Kotak Mahindra Bank IFSC Code refers to a combination of 11 character long alpha-numeric code, which is used as a primary key in order to identify all their branches, distinctly. Kotak Bank IFSC Code has various uses such as it helps in the electronic fund transfer between the branches of a bank, it can also be used in the inter-bank transfer of money and, helps in the electronic payment methods such as NEFT, RTGS, and IMPS.
Format of Kotak Mahindra Bank IFSC Code
The IFSC Code is used to identify bank branches. However, account holders can look at the below-mentioned format of IFSC Code of Kotak Mahindra Bank for more clarity:
Kotak Mahindra Bank IFSC Code for Gaya (Bihar) branch is KKBK0005702.
|Bank code||Zero||Branch code|
- In Kotak Mahindra IFSC Code, the first 4 characters (KKBK) stands for the name of the bank i.e. Kotak Mahindra Bank
- The fifth character is ‘0’ which is the same for all banks
- The last 6 characters (005702) stands for the branch code of Kotak Mahindra Bank
How does Kotak Mahindra Bank IFSC Code work?
In order to transfer funds to a particular payee, one has to provide details including the name of the payee, account number, IFSC code of the receiving Kotak Mahindra Bank branch, and the amount.
Once the remitter provides all these details, he/she will be able to transfer funds to the beneficiary easily as Kotak Mahindra Bank IFSC code helps to avoid errors in such transactions.
How to Search for Kotak Mahindra Bank IFSC Code and MICR Code?
The IFSC Code and MICR of Kotak Mahindra Bank can be searched by any of the below-mentioned ways:
Paisabazaar IFSC Search Tool
|Kotak Mahindra Bank IFSC Code can be found using the online IFSC Search Tool offered by Paisabazaar by following the steps mentioned below:|
Kotak Mahindra Bank Cheque Book
Kotak Mahindra Bank Passbook
Note: Customers can also go to the Reserve Bank of India’s website to check Kotak Mahindra IFSC Code.
How to Make Fund Transfer using Kotak Mahindra Bank IFSC Code?
Customers can transfer funds via below-mentioned modes:
National Fund Transfer Transaction (NEFT)
Customers can transfer money via NEFT which refers to a nation-wide payment system that helps in transferring funds from one bank account to another. However, to transfer funds via NEFT, the sender has to provide details such as:
- Name of the Recipient
- The IFSC Code of the Beneficiary Bank Branch
- Type of account i.e. Savings or Current Account
- Account Number
Real-Time Gross Settlement (RTGS)
Customers can transfer money via RTGS which is a continuous (real-time) settlement of funds individually on an order by order basis (without netting). It is generally used for high-value transactions (more than Rs. 2 lakh) and the money is transferred instantly. The sender needs to provide the following details to transfer money via RTGS:
- Name of the Payee
- Account Number,
- IFSC Code of the receiving Bank Branch
Immediate Payment Service (IMPS)
It is an instant payment inter-bank electronic funds transfer system in India via mobile phones. IMPS service is also extended through net banking and mobile banking applications.
However, in the case of transferring money from one account to another, the sender needs to provide details such as:
- Name of the Beneficiary
- Account Number of the Beneficiary
- Type of Account
- IFSC Code of the Beneficiary Bank
Alternatively, account holders can also transfer fund via IMPS by providing the details mentioned below:
- Mobile Money Identifier (MMID) of the beneficiary
- Mobile Number of the beneficiary
- Name of the beneficiary
About Kotak Mahindra Bank
Kotak Mahindra Bank is one of the leading banks and financial services groups in India. Headquartered in Mumbai, the bank has 1500 branches and 2,352 ATMs across India as on 31st May 2019. It offers a wide range of banking and financial services including investment banking, personal banking, general insurance, life insurance, and wealth management.