The Baramati Sahakari Bank IFSC Code or Indian Financial System Code is an 11 character alphanumeric code which is a combination of numerals and alphabets. The code is a unique identifier of every bank branch. The IFSC Codes have been allotted to all banks and their respective branches by the Reserve Bank of India (RBI). It is to be noted that the use of IFSC Code is mandatory in transferring funds online via NEFT, RTGS or IMPS.
Format of The Baramati Sahakari Bank IFSC Code
In The Baramati Sahakari Bank IFSC Code, the first 4 characters represent the bank code, the 5th character is a ‘0’ and the remaining 6 characters signify the specific branch code.
| Baramati Sahakari Bank Code | Zero | Baramati Sahakari Bank’s Branch Code | ||||||||
| B | A | R | A | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
The IFSC Code as a whole is a combination of 3 essential parts:
- The first 4 characters ‘BARA’ indicating the bank code
- The 5th character is a ‘0’
- The last 6 characters signifying the branch code of Indapur, Pune, Maharashtra
Benefits of IFSC Code
- Online money transfer: The IFSC code is used in transferring funds online from one bank to another via NEFT, RTGS or IMPS
- Unique identification: IFSC code is unique for every bank and their respective branches, hence the code helps in identifying the originating and destination branch for fund transfer
- Eliminating errors: IFSC code helps in eliminating any possible errors or fraudulent activity that can occur during the online fund transfer process
Where to find The Baramati Sahakari Bank IFSC Code?
The bank account holders can look for the IFSC and MICR Code in the below-listed ways:
1. The users can visit the IFSC Code search tool page provided by Paisabazaar. One needs to just enter a few details including the bank name, state, city and branch code. The details will be displayed on the right-hand side of the page.
2. The Baramati Sahakari Bank IFSC code can be found on the top left corner of the cheque leaf while the MICR (Magnetic Ink Character Recognition) Code is printed at the bottom. Look at the below-displayed picture for better understanding. The codes can also be found on the first page of the passbook provided by the bank.
3. Account holders can also check The Baramati Bank IFSC Code by logging into the net banking portal or mobile banking app provided by the bank.
4. The users can also visit the official website of the Reserve Bank of India to find the IFSC and MICR Code of Baramati Sahakari Bank.
How to transfer funds using Baramati Sahakari 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 mandatory to monitor the transfer of money to the intended bank account. The three main processes through which online funds transfer is initiated include:
1. NEFT - National Electronic Fund Transfer
2. RTGS - Real Time Gross Settlement
3. IMPS - Immediate Payment Service
| Payment System | NEFT | RTGS | IMPS |
| Process | Facilitating transfer of funds in 23 half-hourly batches | Money is credited in real-time and gross basis | Real-time and instant fund transfer process |
| Minimum transfer amount | Re. 1 | Rs. 2 lakh | Re. 1 |
| Maximum transfer amount | No maximum value | No maximum value | Rs 2 lakh |
| Service 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 (365 days), including bank holidays |
| Inward transactions charges | No charges | No charges | Depends on the specific bank branch |
About The Baramati Sahakari Bank
Located in Pune district, Maharashtra, The Baramati Sahakari Bank provides its customers with products like consumer banking, mortgage loans, investment banking, private banking, wealth management and more.