Idukki District Cooperative Bank IFSC Code is a unique 11 character alphanumeric code. IFSC stands for Indian Financial System Code, which is a combination of alphabets and numerals. The IFSC Code of each bank branch is assigned by the Reserve Bank of India hence the code helps in the unique identification of both the originating and destination bank branches. The use of IFSC Code is mandatory in transferring funds online via NEFT, RTGS or IMPS.
Format of Idukki District Cooperative Bank IFSC Code
In the 11-digit IFSC Code, the first 4 characters indicate the bank code, the 5th character is a ‘0’ and the remaining 6 characters signify the specific branch code. Given below is an example of Idukki District Cooperative Bank IFSC Code Kerala.
| Idukki District Cooperative Bank Code | Zero | Idukki District Cooperative Bank’s Branch Code | ||||||||
| I | D | U | K | 0 | 0 | 0 | 0 | 0 | 2 | 4 |
Here in the IFSC Code of Idukki District Cooperative Bank Kerala branch (IDUK0000024), the first 4 characters ‘IDUK’ indicate the bank code, the 5th character is a ‘0’ and the last 6 characters ‘000024’ represent the branch code of Elappara, Idukki, Kerala.
Importance of Idukki Cooperative Bank IFSC Code
- Electronic Fund Transfer: The IFSC Code is used in the electronic or online funds transfer via NEFT, RTGS or IMPS
- Unique branch identification: IFSC Code is used in the unique identification of a specific bank branch making the online money transfer easier
- Minimizing errors: It helps to eliminate any possible discrepancy in the funds transfer process
How to search for Idukki District Cooperative Bank IFSC Code?
The account holders can find the IFSC code by following the below-mentioned ways:
1. IFSC Code locator tool by Paisabazaar: The account holders can visit the IFSC Code locator tool provided by Paisabazaar and enter the required details like the bank name, state, city and branch name. The IFSC & MICR (Magnetic Ink Character Recognition) Code along with other details gets displayed on the right-hand side of the page.
2. Cheque Book & Passbook: The IFSC Code of Idukki District Cooperative Bank can be found on the top side of the cheque leaf while the MICR Code is printed at the bottom. Look at the below-given picture for better understanding. Also, both the codes can be found on the first page of the passbook provided by the bank.
3. Reserve Bank of India: Both the IFSC and MICR Code can be found on the official website of RBI.
Online Fund Transfer using Idukki District Cooperative Bank IFSC Code
IFSC Code is used to transfer funds online via NEFT, RTGS or IMPS. IFSC helps in processing electronic or online funds transfer. Also, in order to complete a transaction, IFSC Code is considered vital to monitor the transfer of money to the intended bank account. Following is the basic difference between NEFT, RTGS, and IMPS:
| NEFT | RTGS | IMPS | |
| Process | Payment process facilitating funds online in settlements | Process in which the money is credited in real-time and gross basis | Real-time and instant fund transfer system |
|
Minimum transfer limit |
Re.1/- | Rs.2 lakh |
Re.1/- |
| Maximum transfer limit | No maximum value | No maximum value | Rs.2 lakh |
| Operational Timings | 8 am to 7 pm - Monday to Saturday (except 2nd & 4th Saturdays) | 8 am to 6 pm on working days (excluding 2nd & 4th Saturdays) | Available 24X7 throughout the year |
| Inward transactions charges | No charges | No charges | Depends on the specific bank branch |
*The above-mentioned information is as per the guidelines of RBI.