To standardize and keep track of all domestic fund transactions, RBI (reserve bank of India) introduces the concept of IFSC (Indian finance system code, in other words it is called brain child of apex bank of country. One of the obvious reasons behind introducing this special and secure code is unique identification of each branch of banks to make transaction robust a well error free transaction performed between one bank account to other. As it is known that IFSC code is combination of 11 alphanumeric codes as RBI made it unique for every branch of respective bank and do not repeat ever. While using online transaction from one bank account to other through NEFT and RTGS processes, use of IFSC code or MICR code is essential. Apart from above specified reason use of these codes ensures that amount transferred will reach to correct account without any complication. The apex bank of India has assigned this code to all banks in India and issued instruction of mandate use while making online transactions. As we know that IFSC code refers to three specific segments including bank name, bank address and special code (sometime known as control character) reserved for future use as per instruction of RBI.
For example IOBA0003728 is IFSC code of Indian overseas bank, Bhopal, Madhya Pradesh branch. To make all online amount transactions via IMPS, RTGs and NEFT processes through their Indian overseas bank account. As specified above first four characters refers to name of bank, fifth character is zero and reserved for future use and remaining six digits refers to branch address of bank.
Internet banking facility user of IOB (Indian overseas bank) can use money transaction facility like IMPS, RTGS and NEFT. To use them initially customer need to take approval from bank to activate respective facilities.
Real Time Grass Settlement (RTGS)
RTGS based transaction can be performed for amount transaction on account of individual or higher amount based transactions. Bank settles the transaction within one working day as it is considered as one of fastest and safest online transaction method.
NEFT (National Electronic Fund Transfer)
To perform batch mode transactions, NEFT transaction method is used; Indian overseas bank takes specific time to settle transaction successfully. All transaction settled on hourly schedule as this process is based on deferred net settlement, if applicant transfer amount on scheduled or specific time them amount will be credited into account of beneficiary on same working day otherwise transaction will be settled on next working day.
1. Amount to be transferred
2. Bank name and Account number of Beneficiary.
3. Account number of sender along with information about sender and receiver.
4. Beneficiary name as mentioned in bank record.
5. IFSC and MICR code of beneficiary bank branch.
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