Find IFSC Code, MICR Code, Address of all NEFT enabled bank branches in India.
IFSC code stands for Indian Financial System Code, it is unique 11 digit code given by Reserve Bank of India (RBI) to every bank branches in India. If any bank branch is participating to Indian Online Fund Transfer system like NEFT, RTGS, or IMPS then IFSC code must for that bank branch.
IFSC code make sure that payment will be transferred to corrent bank account in India. You can see IFSC code from your bank cheque book, it is written on every check leaves. Remember each branch has its own IFSC code assigned by RBI (Reserve Bank Of India), So do not mix with other branch IFSC code although bank name is same. IFSC code consist total 11 digit, among that first four digit indicates bank short name. Then next digit is zero. Last six digit of IFSC code indicates bank branch code. So if bank consist multiple branch location then each branch should have unique branch code it is last 6 digit of IFSC code. You must use recepient bank IFSC code whenever you have to transfer funds to that branch. So always take care to use correct IFSC code for recepient bank branch.
By using Bank IFSC Code Radar you can find Bank IFSC Code for any bank branches in India. You have to follow simple step to find IFSC code for any bank. Below is the steps:
MICR stands for Magnetic Ink Character Recognition. It is one type of printing technology used in the banking industry to print the MICR code on the check. MICR code is a unique 9 digit code allocated by Reserve of India (RBI) to each bank branches in India. MICR code is used by each bank branches in India which contributing to Electronic Clearing System (ECS).
Generally MICR (Magnetic Ink Character Recognition) code is printed on the bottom (white bar) of the bank check leaf. MICR Code provides easy payment transferring among multiple branches across India. MICR code also consist various parts. First three digit indicates City code, other three digit indicates bank code, last three digit shows branch code. Now a days MICR based check processing done automatically via machines.
Within India MICR code is must for fund transfer via check or Electronic Clearing System (ECS). MICR code is printed with magnetic ink so machine can perform check clearing operation faster and minimum error.
By using Bank IFSC Code Radar you can find MICR Code for any bank branches in India. You have to follow simple step to find MICR code for any bank. Below is the steps:
RTGS stands for Real Time Gross Settlement, RTGS is an electronic fund transfer system which is used to transfer fund between different bank branches in India. You can use RTGS facility via Netbanking Interface provided by your bank branch. RGTGS funds will be settled in real time. In India RTGS is used to transfer high value funds between bank branches transactions.
Minumum amount should be 2 lakh for RTGS transfer and there is no maximum amount limit. Funds will be credited to recepient account within 30 minutes of successfull settlement. If you have to transfer funds via RTGS, you have to enter recepient bank name, IFSC code, Bank account type (Saving or Checking Account), and Account number. Also both sender and recepient account should in operating state and rtgs should be enabled on both bank account.
RTGS fund transfer is controlled by Reserve Bank of India i.e. RBI. Also just for your information, RTGS transaction is one way, means once transaction settled you can not change it and it is final. Sender bank will incurred charges for initiate RTGS transaction. Also remember that RTGS service is avaliable on working days only, so it is not available during week end and public holidays.
NEFT stands for National Electronic Funds Transfer system. NEFT is an online fund transfer system supported by Reserve Bank of India i.e. RBI. Using NEFT you can easily transfer funds from your bank account to other bank account in India.
You can easily transfer fund using NEFT facility provided in your Net Banking service. There is no upper or lower limit on NEFT fund transfer. You can do NEFT transfer from Rs. 1 to any amount you wish. If you are using cash mode then you can send up to fifty thousand rupeed to someone if paying cash amount. Also Sender and Recepient both need NEFT enabled bank account to send/receive fund via NEFT system. Also the sender have to pay charges depending on the NEFT transaction amount.
There are no charges for receiving money via NEFT. But if you are sending fund to someone, your bank will charge you as under:
NEFT transactions are settled in hourly batches so you have to consider batch time when send any transation via NEFT. It is not in real time so there is some delay while receving funds to recepient account. Both sending and receiving bank should have NEFT service enabled in bank account. The transferred amount will be credited to recepient back account on same day or within 2 business days.
IMPS stand for Immediate Payment System in India. IMPS is an electronic fund transfer system operated by National Payments Corporation of India i.e. NPCI and supported by Reserve Bank of India. IMPS service was initiated in 2010 by NPCI as a pilot project with 4 major banks in India. Now a days IMPS is supported by more than 150 banks in India. IMPS will transfer money instantly from one bank account to another bank account.
IMPS service is available 24 hours and 7 days in a week. It means IMPS available all time unless there are server maintanence scheduled. IMPS is very useful for instant money transfer in all situations with minimum transaction charges. There is 2 lakhs per day limit on sending fund via IMPS, so you have to consider this also. Now a days most of the bank provide IMPS service via their Net Banking and Mobile Banking platform in easy way.
IMPS is very convenient fund transfer system since 2010 (launched). It made indian banking payment transfer fast and easy. Below are some benifts or pros of IMPS.