Reserve Bank Of India IFSC Code, MICR Code Used For & Charges?

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Reserve Bank Of India (RBI) IFSC Code, MICR Code, What is IFSC, MICR Codes, Reserve Bank of India IFSC Code
Reserve Bank Of India (RBI) IFSC Code, MICR Code, What is IFSC, MICR Codes

Reserve Bank Of India (RBI) IFSC Code, MICR Code

Reserve Bank of India IFSC Code, MICR Code / What is IFSC, MICR Codes & Charges: RBI has introduced the electronic fund transfer scheme allowing customers to transfer money from one account to another electronically. It is an inter-bank fund transfer system, where RBI is the connecting link between the emitter bank and the recipient bank. Two main modes of electronic fund transfer are National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) followed by most banks under RBI’s guidance.

What is Reserve Bank of India IFSC Code, MICR Codes?

Reserve Bank Of India (RBI) IFSC Code, MICR Code: The Banks IFSC is an 11 character code with the first 4 alphabetic characters representing the bank name, and the last 6 characters (usually numeric, but can be alphabetic) representing the bank branch. The 5th character is 0 (zero) and reserved for future usage. Bank IFS Code is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.

1 2 3 4 5 6 7 8 9 10 11
BANK CODE 0 BRANCH CODE

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Using NEFT payment system, banks can send funds to other banks anywhere in the country. National Electronic Fund Transfer (NEFT) is a safe, secure and efficient mode of money transfer and RBI itself processes it. RBI clears the NEFT transactions on an hourly basis.

NEFT Timings

  • MON – FRI: 08:00AM to 07:00PM.
  • SAT: 08:00AM to 01:00PM.
  • SUN: Holiday.

Standard Reserve Bank of India NEFT Charges Per Transaction

Reserve Bank of India (RBI) NEFT Charges: Once beneficiaries are added and remitter/user ready to transfer then these are below standard charges applicable.

Amount Charges (approx)
< Rs.10,000 Rs.2.50
> Rs.10,000 & < Rs.1 lakh Rs.5.00
> Rs.1 lakh & < Rs.2 lakh Rs.15.00
> Rs.2 lakh Rs.25.00

 

What is Reserve Bank of India RTGS?

Reserve Bank of India (RBI) RTGS: Banks can use RTGS to move high-value transactions. RTGS is the fastest mode of electronic transfer as it happens real time. Real Time Gross Settlement (RTGS) implies that the transactions are processed real time as in as soon as a transaction request is made. The settlement is also cleared individually and not in batches and hence it is referred to as gross compensation.

Reserve Bank of India RTGS Charges Per Transaction

Reserve Bank of India (RBI) RTGS Charges: “Real Time Gross Settlement” – means the transaction are settled in real time and once transferred will not be reversible.

Amount Charges (approx)
>Rs.2 lakh & < Rs.5 lakh Rs.30.00
>Rs.5 lakh Rs.55.00

 

Difference between NEFT, RTGS & IMPS