cut-off time at South Indian Bank?
Since NEFT is now 24×7, there is no cut-off time. However, transactions initiated late at night may be settled in the next morning’s batch.
How long does an SIB NEFT transfer take?
NEFT is settled in half-hourly batches. Most transfers complete within 30 minutes to 2 hours. Weekend and holiday transfers also process normally under 24×7 NEFT.
Key Takeaways
- Online NEFT via SIB Mirror+ and net banking is completely free.
- Branch NEFT charges range from Rs. 2.50 to Rs. 25 plus GST based on transaction amount.
- NEFT is available 24×7 with half-hourly settlement batches.
- No minimum transfer amount is required for NEFT.
