NEFT (National Electronic Funds Transfer)

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

Questions & Answers

Frequently Asked Questions

Get answers to your queries

NEFT is an RBI-regulated payment system that allows individuals and businesses to transfer funds electronically between any two NEFT-enabled bank accounts. Transactions are processed in half-hourly settlement batches.

Yes, NEFT is available 24x7 for online transactions via SIB Mirror+ and SIBerNet. However, branch-assisted transactions depend on bank working hours.

There is no minimum or maximum limit for NEFT transactions, making it ideal for both small and high-value transfers.

NEFT transactions are settled every 30 minutes, ensuring timely fund transfers. Most transactions are completed within 2 hours.

You need: