Utkarsh Small Finance Bank IFSC Code is an 11-character alphanumeric unique code. The use of Utkarsh Bank IFSC Code is mandatory in facilitating the electronic or online transfer of funds using NEFT, RTGS or IMPS.
Format of Utkarsh Small Finance Bank IFSC Code
| Utkarsh Small Finance Bank Code | Zero | Utkarsh Small Finance Bank’s Branch Code | ||||||||
| U | T | K | S | 0 | 0 | 0 | 1 | 5 | 1 | 2 |
The above-mentioned code ‘UTKS0001512’, is the example of the IFSC Code of Utkarsh Small Finance Bank, Delhi. Here, the first 4 characters ‘UTKS’ indicate the bank code, the 5th character is a ‘0’ and the last 6 characters ‘001512’ represent the branch code of Preet Vihar, Delhi.
How to find Utkarsh Small Finance Bank IFSC Code?
The users can find the IFSC Code both online as well as offline. Below listed are the different ways:
Online
- IFSC Code search tool by Paisabazaar: The users can visit the IFSC Code search tool page provided by Paisabazaar and enter all the required details to know the IFSC Code
- RBI: The users can visit the official website of RBI to get the IFSC Code
- Internet / Mobile Banking: The IFSC Code can be found on the bank’s official website or net banking portal or mobile application
Offline
- Cheque Book: The IFSC Code can be seen printed on the top left corner of the cheque leaf while the MICR (Magnetic Ink Character Recognition) Code can be seen printed at the bottom side of the cheque leaf
- Pass Book: The IFSC, as well as the MICR Code, can be found on the first page of the pass book provided by the respective bank branch to the customers
Significance of Utkarsh Small Finance Bank IFSC Code
- Electronic or online fund transfer system: With the help of IFSC code one can transfer funds instantly from one bank to another using NEFT, RTGS or IMPS payment services
- Minimal fraud chances: IFSC code is unique for a specific bank branch and hence it becomes easy to find the bank and its respective branch
- Reserve Bank of India: Utkarsh Small Finance Bank IFSC code is used by the RBI to monitor all the online transactions performed by an individual hence minimizing the chance of any fraudulent activity
Funds Transfer using Utkarsh Small Finance Bank IFSC Code
IFSC Code is used in facilitating the electronic or online transfer of funds using NEFT, RTGS or IMPS. The transfer process cannot be initiated without providing a valid IFSC Code. Below mentioned is a detailed explanation of the different payment services.
NEFT (National Electronic Fund Transfer System)
The NEFT payment service helps in the transfer of funds from one bank account to another. The process is based on a deferred arrangement and the funds are settled in half-hourly batches. Also, both the originating and destination banks should be NEFT-enabled for the fund transfer process to take place.
| Features of NEFT |
| ● Minimum Transfer Amount: Re. 1 ● Maximum Transfer Amount: No limit ● Operational Timings: Available 24 x 7, 365 days ● Inward Transaction Charges: No charges* |
Note: RBI waived NEFT charges for the savings account. For current accounts, NEFT charges might vary.
RTGS (Real-Time Gross Settlement)
The RTGS payment service enables the transfer of funds from one bank branch to another on a real-time and gross basis. The funds are settled on an orderly basis. The RTGS service is majorly used for carrying out large-value transactions. Also, the bank branches of both the remitter and beneficiary should be RTGS- enabled for the fund transfer process to take place.
| Features of RTGS |
| ● Minimum Transfer Amount: Rs 2 lakh ● Maximum Transfer Amount: No limit ● Operational Timings: 7 am to 6 pm, Monday to Saturday (except 2 and 4th Saturday) ● Inward Transaction Charges: Up to Rs.49.50 plus applicable taxes (as per RBI) |
IMPS (Immediate Payment Service)
The IMPS payment service enables quick and instant transfer of funds from one bank branch to another. The IMPS service was introduced by the National Payments Corporation of India (NPCI) and can be accessed 24x7, throughout the year. The service is even available on Sundays and bank holidays. The IMPS service is rather fast and secure when compared to NEFT or RTGS.
| Features of IMPS |
| ● Minimum Transfer Amount: Re. 1 ● Maximum Transfer Amount: Rs. 2 lakh ● Operational Timings: 24x7, 365 days (including Sundays and bank holidays) ● Inward Transaction Charges: Decided by individual member banks |
About Utkarsh Small Finance Bank
Utkarsh Small Finance Bank (USFB) is a solitary small finance bank from Varanasi. Incorporated in the year 2009, the bank’s aim has been to empower the low-income group financially. The bank has been catering to the needs of individuals with the most advanced range of banking and financial products.