The Seva Vikas Cooperative Bank IFSC or Indian Financial System Code is an 11-character alphanumeric combination allotted by the Reserve Bank of India (RBI). The code helps in uniquely identifying a particular bank branch. Also, the use of IFSC Code is mandatory in processing electronic or online transfer of funds using NEFT, RTGS or IMPS.
Format of The Seva Vikas Cooperative Bank IFSC Code
In the 11-character IFSC Code, the first 4 characters indicate the bank code, the 5th character is a ‘0’ and the last 6 characters represent the specific branch code.
| The Seva Vikas Cooperative Bank Code | Zero | The Seva Vikas Cooperative Bank’s Branch Code | ||||||||
| S | V | B | L | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
The above mentioned code (SVBL0000001) is the IFSC Code of The Seva Vikas Cooperative Bank, Pune, Maharashtra. Here in the 11-digit code, the first 4 characters ‘SVBL’ indicate the bank code, the 5th character is a ‘0’ and the remaining 6 characters ‘000001’ represent the branch code of Pune, Maharashtra.
How to Find The Seva Vikas Cooperative Bank IFSC Code?
There are several ways in which a user can find the IFSC as well as MICR (Magnetic Ink Character Recognition) Code. 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 the required details including the bank name, state, city and branch name. The IFSC and MICR Code along with other details will be displayed at the right hand of the page.
- Cheque Book / Passbook: The IFSC Code is printed at the top left corner of the cheque leaf while the MICR Code is present at the bottom. Also, both the codes can be found on the first page of the passbook provided by the bank.
- Reserve Bank of India (RBI): The Reserve Bank of India provides a separate list for both IFSC and MICR Code on its official website.
- NetBanking: Anyone looking for The Seva Vikas Cooperative Bank IFSC code can visit the netbanking portal provided by the bank and login using the User ID and password to access it.
How to Transfer Funds using The Seva Vikas Cooperative Bank IFSC Code?
The use of IFSC Code is significant in carrying out all the online and electronic fund transfer process using NEFT, RTGS or IMPS. The IFSC Code along with beneficiary’s account number and other details need to be provided to initiate the fund transfer process.
NEFT (National Electronic Fund Transfer)
NEFT is a payment service that facilitates the one-to-one transfer of funds from one bank to another. The service is based on deferred settlement and hence the funds are settled in 23 half-hourly batches. There is no minimum or maximum transfer limit in the NEFT service.
RTGS (Real-Time Gross Settlement)
RTGS is a payment service through which the funds are settled in real-time and on gross basis. The service is primarily meant for carrying out large value transactions. The settlement takes place continuously and the return time is allowed within the time span of one and a half hours.
IMPS (Immediate Payment Service)
IMPS is an instant payment service initiating quick transfer of funds from one bank account to another. The IMPS service is available 24x7, throughout the year and (including Sundays and bank holidays). The IMPS service is more secure and fast when compared to RTGS or NEFT.
| Bank Charges (RTGS / NEFT) | |
| Transfer Amount | RTGS / NEFT Charges (including GST) |
| Up to Rs 1 lakh | Rs.8 |
| Above Rs 1 lakh & below Rs 2 lakh | Rs.20 |
| Above Rs 2 lakh and below Rs 5 lakh | Rs.35 |
| Above Rs 5 lakh | Rs.64 |