Corporation Bank is based in Mangalore, Karnataka and is owned by Government of India. Due to Technology up-gradation, Corporation Bank has switched their traditional account numbers to 15 digit account numbers. For the time being the old number is valid but for certain transactions and banking activities, the new number is required.
The new 15 Digit account number is needed for corporation bank account holders for all interbank electronic fund transfer services. These services will further facilitate Electronic Clearing Services (ECS) and include:
- National Electronic Fund Transfer (NEFT)
- Real-Time Gross Settlement (RTGS)
- and Immediate Payment Services (IMPS)
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Break-up of 15-Digit Account Number
- The first four digits are the branch code of the corporation bank where the customer account is held
- The next three digits are Account type mapping code
- The remaining 8 digits are added from the existing bank account number
Conversion of existing Account Number to 15 digits Account Number
The following example can illustrate the conversion of an existing account number to 15 digits digital number. For an account holder of corporation bank, suppose:
- The branch code for that particular branch where the account is: 0256 (branch code)
- If the Account type is Savings Bank Account then the corresponding Account type Code is 001
- Assume the same savings account has the existing account number: SB12345678
So, the 15 digit account number for the same account of Corporation Bank will be 025600112345678 as compared to the original Account number of SB12345678. The interpretation of 15 digits is: First 4 digits are bank branch code + Next 3 digits are Account Type Code + next 8 digits are taken from the existing account number
How to get IFSC of a branch of Corporation Bank?
IFSC code is an 11-character alpha-numeric code. The first four letters represent the bank and last 6 digits indicate the branch and it is unique code for each branch. IFSC code is mentioned in the cheque book of the branch of Corporation bank where it is issued. You can find the Corporation Bank’s IFSC code on PaisaBazaar or on Bank’s official website. On bank’s website, click on ‘Branch Locator’ menu, you have to input information regarding State, District and Branch name and it will provide you with the IFSC code of the branch along with other branch-related information. The last 4 digits of IFSC code is the bank code that is a part of 15 digit account number.
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Account type Code for Corporation Bank
There are various types of account offered by Corporation Bank. Each type of account is mapped with a specific number. For example, Savings Bank Account is denoted by SB and this is mapped with mapping code: 001. Similarly, there are other types of accounts available with Corporation Bank and each type has a unique mapping code.
Account Type Mapping Codes for RTGS/NEFT
|Account Type||Mapping Code||Account Type||Mapping Code||Account Type||Mapping Code||Account Type||Mapping Code|
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Corporation Bank customers can use both 15 digit account number and the alpha-numeric account number, but electronic fund transfer requires the 15 digit account number. However, Corporation Bank will finally move to 15 digit account number in future.