The Hindu Business Line : South Indian introduces e-fund transfer

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Kochi March 7 As part of its drive to offer computer-based new and innovative products, South Indian Bank has introduced the consumer friendly National Electronic Funds Transfer (NEFT) system.

The NEFT offers an efficient, secure, economical, reliable and expeditious system to transfer funds from one customer account of a NEFT participant of a bank branch to another customer account of another NEFT participant bank branch anywhere in India, a press release issued here said. The NEFT system is in contract with the Real Time Gross Settlement System and settles transactions in batches.

South Indian Bank has started live NEFT operations from March 1 onwards, through all branches that are enabled to do NEFT transactions.

With this new facility, the bank can effect all types of inter-bank customer payments instantaneously and the beneficiary would get the credit on the same day, depending on the time of settlement.

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