Durgapur Steel Peoples Co-operative Bank IFSC or Indian Financial System Code is an 11-digit alphanumeric code that helps in uniquely identifying a particular bank branch. The IFSC code is allocated to each bank branch by the Reserve Bank of India. The use of IFSC code is mandatory in facilitating the electronic or online funds transfer via NEFT, RTGS or IMPS. IFSC code helps customers to transfer funds securely hence eliminating all the possible chances of any discrepancy in the online fund transfer process.
Format of Durgapur Steel Peoples Co-operative Bank IFSC Code
|Durgapur Steel Peoples Co-operative Bank Code||Zero||Durgapur Steel Peoples Co-operative Bank’s Branch Code|
The above-mentioned example “DURG0000005” is the IFSC Code of Durgapur Steel Peoples Co-operative Bank, Paschim Bardhaman, West Bengal. Here the first 4 characters “DURG” indicate the bank name, 5th character is a “0” and the last 6 characters “000005” represent the branch code of Muchipara, West Bengal.
Where to find Durgapur Steel Peoples Co-operative Bank IFSC Code?
The users can find the IFSC Code by opting for any of the below-mentioned ways:
- IFSC Code search tool by Paisabazaar: The users can go to the IFSC Code search tool page provided by Paisabazaar. The user needs to enter details like the bank name, state, city, and the branch code. The IFSC code along with all the other details will get displayed on the right-hand side of the page.
- Cheque Book / Passbook: The IFSC Code can also be found on the top left corner of the cheque leaf, while the MICR Code is printed at the bottom. Both the IFSC and MICR codes can be found on the first page of the passbook provided by the bank.
- RBI: The IFSC and MICR codes are available on the official website of the Reserve Bank of India.
Online Funds Transfer using Durgapur Steel Peoples Co-operative Bank IFSC Code
The use of IFSC code is mandatory in facilitating electronic or online fund transfer using NEFT, RTGS.
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
National Electronic Fund Transfer (NEFT): NEFT is a nation wide funds transfer system to facilitate the transfer of funds from one bank branch to another. The payment system operates on a net settlement basis, that settles transactions in batches.
Real-Time Gross Settlement (RTGS): RTGS is a funds transfer mechanism where the transfer of money takes place from one bank account to another in real-time and on a gross basis. The transactions are settled as soon as they are processed.
Immediate Payment Service (IMPS): This payment service can be accessed 24x7, throughout the year (including bank holidays). The IMPS payment system is more secure and faster in comparison to NEFT and RTGS. The transfer of money can be initiated using the beneficiary account number and IFSC Code.