Karnataka Vikas Grameena Bank IFSC Code is an 11-digit alphanumeric code allotted by the Reserve Bank of India to all the bank-branches participating in the online funds transfer process via NEFT, RTGS or IMPS. The Indian Financial System (IFSC) Code in a unique identifier enabling electronic transfer of funds conveniently. The code helps in identifying both the originating and destination banks thus making it easier for the fund transfer to take place.
Format of Karnataka Vikas Grameena Bank IFSC Code
In the 11-digit code, the first 4 characters represent the bank code, the 5th character is a ‘0’ and the last 6 characters signify the branch code.
|Karnataka Vikas Grameena Bank Code
|Karnataka Vikas Grameena Bank’s Branch Code
Above mentioned code (KVGB0007101) is an example of Karnataka Vikas Grameena Bank IFSC Code Adur Branch, Karnataka. The first 4 characters (KVGB) denote the bank code, 5th character is a ‘0’ and the last 6 characters (007101) represent the branch code of Adur, Karnataka.
Features of Karnataka Vikas Grameena Bank IFSC Code
Given below are some of the important features of Karnataka Vikas Grameena Bank IFSC Code:
- It helps in uniquely identifying the originating and destination bank branch making the online money transfer process easier
- The Reserve Bank of India with the help of IFSC Codes keeps a track of all the online transactions performed by an individual. Hence, it helps in eliminating the chances of any discrepancy in the funds transfer process
- The use of Karnataka Vikas Grameena Bank IFSC Code is mandatory in processing the electronic or online funds transfer via NEFT, RTGS or IMPS.
Where to find Karnataka Vikas Grameena Bank IFSC Code?
Karnataka Vikas Grameena Bank account holders can find the IFSC code in many different ways listed below:
- IFSC Code search tool by Paisabazaar: The user needs to visit the page and select the bank name, state, city and branch name. IFSC Code along with MICR Code and other details will be shown in the box displayed at the right-hand side of the page.
- Cheque Book & Pass Book: The account holders can find the IFSC code on the top side of the cheque leaf while the MICR code is printed at the bottom. Both IFSC and MICR codes can be found on the first page of Karnataka Vikas Grameena Bank passbook. Look at the following picture for better understanding -
- RBI: The IFSC code, as well as the MICR code, can be found on the official website of the Reserve Bank of India (RBI).
- Internet / Mobile Banking: The user can find the IFSC and MICR Code on the bank’s official website or application or by logging into net banking.
Online Funds Transfer using Karnataka Vikas Grameena Bank IFSC Code
The use of IFSC Code is mandatory in processing the online or electronic funds transfer via NEFT, RTGS or IMPS. Following is the detailed explanation of online funds transfer process via NEFT, RTGS or IMPS.
Information required for Fund Transfer
- Amount to be remitted
- Name of Beneficiary Bank
- Name of Beneficiary Customer
- Account number to be debited
- Account number of Beneficiary customer
- IFSC Code of Beneficiary’s bank branch
NEFT (National Electronic Fund Transfer)
Developed by the Reserve Bank of India (RBI), the NEFT service is used in the transfer of funds from one bank to another. It is an economical and reliable option for money transfer. There is no minimum or maximum limit of remittance via NEFT.
|8 am to 7 pm
RTGS (Real Time Gross Settlement)
RTGS involves the continuous settlement of funds transfer in real-time or orderly basis. The payments done via RTGS are final and irrevocable. This service is specifically used for large value transactions. The minimum transfer limit for RTFS is Rs. 2 lakh while there is no maximum transfer limit required.
|8 am to 6 pm
|Real Time basis
IMPS (Immediate Payment Service)
The IMPS service facilitates the inter-bank fund transfer instantly and on a 24X7 basis. The maximum transfer limit for IMPS is Rs. 2 lakh while there is no minimum transfer limit required.
Both account number & IFSC code is required for the transfer of funds. IMPS can be done using internet banking, mobile banking or through the nearest bank branch.
|24X7, throughout the year (including Sundays & Bank Holidays)
|Decided by the individual member bank
|Instant Fund Transfer
About Karnataka Vikas Grameena Bank
Karnataka Vikas Grameena Bank is an Indian Regional Rural Bank that provides retail banking services to rural users. With its headquarters in Dharwad, Karnataka, the bank has 622 branches in Karnataka. Incorporated on 12th September 2005, the bank provides all the retail banking services as well as specialist loans to its customers.