IDFC (Infrastructure Development Finance Company) was incorporated on 30th January 1997 having its registered office in Chennai. The company officially started its business operations from 9th June 1997. In the year 1998, IDFC was registered with the RBI (Reserve Bank of India) as a non-banking financial company, and in 1999, it became a public financial institution formally. In order to conform to RBI guidelines, the institution founded a Non-Operative Financial Holding Company (NOFHC) in the year 2014 to manage its five subsidiaries namely IDFC MF, IDFC Bank, IDFC Alternatives, IDFC IDF, and IDFC securities. Thus, IDFC is the holding company for IDFC Foundation and NOFHC IDFC projects Ltd.
IDFC bank ltd. (Infrastructure Development Finance Company) officially started its banking operations on 1 October 2015. The bank is headquartered in Mumbai and had received a universal banking license from the RBI (Reserve Bank of India) in July 2015. Initially, it had just 23 IDFC bank branches in Delhi, Mumbai, Madhya Pradesh, Hyderabad, Bengaluru, Chennai, Pune, Ahmedabad, and Kolkata, where, 15 branches are settled in regions with a population of less than 10000. Recently, in October 2017, the bank inaugurated its 100th branch in Honnali, a place in Karnataka.
IDFC bank offers banking services to both corporate and private customers. It also offers financial pr banking services in the infrastructure business sector. The bank is also focused to deliver services to people in rural areas and to self-employed individuals as well. On 8th November 2017, the bank stepped into a strategic partnership with Mobikwik, a digital solution payment solution company, and launched a co-branded virtual visa prepaid card for its customers. IDFC Bank has set remarks itself for being recognized as one of the fastest growing private banks in Indian banking sector, and that too, in a very short span of time post their new administration reforms. It has left a lot of impact with its personal financial product range such as recurring deposit scheme. It has gained a remarkable goodwill in the market not just for providing comparatively high interest rates to the IDFC Bank account holders but, also for calculating the interest rates on quarterly basis. The bank offers convenient internet and mobile banking services to its customers so that they can get the best banking experience. However, to conduct online banking transactions, it is essential to provide IDFC bank IFSC code.
a. The RD interest rates (at 8%) are comparatively high as compared to other banks and financial institution
b. A minimum recurring RD amount at IDFC bank is just Rs.2000
c. No added penalty will be charged, if in case, an account holder fails to pay the deposit for a month. However, if the account holder skips the deposit for a second month then the RD account will be ceased and the calculated amount will be credited to the savings account without any interest.
d. Minimum tenure for an IDFC RD account is just 6 months
e. No interest will be charged if the amount is withdrawn 30 days prior to the maturity term f. Senior citizens get additional interest rate of 0.5% per annum
IFSC is an acronym of Indian Financial System Code, which is used for conducting electronic fund transfer methods such as NEFT, RTGS, and IMPS developed by the Reserve Bank of India. IDFC IFSC bank branch code is identified by the RBI to recognize the participating bank branches. IFSC is an 11 digit alphanumeric code, where the first four characters denote the name of the bank; the fifth character remains zero reserved for future use as per RBIs guidelines, and the remaining six characters signify the bank branch code. In due course, when all banks are participating in digital fund transfer modes, unique IFSC code makes it easy for the RBI to identify participating bank branch. Also, the code supports for highly secured and reliable banking transactions. It makes the fund transfer transaction faster as well.
For example, IDFC Bank IFSC Code for Raisen road, Bhopal (MP) branch is IDFB0041381, where:
a. IDFB refers to IDFC bank
b. The fifth character is 0 which is a control character and reserved for future use by RBI
c. The last 6 digits, i.e. 041381 denote the IDFC bank branch code for Raisen road, Bhopal branch.
As customers are fast moving towards the online fund transfer system, it is essential to provide IFSC code of the bank in order to conduct the transaction successfully without any risk of manual errors. With the online payment system like NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment System), it is mandatory to provide IFSC code of the participating and beneficiary bank branch. You can find the IFSC code for all IDFC bank branches at Applykaroo.com or directly at the banks website. Usually, the code is mentioned at cheque book and passbook provided by IDFC home branch. However, while making the fund transfer transactions on the digital platform, make sure that you enter the correct IFSC code, otherwise, the transaction cannot be proceed successfully.
MICR code is printed using a special Magnetic Ink Character Recognition (MICR) technology to enable unique identification of the cheque leaves. You can find IDFC MICR code printed at the bottom of every cheque leaf provided by your IDFC bank branch. MICR code is printed along with the cheque number, which makes it easy for the RBI to identify the bank branch and speed up the cheque clearance process. It also eliminates the possibilities of any manual errors or fraudulent during the cheque clearance process.
IDFC bank MICR code is a 9 digit unique code that identifies the participating bank and bank branch in an ECS (electronic clearing system). Out of the 9 digits, the first three digits represent the city code, the next three digits denote the IDFC bank code, and the last three digits represent the IDFC bank branch code. You can find MICR code printed next to the cheque number at the bottom of every cheque leaf.
For example, IDFC Bank MICR Code for Raisen road, Bhopal (MP) branch is 462751001, where
a. 462 refers to the city code
b. 751 is the IDFC bank code, and
c. 001 is the IDFC bank branch code
NEFT and RTGS fund transfer methods are developed and supported by RBI, in order, to transfer the funds easily and conveniently. Both the methods are extremely transparent which reduces the possibilities of fraudulent and manual errors during the transactions.
NEFT : National Electronic Fund Transfer system settles the transaction in timely batches. On weekdays, there are 12 batches conducted from 8 am to 7 pm; while on Saturdays, there are only 6 transaction batches settled between 8 am to 1 pm. There is no lower and upper limit for the value to be transferred, but, generally, RTGS method is preferred for the transactions above Rs.2 lakh. The charges incurred to NEFT mode of transactions are as follow:
1. For transaction value up to Rs.10000 : Rs.2.50 + applicable taxes
2. For transaction value between Rs.10000 toRs.1 lakh : Rs.5 + applicable taxes
3. For transaction value between Rs.1 lakh to Rs.2 lakh : Rs.15 + applicable taxes
4. For transaction value above Rs.2 lakh : Rs.25 + applicable taxes
RTGS : Real Time Gross Settlement method is most preferred for the transaction value of above Rs.2 lakh. Also, the method is more popular than NEFT method because it credits the recipients bank account within 30 minutes once the validation process is completed. The time window for conducting IDFC bank RTGS transactions is available from 9am to 4:30 pm on weekdays; whereas, on Saturdays, the transactions are held between 9 am to 2 pm.
However, to conduct both the methods, you need to provide IDFC bank IFSC code. You check the list of IDFC bank branches and get the IFSC Code for every bank branches in just a few clicks at Applykaroo.com.
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