To perform online transactions, reserve bank of India (RBI) has designed several electronic payment methods and gateways like national electronic fund transfer (NEFT), Real time grass settlement (RTGS), ban to bank electronic Instant Mobile Money Transfer service (IMPS), Centralized Funds Management System (CFMS) and Immediate Payment Service (IPM). Reserve bank of India (RBI) has assigned to all bank across the county and bank of baroda to recognize the all transactions across the country and even other countries. As per regulation Indian financial system code (IFSC) is combination of 11 unique digits for single branch and it will not be repeated for any other branch of same or different bank.
When it comes to cash transaction it is quite mandatory to enter micr and ifsc code to avoid any further complication. These days these codes quite integral part in successful transaction without any redundancy. While making interbank transaction like RTGS and NEFT, use of MICR and IFSC code is quite mandatory. As it is known that first four characters refers to name of bank and fifth one is zero reserved for future use and remaining digits points to bank branch code. Online transaction can be easily performed without using IFSC and MICR code and it is easy to perform online transaction than opting for offline mode of transferring amount. If we talk about example of bank of baroda ifsc code then BARB0BHOPAL is referring to bank of baroda Bhopal branch ifsc code that will help all existing customer to perform online and offline transaction with ease. When it comes to MICR code it is combination of 9 digits and first three points to name of city, next three digits refers to bank code and remaining ones points to bank branch code. MICR code boost the security of all transaction performed by respective individual in account of any relative or family member.
If user is aware with bank name along with branch and MICR code too can be easily found on cheque book issued by respective bank. To make this processing even better and easier RBI (reserve bank of India) avails the complete list of bank branch ifsc code. Apart from RBI and official website of respective bank, there is also third party website like applykaroo.com that avails information about all listed banks in just few clicks. If user is exploring applykaroo then user just need to enter information about name and location of respective bank. After entering details information about the bank of baroda branch and location along with IFSC and MICR code will display on screen.
Bank of baroda avails the online transaction facility for all existing customers via RTGS and NEFT.
Customers can easily use this facility with ease without paying any add on fees or charges. These transactions can be performed and amount will be transferred within two business days. Charges and Transaction Limit regarding bank of baroda is outlined below
a. If amount does not exceed INR 50000 then customer will be allowed to transfer amount to any bank branch.
b. NEFT transaction related message can be made at any time. In case of any complication in server or due to any factor message can be rescheduled and will be delivered in next business day.
NEFT and RTGS Benefits
a. It is convenient, quick, safe and simple to use.
b. User can use this facility at anytime from anywhere as per need by using internet banking facility issued by bank of baroda.
c. If compared with traditional remittance mode RTGS and NEFT is much better option.
d. It would be quite easy to transfer amount with ease.
To perform NEFT/RTGS transaction, User need to follow steps outlined below
a. Initially user need to login into their bank of baroda internet banking account profile.
b. Choose the transfer option.
c. Now click on option transfer to other banks.
d. Enter the details required in information box.
e. Its time to transfer amount as per requirement.