DMK Jaoli Bank IFSC or Indian Financial System Code is an alpha-numeric code of 11 characters used to identify a specific bank branch. The IFSC code is a unique identifier of any bank branch participating in the fund transfer process. The code helps to route fund transfer to the concerned bank and the particular bank branch. IFSC code is designated to each bank branch by RBI (Reserve Bank of India) and helps in the online funds transfer via NEFT, RTGS or IMPS.
DMK Jaoli Bank IFSC Code: Format & Importance
Format
The 11 character IFSC code is structured in 3 important parts:
- First 4 characters indicate the bank code
- 5th character is a ‘0’
- Last 6 characters represent the specific branch code
| DMK Jaoli Bank Code | Zero | DMK Jaoli Bank’s Branch Code | ||||||||
| D | M | K | J | 0 | 0 | 0 | 0 | 0 | 1 | 4 |
The above mentioned ‘DMKJ0000014’ is an example of the IFSC Code of DMK Jaoli Bank, Mumbai, Maharashtra. Here the first 4 characters ‘DMKJ’ indicates the bank code, the 5th character is a ‘0’ and the last 6 characters ‘000014’ indicate the branch code of Borivali, Mumbai.
Importance
- The code helps in the unique identification of a specific bank branch. For the fund transfer process to take place, it is mandatory to know the IFSC Code of the originating and destination bank branch
- The IFSC Code is used by the RBI to track all the online transactions performed by an individual, hence eliminating the chances of any fraudulence in the fund transfer process
- The use of IFSC Code is mandatory in facilitating the electronic or online funds transfer using NEFT, RTGS or IMPS
Where to Find DMK Jaoli Bank IFSC Code?
The customers can find the IFSC as well as MICR (Magnetic Ink Character Recognition) Code both online as well as offline. Below mentioned are the different ways:
Online
- IFSC Code search tool by Paisabazaar: The customers can visit the IFSC Code search tool page provided by Paisabazaar. Enter the required details like the bank name, state, city and branch name.
- The Reserve Bank of India: The users can also find the IFSC as well as the MICR Code on the official website of RBI.
Offline
- Cheque Book: The IFSC Code can be seen printed on the top left side of the cheque leaf, while the MICR code is printed at the bottom.
- Passbook: Both IFSC and MICR codes can be found on the first page of the passbook provided by the bank.
Use of DMK Jaoli Bank IFSC Code in Online Fund Transfer
The use of IFSC code is mandatory in facilitating electronic or online funds transfer via NEFT, RTGS or IMPS. The IFSC code of both the originating and the destination bank branches be necessarily known, in order to carry out the fund transfer process successfully. Following are the different payment systems to transfer funds online using IFSC Code:
| Payment Service | Description | Key Features |
| NEFT |
|
|
| RTGS |
|
|
| IMPS |
|
|
About DMK Jaoli Bank
Formerly known as Jaoli Sahakari Bank, the bank was established on 19th July 1973. The bank focuses on the economic growth of working-class people and caters to all the different banking needs of its customers. The bank has a branch network of approximately 24 branches that provide users with advances and enhanced banking services.