The Varachha 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 the unique identification of a specific bank branch. Also, the use of IFSC code is mandatory in carrying out the electronic or online transfer of funds using the NEFT, RTGS or IMPS payment service.
Format of The Varachha Cooperative Bank IFSC Code
The 11-character is a unique combination of letters and digits. The first 4 characters represent the bank code, the 5th character is a ‘0’ and the last 6 characters represent the particular branch code.
| The Varachha Cooperative Bank Code | Zero | The Varachha Cooperative Bank’s Branch Code | ||||||||
| V | A | R | A | 0 | 2 | 8 | 9 | 0 | 1 | 0 |
Above mentioned is the IFSC Code of The Varachha Cooperative Bank, Ahmedabad, Gujarat. Here in the 11-character IFSC Code (VARA0289010), the first 4 characters ‘VARA’ represent the bank code, the 5th character is a ‘0’ and the last 6 characters ‘289010’ represent the branch code of Nikol Branch, Ahmedabad.
How to find The Varachha Cooperative Bank IFSC Code?
There are many ways in which a user can find the IFSC as well as the MICR (Magnetic Ink Character Recognition) Code. Below mentioned 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 along with MICR Code and other details can be seen on the right-hand side of the page.
- Cheque Book: The users can find the IFSC Code on the top left corner of the cheque leaf, while the MICR Code can be seen printed on the bottom.
- Passbook: Both the IFSC and MICR codes will be printed on the first page of the passbook provided by the respective bank branch.
- RBI: The codes can also be found on the official website of the Reserve Bank of India.
- Internet / Mobile Banking: The IFSC Code can also be found on the official net banking portal provided by the bank or by logging into the mobile banking application.
How to transfer funds using The Varachha Cooperative Bank IFSC Code?
The IFSC Code is used in the processing of electronic or online funds transfer using NEFT, RTGS or IMPS.
Information required to transfer funds:
- Amount to be remitted
- Remitter’s account number
- Name of the beneficiary bank branch
- IFSC Code of beneficiary’s bank branch
- Account number of the beneficiary
NEFT (National Electronic Fund Transfer)
Payment service facilitating one-to-one fund transfer. The funds via NEFT are settled in half-hourly batches.
RTGS (Real-Time Gross Settlement)
Payment service via which the funds are settled in real-time and on a gross basis. The service is primarily meant for carrying out large value transactions.
IMPS (Immediate Payment Service)
An instant payment service initiating a quick transfer of funds from one bank account to another. The service can be accessed anytime and from anywhere
| NEFT | RTGS | IMPS | |
| Maximum Transfer Limit | No limit | No limit | Rs.2 lakh |
| Minimum Transfer Limit | No limit | Above Rs.2 lakh | No limit |
| Service Timings | Available 24x7, 365 days | 10 am to 7 pm (Monday to Saturday) | Available 24x7, 365 days |
| Transaction Charges | No charges | No charges | Decided by individual bank |
Note: The above-given information is as per the guidelines of The Varachha Cooperative Bank.