Syndicate Bank founded its root in 1925 in Udupi in coastal Karnataka. The bank was founded by Sri Upendra Ananth Pai, Sri Vaman Kudya, and Dr. T.M A Pai. The primary objective of establishing the bank was to extend financial assistance to the local weavers. Today, bank is recognized among the top leading banks offering several financial products and services to its customers.
As online fund transfer methods are widely getting popular among the individuals. The convenience of transferring funds makes the methods well admired. Currently, Syndicate bank offers fund transfer methods such as NEFT (National Electronic Fund Transfer), IMPS (Immediate Payment Service), and RTGS (Real Time Gross Settlement). However, one requires providing Syndicate Bank IFSC code to conduct the transaction successfully.
IMPS is an immediate fund transfer method that is accessible 24*7, where an individual can transfer funds to any bank branch round the clock. The immediate payment service is available even on the weekends and public holidays, i.e., 365 days a year. However, it is significant to activate internet banking and mobile banking to access the service.
NEFT is a countrywide fund transfer system allowing the individual to make payments electronically. Conversely, it is necessary that both participating bank branches should be a part NEFT network. The transactions are carried out in timely batches.
1. On weekdays (Monday to Friday) : 12 batches from 8 AM to 7 PM
2. On Saturdays : 6 batches from 8 AM to 1 PM
As the name suggests, RTGS is an instant online payment system. Any person can transfer funds using real time gross settlement system for a minimum transaction value of Rs.2 lakhs and maximum up to Rs.10 lakhs. In order to conduct RTGS method successfully, one needs to provide Syndicate IFSC code. RTGS transactions are done on orderly basis, which means that the transaction process takes place once the RBI validates the transaction. To conduct the transaction successfully, one needs to provide basic details such as recipient’s name, account number, IFSC code, and amount to be remitted.
MICR stands for Magnetic Ink Character Recognition technology particularly used by the banking sector. You can find Syndicate bank MICR code printed at the bottom of the cheque leaf of the cheque book issued by the Syndicate bank branch. Syndicate MICR code helps to fasten the cheque clearance process and lowering the risk of manual errors.
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