UCO Bank was established in 1943, earlier known as Union Commercial Bank, is a Government owned financial service provider Company in India. The bank has a wide operating network with 49 zonal offices situated across India. It is headquartered in Kolkata. The bank also has overseas branches in Hong Kong and Singapore. UCO Bank offers several financial services such as corporate banking, investment banking, consumer banking, insurance, wealth management, etc.
As digital fund transfer methods are widely getting popular around the world in the banking sector, there are certain factors that make the transaction successful. UCO Bank account holders are required to provide IFSC Code of the recipient’s bank branch.
UCO IFSC codes are meant to be identified as an easiest way to recognize the participating bank branches in the transaction. Individuals need to provide IFSC code to conduct the transaction successfully. Online fund transfer methods include IMPS (Immediate Payment Service), NEFT (National Electronic Fund Transfer), and RTGS (Real Time Gross Settlement).
The online fund transfer methods were introduced by the RBI to easily recognize the participating bank branches without any risk of manual errors and/or fraudulent. Users can check the UCO Bank IFSC Code list at applykaroo.com.
IMPS is an instant fund transfer method that is available 24*7, where an individual can transfer funds to any bank branch anytime. The service is available even on the weekends and public holidays. However, it is important to activate internet banking and mobile banking to access the service.
NEFT is a nation-wide fund transfer system that allows the individual to make payments electronically. However, it is essential that both participating bank branches should be a part NEFT network. There is no lower limit set for the transaction, and 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. Individuals can transfer funds through this system for a minimum transaction value of Rs.2 lakhs and maximum up to Rs.10 lakhs. RTGS transactions are done on an order to order 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.
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