IFSC is the abbreviation for Indian Financial System Code and it represents an 11-digit number that can be seen printed on the checkbook and the passbook issued by the bank. Lakshmi Vilas IFSC Code is assigned to every single bank branch in India by the Reserve Bank of India. Using the IFSC code, it gets easier for the RBI to identify every bank’s branches taking part in fund transfer.
LAVB0000115 is the IFSC of the Anand Branch, Gujarat
LAVB0000399 is the IFSC of the Kollam Branch, Kerala
Lakshmi Vilas Bank IFSC Structure
Lakshmi Vilas Bank IFSC is divided into 3 sections wherein each section has its significance.
The first four characters denote the bank, the fifth character remains zero and is kept for future use. The last six characters of the IFSC code indicate the branch of the respective bank.
|BANK NAME(Laxmi Vilas)||ZERO||BRANCH NAME(Rohini)|
Why do we need the Lakshmi Vilas Bank IFSC Code?
IFSC Code of a bank is just like a home address of that bank that is used to recognize that bank. Likewise, every branch of Lakshmi Vilas Bank has a unique IFSC that is required for the correct functioning of fund transfer.
IFSC marks the beginning and end of a transaction taking place between two banks hence it helps RBI to monitor all transactional activities taking place in the country.
How to transfer money using the Lakshmi Vilas Bank IFSC Code?
IFSC has made fund transfer safe secure and convenient. Now account holders can carry out fund transfer easily by sitting at home using the IFSC Code. The three majorly used fund transfer systems in India are as under-
- NEFT is the abbreviation for National Electronic Fund Transfer
- It is a nation-wide payment system introduced by the RBI in the year 2005.
- NEFT is based on Deferred Net Settlement (DNS) which means that the funds are not transferred on an individual basis instead of the fund are transferred in batches
- Online Fund transfer via NEFT is less time consuming and quite secure
- RTGS is the abbreviation for Real-Time Gross Settlement
- RTGS is another fund transfer system facilitating one-to-one fund transfer on real-time
- RTGS was also introduced by the RBI in the year 2004 with four bank branches on a pilot basis
- Online Fund transfer via NEFT is less time consuming and quite secure
- IMPS is the abbreviation for Immediate Payment System
- IMPS is another system used for interbank fund transfer electronically via netbanking and mobile banking etc
- IMPS war introduced by the NPCI in the year 2010 and it transfers funds in real-time
How to find the Lakshmi Vilas Bank IFSC Code & MICR Code?
Both IFSC and MICR codes of Lakshmi Vilas Bank are unique codes and make the fund transfer process more convenient and secure. Here are some of the ways to find the Lakshmi Vilas Bank IFSC Code & MICR Code.
- IFSC Tool Locator: Paisabazaar offers a tool that helps customers to find the required IFSC and MICR code. Here are the steps to locate the Lakshmi Vilas Bank IFSC and MICR Code using the same.
- Visit the Paisabazaar IFSC code locator and Lakshmi Vilas Bank from the drop-down menu
- Select the city, state and the branch of Lakshmi Vilas Bank whose IFSC and MICR Code you want
- The required IFSC and MICR Code will be displayed on the screen.
- RBI Website: RBI also offers a tool with the help of which customers can get the required Lakshmi Vilas Bank IFSC and MICR Code. Simply select the bank and the branch name from the drop-down and click on “Get Bank Details”.
Where to find the Lakshmi Vilas Bank IFSC Code?
One can refer to the below-mentioned platforms to find the IFSC code of the Lakshmi Vilas Bank -
- Cheque Book: A chequebook is issued to all the customers during the time of the account opening. Hence one can see the IFSC code printed on the top a cheque leaf.
- Passbook: One can even find the IFSC Code on the Passbook issued by the bank.
- Digital Banking Platforms: Mobile Banking and Netbanking portal are the other two ways to find the required IFSC code of Lakshmi Vilas Bank.
What is the Lakshmi Vilas Bank MICR Code?
MICR Code is a 9-character code that stands in par with the IFSC code and aids in fund transfer. MICR Stands for Magnetic Ink Character Recognition technology and is primarily used to validate the originality of paper-based documents in banking.
110056006 is the MICR Code of Rohini Branch, Delhi
110056007 is the MICR Code of Gaziabad Branch, Uttar Pradesh
MICR Code Format:
MICR Code is formed in such a way that the initial 3 characters denote the city name, the next three are indicative of bank and the last three digits are indicative of the branch.
|City Name||Bank Code||Bank Branch|
Where to find Lakshmi Vilas Bank MICR Code?
Apart from the Paisabazaar IFSC tool locator and the RBI website one can also refer to the following platforms-
- Cheque Book: A cheque book is issued to all the customers during the time of the account opening. Hence one can see the MICR code printed on the bottom of a cheque leaf.
- Passbook: One can even find the MICR Code mentioned on the Passbook issued by the bank.
- Digital Banking Platforms: Mobile Banking and Netbanking portal are the other two ways to find the required MICR code of Lakshmi Vilas Bank.
What is the Lakshmi Vilas Bank Swift Code?
SWIFT or Society for Worldwide Interbank Financial Telecommunications is a wide messaging system used by the banks to speedily and accurately send and receive money. The code consists of 8 to 11 digits and carries out fund transactions outside India.
Difference between Lakshmi Vilas Bank IFSC, MICR & SWIFT Code
|IFSC Code||MICR Code||SWIFT Code|
|IFSC or Indian Financial System Code is an 11-digit code used to identify various bank branches taking part in fund transfer systems in India||MICR Code or Magnetic Ink Character Recognition technology is a unique 9-digit code used to validate the originality of paper-based documents in the banking system||SWIFT or Society for Worldwide Interbank Financial Telecommunications is a code consists of 8 to 11 digits used for fund transfer across the globe|
|IFSC Code is valid across the country and is assigned to all the registered banks by the RBI||MICR Code stands in par with the IFSC code and aids in fund transfer across the country||SWIFT Code is used across the globe for fund transfer|
How to locate the nearest Lakshmi Vilas Bank Branch from IFSC Code?
If we consider the IFSC code of Lakshmi Vilas Bank, it can be seen that the last six characters of the code are indicative of the bank branch. Like for example, LAVB0000609 is the IFSC code of Rohini Branch, Delhi wherein the last six digits of the code “000609” are indicative of branch that is Rohini.
How to search Lakshmi Vilas Bank IFSC Code by account number?
It is not possible to search the Lakshmi Vilas Bank IFSC code by the account number.
What is the Lakshmi Vilas Bank CIF Number?
Every account holder of a bank has a unique CIF number associated with his/her account. This CIF number is allocated by the respective bank of the customer. CIF number stands for Customer Information file and it contains all the details of an account holder which can be decoded by the bank to track the customer.
The format of CIF Number varies from bank to bank and usually, it is printed on the passbook.
What is the Lakshmi Vilas Bank BSR Code?
BSR or Basic Statistical Code is a 7-digit code assigned by the Reserve Bank of India to all the registered banks in India. This code is used during the filling of TDS TCS returns and hence helps the banks to keep a clear record of every online payment done for tax.
How to find the Lakshmi Vilas Bank branch Code?
The last six digits of the Lakshmi Vilas Bank IFSC code are indicative of the bank branch of the Lakshmi Vilas Bank.