The Nainital Bank IFSC or Indian Financial System Code is an 11-digit alphanumeric code, which stands unique for each bank and its respective branches. The IFSC Code is allocated to each bank branch by the Reserve Bank of India (RBI). Also, the use of IFSC Code is mandatory in facilitating electronic or online funds transfer using NEFT, RTGS or IMPS.
The Nainital Bank IFSC Code: Format
|The Nainital Bank Code||Zero||The Nainital Bank’s Branch Code|
The above-mentioned 11-digit code (NTBL0NAI001) is the IFSC Code of The Nainital Bank, Nainital, Uttarakhand branch. The 11-digit code is a combination of 3 essential parts:
- The first 4 characters ‘NTBL’ represent the bank code
- The 5th character is a ‘0’
- The last characters ‘NAI001’ represent the branch code of Nainital, Uttarakhand
Importance of IFSC Code
- The code helps in the unique identification of each bank and its respective branches
- The code is used by RBI to check all the financial transactions performed by an individual, hence minimising the chances of any fraudulent activity
- The use of IFSC Code is mandatory in the electronic or online funds transfer via NEFT, RTGS or IMPS
- The code helps in the determination of the originating and the destination bank branch, hence making it easier for the fund transfer process to take place
How to search for The Nainital Bank IFSC Code?
The user can find the IFSC Code online as well as offline. Below listed are some of the ways:
- IFSC Code search tool by Paisabazaar: The users can go to the IFSC Code search tool page provided by Paisabazaar and enter details like the bank name, state, city and branch name. The IFSC and MICR Code along with the other details will be displayed on the right hand side of the page.
- RBI: The users can also find the IFSC and MICR Code on the official website of the Reserve Bank of India.
- Net Banking / Mobile Banking: The codes can also be found on the bank’s official website or by logging into the online net banking portal or bank’s official mobile application.
- Cheque Book: Nainital Bank IFSC Code can be seen printed on the top left corner of the cheque leaf while the MICR Code is printed at the bottom.
- Passbook: Both the IFSC and MICR Code are printed on the first page of the respective passbook provided by the bank.
How to Transfer Funds using The Nainital Bank IFSC Code?
IFSC Code is used in facilitating electronic or online transfer of funds using NEFT, RTGS or IMPS. Given below is a detailed explanation of all the majorly used funds transfer process:
Information required for fund transfer:
- Amount to be remitted
- Name of Beneficiary Bank
- Name of Beneficiary
- Account number to be debited
- Account number of the Beneficiary
- IFSC Code of Beneficiary’s bank branch
NEFT (National Electronic Fund Transfer)
The NEFT service is developed by the Reserve Bank of India and used in the transfer of funds from one bank account to another. NEFT is an economical and reliable option for fund transfer.
|Timings||24 x 7 available throughout the year|
|Settlement Type||23-half hourly batches|
|Minimum transfer limit||No limit|
|Maximum transfer limit||No limit|
*Plus applicable GST
RTGS (Real-Time Gross Settlement)
This payment service involves continuous settlement of funds in a real-time and on gross basis. The payments made via RTGS are final and irrevocable. The service is generally used for high value transactions.
|Timings||7 am to 6 pm (all working days)|
|Settlement Type||Real-time basis|
|Minimum transfer limit||Rs 2 lakh|
|Maximum transfer limit||No limit|
IMPS (Immediate Payment Service)
The IMPS service is a rather fast and secure and can be accessed 24x7, throughout the year. The service was introduced by NPCI and can be done using internet or mobile banking hassle-free.
|Timings||Available 24x7, 365 days (including bank holidays)|
|Charges||Decided by the individual bank|
|Settlement Type||Instant and real-time|
|Minimum transfer limit||Re 1|
|Maximum transfer limit*||Rs.5000 per day|
*The maximum transfer limit mentioned above is as per the guidelines of The Nainital Bank.