What is the use of IFSC Codes?

IFSC Code i.e. the Indian Financial System Code play an eminent role in the online transactions. The newly introduced internet banking enables the online transactions for various purposes. In order to track down the concerned bank’s branch, the IFSC code helps out. When one adds up the beneficiary’s account, the IFSC code needs to be entered then. Each bank reserves a unique code for itself. One can search the IFSC code here by entering the bank’s name and its details at www.allifsccode.net

How many times can we carry out our NEFT transactions?

NEFT i.e. the National Electronic Fund Transfer works in hourly basis. It works in 12 different settlements from 8 am to 7pm from Monday to Friday. Whereas on Saturdays, there are just six settlements. The timeline for the same stays between 8am to 1pm.

What is the benefit of using NEFT transfer?

NEFT i.e. National Electronic Funds Transfer is one of the most popular methods accepted for online money transfer. It makes sure that there doesn’t stay any delay in fund movements that too with keeping security as an important measure. These transfers are settled in a time frame of 24 hours. Here, one doesn’t have to take any pain to go to the bank branches themselves nor there arrives any need to for documentation. The confirmation of the transactions is sent through a SMS or an email. So, it is saving your time, energy and providing you with optimum results.

What if I can’t find any IFSC code or any other bank details for that matter, whom should I refer?

We at www.allifsccode.net have tried our best to provide the customers with all the information available pertaining to the IFSC codes. Still, in case of any issue, you can check out the official website of the RBI i.e. https://www.rbi.org.in/. Here you’ll find all the relevant information. Also, you can drop a mail at info@allifsccode.net . Our support team will make sure to get in touch with you in order to resolve the issue.

For RTGS transactions, is there any minimum or maximum amount stipulation?

The transactions via the RTGS system are basically meant for large value transactions. The minimum amount that can be transferred through RTGS is 2 lacs. Also, there is no upper limit decided for the same.

Do all the bank branches in the country offer RTGS service to its customers?

No. Truly speaking, not all the branches in India are enabled with RTGS system. In the present scenario, there are as much 100,000 + bank branches that offer RTGS enabled services. For more information on such branches, you can check the following list at http://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/RTGEB0112.xls.

Which centres in the country have enabled the facility for ECS?

At present, there are more than 60 centres which offers the ECS facilities. For the complete information about each branch, one can refer to the official website of RBI. One just have to maintain an account with one of these branches so as to avail the benefits of ECS service.

How is the NEFT service different from RTGS and EFT?

NEFT is principally an electronic payment system that plays a keen role in transferring the funds from any part of the country and works on the basis of settlements. Whereas the RTGS system works on the basis of the gross settlements. Added to that, when it comes to the EFT services, it is restricted to a few centres whereas NEFT is available nationwide for electronic fund transfers.