Saraswat Cooperative Bank IFSC Code is a unique 11-character alphanumeric combination. IFSC stands for Indian Financial System Code. The code helps in the electronic or online funds transfer using NEFT, RTGS or IMPS. All the IFSC codes are allocated by the RBI (Reserve Bank of India) to banks and their specific branches. So, IFSC code is unique for every bank branch and it cannot be duplicated or similar for any 2 bank branches.
Saraswat Cooperative Bank IFSC Code: Format and Key Features
In the 11-digit IFSC Code, the first 4 characters define the bank code, the 5th character is a ‘0’ and the last 6 characters represent the specific branch code.
|Saraswat Cooperative Bank Code||Zero||Saraswat Cooperative Bank’s Branch Code|
The above-mentioned code (SRCB0000358) is an example of Saraswat Cooperative Bank IFSC Code Delhi. The first 4 characters ‘SRCB’ signify the bank code, the 5th character is a ‘0’ while the last 6 characters ‘000358’ represent the branch code of Connaught Place, Delhi.
- The IFSC Code helps in uniquely identifying a specific bank branch
- The use of IFSC Code is mandatory in processing the electronic or online funds transfer via NEFT, RTGS or IMPS
- It helps in the elimination of errors in the fund transfer process
- It is allotted by the RBI to different bank branches helping in the correct identification of a specific bank branch
How to search for Saraswat Cooperative Bank IFSC Code?
There are various ways in which a user can find the Saraswat Cooperative Bank IFSC Code. Users can choose any of the following ways to look for the IFSC code of a specific bank branch:
1. IFSC search tool by Paisabazaar: The users can visit the IFSC search tool provided by Paisabazaar. One needs to just select the bank name, state, city and branch name. All the details along with the IFSC & MICR code gets displayed on the right-hand side of the page.
2. Cheque Book & Pass Book: The IFSC code can be found on the top side of the cheque leaf whereas the MICR Code is printed at the bottom. The below-displayed picture will adhere to better understanding. Also, both the codes can be found on the first page of the passbook.
3. Reserve Bank of India (RBI): IFSC code and MICR code can be found on the official website of the RBI.
4. Saraswat Cooperative Bank Netbanking or Mobile Banking: The codes can be found on the bank’s official website or application. One can find these codes by logging into net banking.
What is MICR Code?
The MICR Code (Magnetic Ink Character Recognition) is a 9-digit code used for the faster processing of cheques. The code helps in identifying a specific bank branch which is a part of ECS (Electronic Clearing System) which is used for clearing cheques on a regular basis. The code is printed on the bottom side of the cheque book and can also be found on the first page of the passbook. In the 9-digit MICR Code:
- The first 3 digits signify the particular city
- The next 3 digits represent the bank code
- The last 3 digits signify the branch code
Online Funds Transfer using IFSC Code
The use of IFSC Code is mandatory in transferring funds online from one bank to another. All electronic or online funds transfer via NEFT, RTGS or IMPS cannot be done without the use of IFSC Code.
1. Funds transfer via NEFT: National Electronic Fund Transfer (NEFT) helps the user to transfer funds from one bank to another. The whole process is based on a deferred settlement process through which the transactions are carried out in settlements. The funds transfer via NEFT settles in 23 half-hourly batches.
- Minimum transfer limit for NEFT is Re.1/-
- There is no cap limit to the maximum transfer value
- Service timings: 8 am to 7 pm- all working days (except 2nd and 4th Saturday)
2. Funds transfer via RTGS: The transfer by this system gets initiated instantaneously and on a real-time and gross basis. The majority of high value transactions are facilitated via RTGS system. The remitter needs to provide the basic bank account details of the beneficiary required for the fund transfer.
- The minimum fund transfer limit is Rs.2 lakh
- No maximum transfer limit
- Operational Timings: 8 am to 6 pm for all working days (except 2nd & 4th Saturdays)
3. Funds transfer via IMPS: IMPS provides an instant 24X7 electronic fund transfer facility via mobile phones. IMPS is considered a secure and faster mode of fund transfer. The transfer of money can be initiated using the beneficiary account number and IFSC Code, in addition to the beneficiary mobile number and MMID.
- Minimum money transfer value: Re.1/-
- Rs.2 lakh is the maximum transfer value
- Is available 356 days, 24X7
*There are no holiday restrictions or timing issues for IMPS remittances. Also there are no charges for using this service.
About Saraswat Cooperative Bank
Based in Maharashtra, Saraswat Cooperative Bank has been in operation since 1918. The bank has a large network of 281 branches and ATMs at 260 locations spread in areas of Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa, and Delhi. The bank also provides the ‘Bank on WhatsApp’ facility to its customers helping them to receive updates and avail the banking facilities via a chat platform.