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IFSC stands for Indian Financial System Code . The Payment System Applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) developed by the Reserve Bank of India use these codes.
The IFSC code consists of 11 Characters : (e.g SBIN0000987)
First 4 characters represent the Bank name (SBIN0000987)
Fifth position has been defaulted with a '0' (Zero) for future use (SBIN0000987)
Last 6 character denotes the branch identity (SBIN0000987 )
IFSC is being identified by the RBI as the code to be used for various payment system projects within the country, and it would, in due course, cover all networked branches.
If IFSC code is not known, use this link, to get IFSC code of any bank branches in India
MICR stands for Magnetic Ink Character Recognition. This is a 9 digit code to identify the location of the bank branch. The MICR Code is a numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme. The MICR Code allotted to a bank branch is printed on the MICR cheques issued by bank branches.
The MICR code consists of 9 Characters : (e.g 600002066)
First 3 characters represent the city (600002066 )
Next 3 characters represents the bank (600002066)
Last 3 character denotes the branch identity (600002066 )
If MICR code is not known, use this link, to get MICR code of any bank branches in India
Fund Transfer Method | Minimum | Maximum |
---|---|---|
RTGS | Rs.2 Lakhs | Rs.5 Lakhs |
NEFT | No Minimum | Rs.5 Lakhs |
Fund Transfer Method | Minimum | Maximum |
---|---|---|
RTGS | Rs.2 Lakhs | Rs.50 lakhs for Business and Rs.500 crores for Non-business |
NEFT | No Minimum | Rs.50 lakhs for Business and Rs.500 crores for Non-Business |
Note : These limits may changes with out prior notice. Please ensure these from your bank.
Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.
NEFT operates in hourly batches.
Currently there areYes. If the beneficiary's bank is unable to credit the beneficiary's account for any reason, the the beneficiary's bank will return the money to the remitting bank within 2 hours of completion of the batch in which the transaction was processed. Once the amount is received by the remitting bank, it is credited to the remitter's account by the branch concerned.
Please contact your bank/branch or the destination bank/branch or the Customer Facilitation Service Centre of the banks
RTGS transactions are sent to RBI as per the following schedule:
Day | Start Time | End Time |
---|---|---|
Monday to Friday | 9:00 hrs | 16:30 hrs |
Saturday | 9:00 hrs | 13:30 hrs |
NEFT transactions will be sent to RBI based on the following schedule:
Day | Start Time | End Time | Batch Timings | No. of Settlements in a day |
---|---|---|---|---|
Monday to Friday | 7:00 hrs | 18:30 hrs | at 08:00, 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs. | 12 settlements |
Saturday | 7:00 hrs | 12:30 hrs | at 08:00, 09:00, 10:00, 11:00, 12:00 and 13:00 hrs. | 6 settlements |
Please note that all the above timings are based on Indian Standard Time (IST) only.
For effecting an RTGS/NEFT remittance the remitter has to furnish the following information:
No. RTGS and NEFT services are enabled only in specific bank branches across the country. You have to verify this facility in Beneficiary bank.
Time of settlement at the Reserve Bank of India | Charges per Transaction for Outward Transactions | ||
---|---|---|---|
From | To | ||
09:00 Hours | 12:00 Hours | Rs. 2 lakhs to Rs. 5 lakhs |
Rs. 25/- |
Above Rs. 5 lakhs | Rs. 50/- | ||
After 12:00 Hours | 15:30 ( 13:00 hrs on Saturday hours) | Rs. 2 lakhs to Rs. 5 lakhs |
Rs. 26/- |
Above Rs. 5 lakhs | Rs. 51/- | ||
After 15:30 Hours | 16:30 hrs ( On week days) | Rs. 2 lakhs to Rs. 5 lakhs |
Rs. 30/- |
Above Rs.5 lakhs | Rs.55/- |
Note : These Transaction charges may change without prior notice. Contact your bank for updated information.
Amount | Service Charge | |
---|---|---|
From | To | |
Rs. 1/- | Rs. 10,000/- | Rs. 2.50/- |
Rs. 10,001/- | Rs. 1 Lakh | Rs. 5/- |
Above Rs. 1 lakh | Rs. 2 lakhs | Rs. 15/- |
Above Rs. 2 lakhs | Any Amount | Rs. 25/- |