As it is known that airtel payment bank is subsidiary of Bharti Airtel Limited and this is the first private company that gets the license of payment from reserve bank of India (RBI). The major reason behind introducing this payment bank is making banking just one click away. User of this bank will be allows to perform transaction with ease. Description about airtel payment bank IFSC code is outlined below
The IFSC (Indian Financial System Code) code is generally preferred as combination of 11 alpha numeric codes, as per guideline of reserve bank of India (RBI) to uniquely identify respective bank branch while using NEFT (national electronic fund transfer) network for online transaction. Using of these codes makes things easier for online or electronics transactions, along with that identification of source and destination bank respectively. To make entire processing easier and conflict free, IFSC codes are unique for bank and particular branch. We are going to offer help related to decoding of IFSC code,
a. First four codes out of 11 alpha numeric code refer to name of respective bank.
b. Fifth digit is zero, as per guideline of reserve bank of India and reserved for future use, it is also refer as control character and refers to standard.
c. Remaining six digit or characters refers to identity of respective bank branch.
For example, BDBL0001362 is IFSC code for bandhan bank Bhopal branch and if we decode this then
a. BDBL refers to name of bank branch.
b. As per guideline, fifth character is zero.
c. And finally, last six digits i.e. 001362 refer to address of bank branch as this code refers to Bhopal branch.
One of the easiest options to find bandhan bank ifsc code and micr from passbook issued by the bank as it contain the all basic required information. Another alternative is exploring third party service providers like applykaroo.com where this information can be accessed with ease. Visiting official website of respective bank or official website of reserve bank of India (RBI) is also decent and suitable solution for IFSC and MICR code related queries.
Real Time Grass Settlement (RTGS)
Under this process amount can be easily and instantly transferred. Internet banking user of bandhan bank will be free to transfer amount not only in India but in abroad too. When higher amount need to transfer immediately then RTGS is suitable and appropriate method of amount transaction. Minimum limit for amount transaction is INR 2 lakhs and there is no upper or maximum limit for online transactions.
National Electronic Fund Transfer (NEFT)
NEFT is another reliable method of online transactions but online transaction is allowed within India. Reserve bank of India (RBI) introduces this payment method in 2005 for all internet banking users. One point that user must remember is that this is not real time transaction method and to perform transaction under this method, user need to visit their nearest bank branch or transaction can be made from official website of bandhan bank.
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