Vasai Janata Sahakari Bank IFSC or Indian Financial System Code is an 11-digit alphanumeric code that helps in uniquely identifying a particular bank branch participating in the electronic or online funds transfer system. The code is assigned by the Reserve Bank of India (RBI) and is a unique identifier of all the banks and their particular branches.
Vasai Janata Sahakari Bank IFSC Code: Format
|Vasai Janata Sahakari Bank Code||Zero||Vasai Janata Sahakari Bank’s Branch Code|
Provided above is the IFSC Code of Vasai Janata Sahakari Bank, Mumbai, Maharashtra branch (VASJ0000008). Here in the 11-character IFSC Code, the first 4 characters ‘VASJ’ represents the bank code, the 5th character is a ‘0’ and the remaining 6 characters ‘000008’ represent the branch code of Dahisar, Mumbai.
Importance of Vasai Janata Sahakari Bank IFSC Code
- It helps in the unique identification of a specific bank branch
- It helps to minimize any discrepancy in the online fund transfer process
- It is mandatory in the use of electronic funds transfer via NEFT, RTGS or IMPS
How to search for Vasai Janata Sahakari Bank IFSC Code?
The users can opt for any of the below-mentioned ways to check the IFSC as well as MICR (Magnetic Ink Character Recognition) Code.
- IFSC Code search tool by Paisabazaar: The users can go to the IFSC Code search tool page provided by Paisabazaar and enter details including the bank name, state, city and branch name. The IFSC along with MICR and other details will be displayed on the right-hand side of the page.
- Cheque Book / Passbook: The IFSC Code can be found on the top left corner of the cheque leaf while the MICR Code is printed at the bottom. Both the IFSC and MICR codes can also be found on the first page of the passbook provided by the respective bank branch.
- RBI: Vasai Janata Sahakari Bank IFSC code can also be found on the official website of the Reserve Bank of India.
- Via Net Banking or Mobile Banking: The users can also find the IFSC Code on the bank’s official website or by logging into net banking or bank’s mobile application.
What is MICR Code?
Magnetic Ink Character Recognition or MICR Code is a 9-digit code used for the faster processing of cheques. MICR operates by uniquely recognizing the characters printed on the bottom of every cheque leaf. MICR Code like IFSC is also unique for every bank branch. In the 9-digit code, the first 3 digits signify the city code, the next 3 digits denote the bank code while the last 3 digits represent the specific branch code.
Online Funds Transfer using Vasai Janata Sahakari Bank IFSC Code
The use of IFSC Code is mandatory in processing electronic or online funds transfer via NEFT, RTGS or IMPS. In order to carry out transactions via these processes, the user needs to provide the required details including:
- Name of the Beneficiary
- IFSC Code of Beneficiary’s bank branch
- Account number of Beneficiary’s bank branch
- Amount to be remitted
NEFT - National Electronic Fund Transfer System
NEFT is a payment system facilitating online money transfer from one bank branch to the other. Both the originating as well as the destination bank should be NEFT-enabled to process the transaction. The transactions via NEFT are settled in 23 half-hourly batches.
RTGS - Real Time Gross Settlement
In RTGS, the transfer of funds takes place on a continuous and real-time basis. This system is primarily used for carrying out large value transactions. Both banks should be RTGS-enabled for a successful transaction. The transactions via RTGS are final and irrevocable.
IMPS - Immediate Payment Service
IMPS is a quick and real-time payment service that is available round the clock. The service is available 24X7 and can be processed through internet banking or mobile banking. The IMPS service was introduced by the National Payments Corporation of India (NPCI).
|Minimum transfer amount||Re 1||Rs 2 lakh||Re 1|
|Maximum transfer amount||No limit||No limit||Rs 2 lakh|
|Operational Timings||Available 24 x 7, 365 days||7 am to 6 pm Monday to Saturday (except 2nd and 4th)||Available 24x7, 365 days (including bank holidays)|
|Turn around time||Processed in batches. Usually, the amount can be credited in an hour||Credit to the beneficiary within 1-2 hours||Immediate credit to beneficiary|
|Transaction Charges (plus GST)||● Up to Rs.10000: Rs 2.5|
● Above Rs.10000 to Rs 1 lakh: Rs.5
● Above Rs.1 lakh to Rs.2 lakh: Rs 15
● Above Rs.2 lakh: Rs 25
|● Above Rs.2 lakh to Rs.5 lakh: Rs.25|
● Above Rs.5 lakh: Rs.50
|Varies from one bank to another|
Note: The information given above is as per the guidelines of Vasai Janata Sahakari Bank.