South Indian Bank IFSC or Indian Financial System Code is an 11 digit alphanumeric code that is unique to a bank’s identity. It is used in the identification of a particular bank branch and helps the account holders to initiate NEFT, RTGS and IMPS payment settlements from one bank account to another.
The Reserve Bank of India (RBI) has issued a unique code (IFSC) to all the banks in India enabling convenient and easy electronic funds transfer. Hence, it is mandatory for all users to provide IFSC to be able to initiate any online funds transfer via NEFT, RTGS or IMPS.
Structure of South Indian Bank IFSC Code
In the 11-digit code, the first 4 characters depict the bank name, the fifth character is always ‘0’ and the last six characters determine the specific branch code. For example:
SIBL0000790 is South Indian Bank IFSC Code Kerala (Branch: Aloor, Thrissur), where ‘SIBL’ denotes the bank code and ‘00790’ represents the branch code of Aloor, Thrissur, Kerala.
|South Indian Bank Code||Zero||South Indian Bank’s Branch Code|
How To Search for South Indian Bank IFSC Code?
There are several ways in which one can look for the IFSC Code of a specific bank branch.
Paisabazaar IFSC Code Search Tool
Go to the IFSC Code search tool offered by Paisbazaar for the convenience of its customers. Below are the steps:
- Visit the page and select South Indian Bank
- Select the state, city and the bank branch
- Look at the right-hand section for all the details
South Indian Bank Cheque / Passbook
South Indian Bank account holders can find the South Indian Bank IFSC Code on the cheque leaf and passbook provided by the bank. Look at the below-displayed picture as an example.
Account holders can also look for the MICR (Magnetic Ink Character Recognition) Code using South Indian Bank cheque leaf or passbook. MICR Code is a 9-digit code specifically used for the faster processing of cheques.
Reserve Bank of India
Customers can also visit the Reserve Bank of India’s website to search for the South Indian Bank IFSC Code.
South Indian Bank Netbanking / Mobile Banking
One can also look for the code from the bank’s official website, bank’s mobile application or via net banking.
Fund Transfer using South Indian Bank IFSC Code
South Indian Bank account holders can transfer funds online using their respective IFSC codes. The most commonly used methods include NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment Services). While making any bank transfer it is essential to identify the bank and branch of the beneficiary to avoid any possible errors, hence IFSC is mandatory for any kind of electronic or online fund transfer.
It is an electronic fund transfer system introduced by the Reserve Bank of India (RBI) to process the online funds transfer from one account of an NEFT participant bank branch to another account in some other NEFT participant bank branch.
- Fund transfer amount: No upper value or lower value limit for carrying out the transaction
- Operational Timings: As per the RBI, NEFT Timings are 8 am to 7 pm - Monday to Saturday (except 2nd and 4th Saturdays)
|Up to Rs.10,000/-||Rs.2.50/-|
|Rs.1 lakh to less than Rs.2 lakh||Rs.15/-|
|Rs.2 lakh & above||Rs.25/-|
*Plus applicable taxes
In this electronic fund transfer system, payments are processed and settled on a real-time basis. The settlement is made on a real-time basis, which means the processing of instructions is done at the time they are received. Both banks should necessarily be RTGS-enabled to avail of this service.
- Minimum transfer value: Rs.2 lakh
- Timings: As per the RBI, RTGS Timings are 8 am to 6 pm - Monday to Saturday (except 2nd and 4th Saturdays)
|Up to Rs.5 lakh||Rs.25/-|
|Above Rs. 5 lakh||Rs.50/-|
*Plus applicable taxes
For all corporate customers having huge number of online money transactions, the bank allows bulk transactions with single authorization. To avail the facility, visit the nearest South Indian Bank branch.
It is a 24X7 instant interbank online fund transfer system incorporated by the NPCI (National Payment Corporation of India). All individuals and corporate customers can process fund transfers 24X7, on all days (including bank holidays). Also, registration of the beneficiary/payee is mandatory for the IMPS P2A transactions. Those already registered for NEFT/RTGS can automatically process IMPS transactions.
- Instant and convenient fund transfer
- Daily money transfer limit of up to Rs.2 lakh
- Round the year fund transfer facility (including bank holidays)
About South Indian Bank
Headquartered in Thrissur, Kerala, South Indian Bank Limited (SIB) is one of the major private sector banks. With 857 branches and 20 regional offices, the bank covers more than 27 states and 3 union territories. Overall, the bank has set up 1334 ATMs and 42 bulk cash deposit machines all over the area.