Nevertheless, the maximum transaction is limited to Rs. 50,000 per transaction.

NEFT is ideal for small and medium amount transfer between bank accounts. In order to transfer funds through ICICI bank ifsc code NEFT, the remitter should have beneficiary’s details such as name, bank name, account number and IFSC code. These digits are based on the state, district, city and branch of the bank.

Find Financial Institution Ifsc Code

Charges will be applied for transactions and it will differ for each bank. Funds can also be transferred via NEFT in online by using internet banking service. There is no maximum and minimum limit for transactions made in NEFT. Before making any fund transfer, you have to check with the bank whether the IFSC code of the recipient account’s bank branch is correct or not, to avoid any wrong transactions.

Usage Of The Codes

At present, there are more than forty thousand live SWIFT codes. If you are hunting for the IFSC number of a particular bank, then you can browse where you can access all bank details for free. The IFSC number is crucial for all money transactions that take place between any two banks across the country. BSR Codes enables the senior citizens to receive pensions earlier and also gathers all details of a bank branch. This is applicable to the half-yearly Return Deposits to all bank branches on the last Friday of June and December. Currently, the most used electronic funds transfer services in India are the Real Time Gross Settlement and the National Electronic Funds Transfer Systems.

Basic Statistical Return Code is a seven-digit code given by the Reserve Bank of India to all the registered banks in India. The first three digits out of the seven represent the bank whereas the remaining four digits represent the branch. This system is used to maintain records of the online payments and alerts the Income Tax department about the payment through banks. Magnetic Ink Character Recognition is a printing technology used in the banking industry to print the MICR code. MICR code is a unique 9-digit code allocated by Reserve of India to the bank branches in India which are contributing to Electronic Clearing System .

SWIFT codes are a combination of various kinds of letters and are used to identify the branch codes of the banks. By using online MICR code finder, you can easily find your bank’s MICR code. To find MICR code, provide your bank’s name, state, district and bank branch. The MICR code will appear along with the details of your bank branch.

This is done quarterly and is applicable for the Survey on Aggregate Deposits and Gross Bank Credit by head offices of the bank on last Friday of June, September, and December, and on March 31.

Please visit the official website for official information regarding IFSC codes. Realizing the potential of net banking, Indian banks are trying to make the process of monetary transactions as accessible and fast as possible. As the fund transfer in RTGS is controlled by Reserve Bank of India , the transactions are unchangeable and hence, it is final. Depending on the transaction amount, the remitter will be applied some charges.