All recognized electronics payment application or system like national electronic fund transfer (NEFT), real time grass settlement (RTGS), immediate payment services (IMPS) along with other bank to bank transaction facility like Instant Mobile Money Transfer service (IMPS), Centralized funds management system. All these methods designed by reserve bank of India (RBI) to make all transaction related processing slightly easier and secure and while performing these transaction Indian financial system code (IFSC) and Magnetic Ink Character Recognition Code (MICR) play quite significant role in successful transaction of amount from one bank branch account to another bank branch account.
As it is know that ICICI bank is one of the finest international banking institute offering services across the country along with more than 19 countries across the world. If we talk about market and finance capitalization, finance services, resources, this is top four bank of country. ICICI bank is known as one of the best smart banking services offering bank across the country for all existing customers. Currently bank is offering services through its more than 4700 branches across the country. To ease the transaction facility across the country launches the application formerly known as money2India service. This is available both on app and in website too, user may use this service as per their need to transfer amount from one to other account.
The reason behind allotting ifsc code to all bank and their respective branches is ensuring that all occurring transaction can be easily performed and its ease the task of banks to recognize identity of customers of source and destination bank branch. As it is known that IFSC codes are 11 digits alphanumeric codes that help in preventing wrong o transaction. Basically these two types of codes are used to perform cash based transaction using traditional mode of banking services. To resolve any possible error reserve bank of India (RBI). As it is combination of special segment that contains specific definition like name of bank, branch code and other guideline to make baking processing much easier. For example ICIC0006564 is referring to ICICI bank Bhopal branch ifsc code where ICICI refers to name of bank; zero is reserved for future use and 006564 referring to branch code of Bhopal.
If bank name and branch name is confirmed then it will be quite easier to get the details. Customer may opt for option like official website of reserve bank of India (RBI) or by exploring official website or app of respective bank. There are several other online third party website like applykaroo.com avails this facility with ease, user just need to enter the details about bank, branch name, state name then information about respective bank branch that will ease complete details about the bank branch.
Real Time Grass Settlement (RTGS)
To transfer amount on account on account of individual RTGS facility is one of the quickest transaction method. It works as its name suggests and makes things easier for them. This platform is available on online mode, web or applications. This option can be used for trade settlement, tax payment, cash management, value added tax management, mortgage security and other financial services.
National Electronic Fund Transfer (NEFT)
Whenever maximum transaction or batch transaction need to performed then NEFT facility is quite worthy and as per rules of this policy balance will be transferred in certain time duration. Generally transferred amount will be credited into account of beneficiary in next business days. NEFT facility is available in following mode
b. Internet banking
Immediate Payment Service (IMPS)
The immediate payment service (IMPS) introduced by ICICI bank to ease the safe and prompt transactions with ease. User may use this payment option to amount form icici bank account to other bank account in real time. This service can be used as per interest and need of customer as per need of customer. Under following means amount can be transferred
b. Internet banking
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