The Surat People’s Cooperative Bank IFSC is an 11-digit alphanumeric code allotted by the Reserve Bank of India (RBI) to all banks and their respective branches. IFSC is the acronym for Indian Financial System Code and helps in the unique identification of a particular bank branch. Also the use of IFSC Code is significant in processing electronic or online transfer of funds using NEFT, RTGS or IMPS.
Format of The Surat People’s Cooperative Bank IFSC Code
In the 11-digit IFSC Code, the first 4 characters represent the bank code; the 5th character is a ‘0’ and the last 6 characters represent the specific branch code.
|The Surat People’s Cooperative Bank Code||Zero||The Surat People’s Cooperative Bank’s Branch Code|
In the above given example of the IFSC Code of The Surat People’s Cooperative Bank (SPCB0251028), the first 4 characters ‘SPCB’ represent the bank name, 5th character is a ‘0’ and the last 6 characters ‘251028’ represent the branch code of Pal Branch, Surat, Gujarat.
How to Search for The Surat People’s Cooperative Bank IFSC Code?
The users can search for the IFSC as well as the MICR Code both online as well as offline:
- IFSC Code Search Tool by Paisabazaar: The users can visit 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 other details will be displayed on the right hand side of the page.
- RBI: Both IFSC and MICR Code can be found on the official website of the Reserve Bank of India (RBI).
- Net Banking / Mobile Banking: The users can look for the IFSC and MICR Code on the bank’s official website or by logging into the net banking portal for official mobile application.
- Cheque Book: The IFSC Code is present 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 can be found on the first page of the passbook provided by the bank.
How to Transfer Funds using Surat People’s Cooperative Bank IFSC Code?
IFSC Code is used by the RBI to keep track of all the financial transactions performed by an individual, hence helping to avoid any possible errors during the fund transfer process.
IFSC code helps the RBI monitor all the online transactions and help customers to avoid any possible mistakes during the fund transfer process. The use of IFSC code is mandatory in carrying out all electronic or online fund transfer via NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement) or IMPS (Immediate Payment Service).
NEFT or National Electronic Fund Transfer is a payment system facilitating a one-to-one fund transfer. The process of NEFT is based on a deferred arrangement indicating that the fund settlement is made in different batches.
Features of NEFT
- Transfer Limit: No minimum or maximum transfer limit
- Service Timings: Available 24x7 throughout the year (even on bank holidays)
- Charges: No inward transaction charges
- Settlement Type: Operates in 23-half hourly batches
In the RTGS or Real-Time Gross Settlement payment service, there is a continuous and real-time settlement of funds. The payments under RTGS are final and irrevocable. The RTGS service is preferred for large value transactions.
Features of RTGS
- Transfer Limit: No maximum transfer limit, Minimum transfer value is Rs.2 lakh
- Service Timings: 8 am to 6 pm on all working days (except 2nd and 4th Saturdays)
- Charges: No charges for inward transactions
- Settlement Type: Real-time
The IMPS or Immediate Payment Service provides real-time fund transfer instantly and quickly. This electronic fund transfer service is available 24x7 and is faster than NEFT or RTGS. The service can be accessed via various channels like Mobile, Internet, SMS, ATM, Branch or USSD.
Features of IMPS
- Transfer Limit: No minimum transfer limit, Maximum transfer value is Rs.2 lakh
- Service Timings: 24x7, throughout the year (including Sundays and bank holidays)
- Charges: Charges decided by individual member banks
- Settlement Type: Instant