Andhra Pradesh Grameena Vikas Bank IFSC (Indian Financial System Code) is an 11 character alphanumeric code and unique branch identifier. It is assigned by the Reserve Bank of India to all the banks and their respective branches. The use of IFSC code is vital in the electronic or online funds transfer process using NEFT, RTGS or IMPS. IFSC, in particular, provides a unique identity, making it easier to locate a specific bank branch.
Format of Andhra Pradesh Grameena Vikas Bank IFSC Code
In the 11-character IFSC Code, the first 4 characters indicate the bank code, the 5th character is a ‘0’ and the last 6 characters represent the unique branch code. Given below is an example of Andhra Pradesh Grameena Vikas Bank IFSC Code, Vepada, Andhra Pradesh.
|Andhra Pradesh Grameena Vikas Bank Code||Zero||Andhra Pradesh Grameena Vikas Bank ’s Branch Code|
In the above-mentioned example (APGV0002225):
- The first 4 characters ‘APGV’ indicate the bank code
- The 5th character is a ‘0’
- The last 6 characters ‘002225’ represent the branch code of Vedapa, Andhra Pradesh
How to Search for Andhra Pradesh Grameena Vikas Bank IFSC Code?
Following listed are some of the ways in which a user can find the IFSC Code of Andhra Pradesh Grameena Vikas Bank:
- IFSC Code search tool by Paisabazaar: Visit the IFSC Code search tool page provided by Paisabazaar. Enter all the required details including the bank name, state, city, and branch. The IFSC along with MICR Code and other details will be displayed on the page.
- Cheque Book / Passbook: The users can find the IFSC code printed on the top left corner of the cheque leaf, while the MICR code is printed at the bottom. The users can also find the IFSC as well as the MICR Code on the first page of the passbook provided by the bank.
- Netbanking / Mobile Banking: The customers can either login to the net banking account to look for the IFSC code or can go to the bank’s official mobile application for the same. The code can also be found on the official website of the bank.
Importance of IFSC Code
- The IFSC code helps keep to monitor all the financial transactions performed by an individual hence helping them to avoid any possible errors
- IFSC code is vital in facilitating electronic or online fund transfer via NEFT, RTGS or IMPS
- The code helps in uniquely identifying a particular bank and its respective branches
- IFSC helps users to transfer funds instantly and securely hence eliminating all the possible chances of any discrepancy in the online fund transfer process
Difference between IFSC and MICR Code
|IFSC Code||MICR Code|
|It is an 11-character alphanumeric code||It is a 9-digit numerical code|
|IFSC is used in the process of online fund transfer using NEFT, RTGS or IMPS||MICR Code is used for the faster processing of cheques|
|First 4 characters indicate bank code, 5th is ‘0’ & last 6 characters represent branch code||First 3 digits denote city code, middle 3 show bank code & last 3 signify branch code|
Online Fund Transfer using IFSC Code
The use of IFSC Code is significant in facilitating online funds transfer via NEFT, RTGS or IMPS. Below mentioned are the different payment services commonly used for the transfer of funds from one bank branch to another.
National Electronic Fund Transfer (NEFT)
NEFT is a payment system facilitating one-to-one funds transfer. The customers are eligible to transfer funds online from any bank branch to any individual having an account in any other bank branch. For the transaction process to take place, both the banks should be NEFT-enabled.
|NEFT||Maximum Transfer Value||Minimum Transfer Value||Transaction Charges||Operational Timings|
|No limit||Re.1||No charges||Available 24 x 7 throughout the year (including Sundays and Bank holidays)|
Real-Time Gross Settlement (RTGS)
RTGS is a payment system usually opted for carrying out large value transactions. The transfer of funds from one account to another, takes place in real-time and gross basis. Both the originating and destination banks should be RTGS-enabled for the fund transfer process to take place.
|RTGS||Maximum Transfer Value||Minimum Transfer Value||Transaction Charges||Operational Timings|
|No limit||Rs.2 lakh||No charges||8 am to 6 pm Monday to Saturday (except 2nd & 4th)|
Immediate Payment Service (IMPS)
IMPS is an instant interbank electronic fund transfer system. The IMPS service is available 24x7 and can be accessed throughout the year (including bank holidays). IMPS is a rather more secure and faster service in comparison with NEFT and RTGS. The transfer of money can be initiated using the beneficiary account number and IFSC code.
|IMPS||Maximum Transfer Value||Minimum Transfer Value||Transaction Charges||Operational Timings|
|Rs.2 lakh||Re.1||Decided by the individual member bank||Available 24x7 (365 days)|
About Andhra Pradesh Grameena Vikas Bank
Incorporated in the year 2006, Andhra Pradesh Grameena Vikas Bank is a regional rural bank in India. The bank has its headquarters in Warangal, Telangana. The bank successfully caters to the different banking needs of its customers and provides products like loans to agricultural, safe deposit lockers, internet banking, insurance and a lot more.