Andhra Pragathi Grameena Bank IFSC or Indian Financial System Code is a combination of 11 characters assigned by the Reserve Bank of India to all the banks and their respective branches. Hence IFSC is a unique identifier, which helps the customers to locate a specific bank branch easily, making it easier for them to avoid chances of any fraudulent activity. IFSC code is used necessarily in the electronic or online funds transfer via NEFT, RTGS or IMPS.
Andhra Pragathi Grameena Bank IFSC Code: Structure & Importance
Structure
The 11-character IFSC Code is a combination of 3 essential components:
- The first 4 characters indicate the bank code
- The 5th character is always a ‘0’
- The last 6 characters represent the specific branch code
| Andhra Pragathi Grameena Bank Code | Zero | Andhra Pragathi Grameena Banks’ Branch Code | ||||||||
| A | P | G | B | 0 | 0 | 0 | 3 | 0 | 2 | 1 |
The above-given example “APGB0003021” is the IFSC Code of Andhra Pragathi Grameena Bank, Kurnool, Andhra Pradesh. Here, the first 4 characters ‘APGB’ represent the bank code, the 5th character is a ‘0’ and the last 6 characters ‘003021’ represent the branch code of Alur.
Importance
- Instant and hassle-free fund transfer: IFSC code is used in the instant facilitation of funds transfer using NEFT, RTGS or IMPS
- Monitor transactions: IFSC code is used by the RBI to monitor all the financial transactions by an individual, hence minimizing the chances of any possible errors
- Unique identification: IFSC code helps in the unique identification of a specific bank branch
- Minimizing errors: IFSC helps users to transfer funds securely, hence eliminating the possible chances of any discrepancy
Where to find Andhra Pragathi Grameena Bank IFSC Code?
The customers can look for the IFSC Code both online as well as offline. Below mentioned are some of the ways:
Online
- IFSC Code search tool by Paisabazaar: The users need to just visit the IFSC code search tool page provided by Paisabazaar and enter all the required details including the bank name, state, city and branch name. All the required details including the IFSC and MICR codes will be displayed on the right-hand side of the page.
- The Reserve Bank of India: The users can find the IFSC code on the official website of RBI. The MICR code can also be found on the same.
- Net Banking / Mobile Banking: The IFSC code can also be found by logging into the net banking account or the bank’s official mobile application or website.
Offline
- Cheque Book: 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.
- Passbook: Both the IFSC, as well as the MICR Code, can be found on the first page of the passbook provided by the bank.
Online Fund Transfer using Andhra Pragathi Grameena Bank IFSC Code
The use of IFSC Code is vital in facilitating the online or electronic fund transfer via NEFT, RTGS or IMPS.
Information required for Fund Transfer:
- Amount to be remitted
- Name of Beneficiary Bank
- Name of Beneficiary
- Account number to be debited
- Account number of Beneficiary
- IFSC Code of Beneficiary’s bank branch
NEFT
National Electronic Fund Transfer (NEFT) is a payment system that helps the customers to transfer funds from one bank branch to another. The process of NEFT is based on the deferred arrangement and the transactions are carried out in settlements. The transfer process settles in 23 half-hourly batches.
- Minimum Transfer Limit: Re.1
- Maximum Transfer Limit: No limit
- Inward Transaction Charges: No charges
- Service Timings: 24x7 throughout the year
RTGS
Real-Time Gross Settlement (RTGS) is a payment system by which the transfer of funds gets initiated instantaneously and on a real-time and gross basis. RTGS service is best suited for carrying out large value transactions. Both the originating and destination banks should be RTGS-enabled for the fund transfer process to take place.
- Minimum Transfer Limit: Rs.2 lakh
- Maximum Transfer Limit: No limit
- Inward Transaction Charges: No charges
- Service Timings: 8 am to 6 pm Monday to Saturday (except 2nd and 4th Saturday)
IMPS
Immediate Payment Service (IMPS) is a payment system that allows instant 24x7 transfer of funds online. The service is rather quick and secure in comparison with NEFT and RTGS. This service was introduced by the National Payments Corporation of India (NPCI). The service can be accessed via various channels including Mobile, Internet or ATM.
- Minimum Transfer Limit: Re.1
- Maximum Transfer Limit: Rs.2 lakh
- Inward Transaction Charges: Decided by the individual member banks & PPIs
- Service Timings: Available 24x7 (365 days)
About Andhra Pragathi Grameena Bank
Established in the year 2006, Andhra Pragathi Grameena Bank is a Scheduled Commercial Bank that caters to the banking needs of the rural poor in the backward regions of Andhra Pradesh. With its headquarters in Kadapa, the bank’s area of operation is extended to 5 districts of Andhra Pradesh state.