Money Transfer Service Scheme (MTSS)

Money Transfer Service Scheme (MTSS)

South Indian Bank offers a seamless Money Transfer Service Scheme (MTSS) under RBI guidelines, facilitating instant cash payments for foreign inward remittances. This service is available through our strategic tie-ups with leading money transfer providers.

Features

MTSS allows only personal remittances, including those for personal expenses and payments to foreign tourists in India. Trade-related transfers, property purchases, investments, NRE/FCNR account credits, and charitable donations are not permitted.
The maximum remittance limit is USD 2500 per transaction.
Cash payments up to Rs.50,000 are allowed, while higher amounts are processed via cheque, DD, PO, or direct account credit.
A maximum of 30 transactions per beneficiary is permitted annually.
Payments are made in INR, with no deductions for the beneficiary.
A fast, secure, and hassle-free service with instant payment upon photo ID verification.
Repatriation of funds received through MTSS is not allowed.

MTSS Partner Services

Muthoot Global Pay – In partnership with Muthoot Forex Limited
Western Union Money Transfer – In partnership with Weizmann Forex Limited
Ria Money Transfer – In partnership with Weizmann Forex Limited

How It Works

For Remitter

Visit a partner money transfer outlet
Fill out the Send form and provide valid ID proof
Complete the transaction and receive a reference number
Share transaction details with the beneficiary

For Beneficiary

Collect the reference number from the remitter
Visit the nearest South Indian Bank branch
Fill out the Receive form and present a valid ID
Collect the funds in INR instantly

South Indian Bank ensures a swift, reliable, and secure remittance process, making it easy to rece

Blog Articles Updates

Our Latest Blogs

January 28, 2026

A New-Year Financial Checklist for NRIs in 2026Read more

A New-Year Financial Checklist for NRIs in 2026

April 22, 2026

What is Green Deposit? Meaning, Benefits & How it WorksRead more

What is Green Deposit? Meaning, Benefits & How it Works

August 13, 2026

Need Extra Funds This Onam? A Gold Loan Could Be Your Smartest Option in 2026Read more

Need Extra Funds This Onam? A Gold Loan Could Be Your Smartest Option in 2026

June 23, 2026

How to Reduce Home Loan EMI: 5 Proven Ways to Save Interest and Close Your Loan FasterRead more

How to Reduce Home Loan EMI: 5 Proven Ways to Save Interest and Close Your Loan Faster

August 04, 2026

Planning to Buy a Car This Onam? Here's Your Complete Car Loan GuideRead more

Planning to Buy a Car This Onam? Here's Your Complete Car Loan Guide

April 18, 2026

From Tradition to Strategy: Why Investing in Gold This Akshaya Tritiya Makes Financial SenseRead more

From Tradition to Strategy: Why Investing in Gold This Akshaya Tritiya Makes Financial Sense

January 24, 2026

New Year, Smarter Savings: Why an FD Makes Sense in JanuaryRead more

New Year, Smarter Savings: Why an FD Makes Sense in January

August 06, 2026

Top Reasons to Choose a Loan Against Mutual Funds During the Onam Season Read more

Top Reasons to Choose a Loan Against Mutual Funds During the Onam Season

July 21, 2026

Education Loan Checklist: What to Review Before Applying for CollegeRead more

Education Loan Checklist: What to Review Before Applying for College

July 23, 2026

Smart Monsoon Travel Budgeting: Save More on Your Perfect GetawayRead more

Smart Monsoon Travel Budgeting: Save More on Your Perfect Getaway

How can we help?

©2025 South Indian Bank. All Rights Reserved

Disclaimer | Terms & Conditions | Privacy Policy

Quick Links