Lakshmi Vilas Bank IFSC Code (Indian Financial System Code) is 11 characters alphanumeric key used to facilitate online or electronic funds transfer from one bank to another using NEFT, RTGS or IMPS. The code is unique to a specific bank’s identity and is significant for all banking processes of funds transfer. This IFSC Code is issued by the Reserve Bank of India to every bank and its respective branch to monitor the online transfer of money.
Format of Lakshmi Vilas Bank IFSC Code
In the 11-digit code, the first 4 characters indicate the bank name, the middle character is a ‘0’ while the last 6 characters signify the unique branch code. Mentioned below is an example of Lakshmi Vilas Bank's Karaikal branch's IFSC Code - LAVB0000361, where ‘LAVB’ is the bank code and ‘000361’ is the branch code of Karaikal, Puducherry. Together the 11 characters comprise the unique identifier for a specific branch.
|Lakshmi Vilas Bank Code||Zero||Lakshmi Vilas Bank’s Branch Code|
How to find Lakshmi Vilas Bank IFSC Code?
Following are the ways in which one can find the IFSC Code for any branch of Lakshmi Vilas Bank:
1. One can visit the IFSC Code locator tool provided by Paisabazaar for the convenience of the customers. The user needs to provide details like the bank name, state, city and the branch name, post which the details will be displayed on the right hand side of the page.
2. Account holders can look for the IFSC Code as well as the MICR Code on their respective cheque books and passbooks provided by the Lakshmi Vilas Bank. The given picture below will adhere to a better understanding
*MICR (Magnetic Ink Recognition) Code is a 9 digit code used for the faster processing of cheques.
How to transfer funds using Lakshmi Vilas Bank IFSC Code?
IFSC helps in processing electronic or online funds transfer by routing messages to the specific bank branch. Also in order to complete a transaction, IFSC Code is considered vital as to monitor the transfer of money to the intended bank account. The three main process through which online funds transfer is initiated include:
- NEFT- National Electronic Fund Transfer
- RTGS- Real Time Gross Settlement
- IMPS- Immediate Payment Service
|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 inter bank fund transfer process|
|Minimum transfer value||Re.1/-||Rs.2 lakh||Re.1/-|
|Maximum transfer value||No maximum value||No maximum value||Rs.2 lakh|
|Operational Timings||9 am to 7 pm-Monday to Saturday (except 2nd & 4th Saturdays)||9 am to 4:30 pm on weekdays (excluding 2nd & 4th Saturdays)||Available 24X7 throughout the year|
|Inward transactions||No charges||No charges||Depends on the specific bank branch|
Benefits & Significance of Lakshmi Vilas Bank IFSC Code
- Smooth online funds transfer: IFSC is essential in carrying out all electronic or online transactions via NEFT, RTGS or IMPS.The online transfers can be done hassle-free and there is no need to visit the bank branch for the transfer process
- Minimal fraud chances: As each bank and its respective branches have different IFSC Codes, it is easy to identify and hence there are minimal chances of any fraud while processing the online transaction
- Online Banking: With the use of Lakshmi Vilas Bank IFSC Code, one can pay bills online rather conveniently.
- Regular transactions check: IFSC enables RBI to monitor an individual’s all banking transactions and help them to avoid any mistakes while processing the transactions.
About Lakshmi Vilas Bank
Founded in 1926, Lakshmi Vilas Bank has its headquarters in Chennai, Tamil Nadu. It has spread its wings in almost every state and has a wide network of about 500 branches. The bank provides services like Savings, Current A/c, Loans, Deposits, and Mobile Banking.
Frequently Asked Questions (FAQs)
Q. Is IFSC Code required for a fund transfer?
A. It is necessary to know about the bank and branch of the beneficiary and the IFSC Code is for that purpose only. Hence, IFSC Code is mandatory for all online funds transfer services.
Q. Is IFSC Code same as CIF?
A. No, they are not the same. Though both IFSC & CIF contains 11 characters, the CIF (Customer Information File) is used by the bank to decode the personal details and address proof of the customer.
Q. Is Lakshmi Vilas Bank IFSC Code the same for all customers?
A. Yes, the IFSC Code is the unique identifier of a specific bank branch and hence is the same for all the customers of a particular bank branch.
Q. Is it safe to share the IFSC Code?
A. The IFSC Code is used for transferring funds online and not for withdrawing the amount. Hence, it is absolutely safe to share.