Established in 1907, Indian Bank is an Indian state-owned financial services company, headquartered in Chennai, India. Since 1969, the government of India has owned the bank and is managing the banking operations of the bank. It is one of the oldest banks in public banking sector with more than 2700 branches across India. The bank is renowned for its trustworthy banking services. The information and security system of the bank is certified with ISO27001:2013 standard and only a few banks are certified with this standard code worldwide. Indian bank also has its international branches in Colombo and Singapore with a foreign currency unit at Colombo and Jaffna. Moreover, it has 227 overseas correspondent banks in around 75 countries. It also has two subsidiary companies namely IndBank Housing Ltd. and Indbank Merchant Banking Services Ltd. Serving a varied customer base, the Indian bank offers a suite of financial products and services surrounding consumer banking, insurance, finance, mortgage, loans, personal banking, savings, investment banking, and credit cards, are few to mention.
In addition, to access the services, every Indian bank branch is provided a unique IFSC and MICR code by the Reserve Bank of India (RBI) to identify the bank branch through which the transaction has been done. This Indian bank IFSC code is used during the online banking transactions to avoid any fraudulent during the transaction process. In case of any fraudulent, IFSC and MICR code makes it easy for the RBI to identify the bank branch from which the fraud has been done. Also, Indian bank MICR code helps in fastening the cheque clearance process and eliminates any chances of manual error.
Indian bank offers mobile banking services to bring the best convenience and experience to its customers. Mobile banking service works on a secured platform that is structured in a menu-based and user-friendly environment which is compatible to all Java or GPRS enable mobile phones. Existing Indian bank account holders can immediately request J2ME mobile banking facility; whereas, new users are required to contact to their bank home branch for enabling the mobile banking services.
Once the request has been made, the URL link of the application will be sent to customers registered mobile number. Click on the link to download the Indian bank mobile banking application or you can directly get the app from Google playstore.
Downloading the app is not enough, you need to get registered yourself with the app to access the mobile banking services. The registration process will automatically start wherein you will be required to enter the Mobile number and secure the app by setting a confidential 4-digit MPIN. Upon successful validation of mobile number, CIF number, and MPIN security code, the system synchronizes the linked Indian bank account and added beneficiary account.
For making electronic banking transactions, you need to know Indian bank IFSC and MICR code as the codes help to recognize the bank branch from which the transaction has been done. The requests and responses are sent in an encrypted messaging format that uses end to end encryption. Application password is necessary to enter to open and access the application. Also, customers can make queries and process banking transactions using their MPIN code for accessing the application. The MPIN can be changed anytime later. However, the funds can only be transferred to previously added beneficiaries and more recipients can be added through add beneficiary option either through mobile banking or internet banking module.
Mobile banking facilities are primarily used for instant fund transfers. Though, customers are required to enter IFSC code of Indian bank branch to make successful fund transfers by eliminating any possibility of manual error and fraudulent. Check out what else a customer can do with mobile banking application:
a. Enquiries : customers can request mini statement, account balance enquiry, transaction history, issued cheque status, and check the fund transfer limit.
b. Fund transfer : customers can make secured and convenient fund transfers in no time. Funds can be transferred from available debit or credit card balance to any other bank account.
c. Miscellaneous services : customers can change application password or MPIN code and add/view/delete beneficiary account details.
d. Other services : Indian bank account holders can any time update their linked account or beneficiary account details. To get the latest banking services, keep the mobile application regularly updated.
National Electronic Funds Transfer (NEFT) is one of the widely popular electronic fund transfer platforms that allow its users to quickly transfer funds from one bank account to another. This fund transfer method is accepted countrywide and is known for its quick one to one fund transfer. Under NEFT system, users can electronically transfer money from one bank account to another in no time. The system does require an Indian bank IFSC code in order to complete the transaction.
An IFSC code is an Indian Financial System Code. This unique IFSC code has 11 digit alphanumeric characters that are assigned to every specific Indian bank branch to function under the network of NEFT system in India. The first 4 characters of IFSC code denote the bank, the fifth character is zero, which is kept reserved for future use, and the remaining 6 digits represent the bank branch.
Step 1 : To access NEFT fund transfer, first login to your net banking account. If you are not registered with online banking facility, then fill the form requesting the subscription for internet banking.
Step 2 : Add the beneficiary account as a payee. To add the beneficiary, you need to enter certain essential details about the recipient in the Add New Payee section:
a. Account number
b. Name of the recipient
c. Bank branch IFSC code
d. MICR code
e Account type
Step 3 : Once the recipients account details are added, choose NEFT as fund transfer mode
Step 4 : Select the payees account to which the transfer is to be made, enter the amount to be credited, and add a remark (optional)
Step 5 : Click on submit
Basically, the recipients bank does not charge any fees to the recipient account for the transaction done through NEFT fund transfer mode, but, the senderís bank accuses the following charges based on the amount being transacted:
1. For the transaction up to Rs.10000 :NEFT Charged is of Rs.2.50 + applicable taxes
2. For the transactions between Rs.10000 up to Rs. 1 lakh : NEFT charged is of Rs. 5 + applicable taxes
3. For the transactions above Rs.1 lakh and up to Rs. 2 lakh : NEFT charges is of Rs.15 + applicable taxes
4. For the transactions above Rs.2 lakh and up to Rs.5 lakh : NEFT charged is of Rs.25 + applicable taxes
5. For the transactions above Rs.5 lakh : NEFT charges is of Rs.25 + applicable taxes.
Generally, there is no upper limit for NEFT system, but, usually, RTGS (Real Time Gross Settlement) method is preferred for the transaction value above Rs.2 lakh.
Basically, Indian bank NEFT fund transfer system operates in hourly batches and thus, the services can be accessed only during the operational hours. On weekdays, the system operates in 12 settlement batches from 8 am to 7 pm; while on Saturdays, the operational hours remain for just 6 settlement batches from 8 am to 1 pm. However, the sender can line up in the transaction for the recipient and wait until NEFT opens up to their next working hour and/or day. NEFT transactions cannot be held on public holidays including Republic Day, Annual closing of banks, Good Friday, RBIs annual closing of accounts, Independence Day, and other national holidays.
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