IFSC code stands for Indian financial system code. These days it has become very easy to transfer funds from one bank account of another bank account online. You don’t need to go to the bank. There are any fund transfer services like national electronic fund transfer (NEFT) and real time gross settlement services which help in transferring funds online. Whenever you do NEFT or RTGS, you would need the IFSC code. When you buy something online such as mutual fund or insurance, you would require an IFSC code.
Difference between NEFT and RTGS NEFT stands for national electronic fund transfer and RTGS stands for real time gross settlement. Under NEFT fund transfers happen with a time lag while in case of RTGS the fund transfer happens instantly. Both methods are used for transferring funds online from one account to another. NEFT is the most commonly used method because in case of RTGS the minimum fund transfer limit is Rs 2 lakh. In case of the RTGS the fund transfer happens instantly while in case of NEFT the fund transfer happens with a time lag. There are 12 hourly settlements between 8 am to 7 pm on all weekdays and till 1 pm on Saturdays. RTGS service is available from 9 am to 4.30 pm on weekdays and 9 am to 2 pm on weekends. In case of RTGS the money transfer happen within 30 minutes of fund transfer.
About South Indian Bank
It was the first private sector bank in Kerala to become scheduled bank in 1946 under Reserve Bank of India. The bank is headquartered in Thrissur city In Kerala, India. The bank has 897 branches, 4 service branches and20 regional offices spread across more than 26 states and 3 union territories.
