The Central Bank of India is a government-owned bank, which was established on 21st December1911 by Sir Sorabji Pochkhanawala. It is one of the oldest and largest commercial banking ventures in India, which is based in Mumbai. The bank has over 4800 branches, more than 5500 ATMs, and 4 extension counters across 27 Indian states and 3 Union territories. It also has offices overseas at Nairobi, Hong Kong and a joint venture with Bank of Baroda, Bank of India, and the Zambian government. The Zambian government owns 40% shares. The bank also approached the Reserve Bank of India for requesting the permission to open representative offices in Singapore, Dubai, Doha, and London.
Central bank of India is the first commercial bank which is wholly owned and managed by Indians. Several financial products and services are launched by the bank to improve the banking experience of its users. The bank offers services at very minimal interest rates.
The bank also offers online banking facilities to its customers to make their lives easier and convenient in many ways. Online banking not just saves time, but, it is also highly secured and convenient. However, to access fund transfer services, customers are required to know Central Bank IFSC and MICR code.
IFSC is an 11 digit alphanumeric code that is set in a particular format, where the first 4 alphabetic characters denote the name of the bank, the fifth character is zero which is kept reserved for future use, and the remaining 6 characters are identified as the branch code. Central Bank Account holders can access the fund transfer methods by using the IFSC and MICR code of the bank. Both the codes are allotted by RBI to every central bank branch to let every customers access the fund transfer services not just within CBI accounts, but, also, to other bank accounts. For example, the Central Bank of India IFSC code for Arera Colony branch located in Bhopal (Madhya Pradesh) is CBIN0281867. Here, the first 4 characters, CBIN represent the bank, the fifth character is zero, and the last 6 digits 281867 represent the branch.
On the other hand, MICR code is a 9 digit unique identity code for every CBI branch where the first 3 characters denote city code, the next three characters are bank code, and the last three characters are identified as bank branch code. During the year 1980, the Reserve Bank of India launched several safety measures for secured banking transactions across the country and MICR code was one of the secured and unique systems to fasten the cheque clearing process and eliminate the risk of any manual error and fraudulent. MICR code is issued by RBI to every central bank branches which are registered with the NEFT network. The code supports to regulate the process of fund transfer by recognizing the source and destination of the transaction held.
You can find the IFSC and MICR codes printed on the cheque leaves of the cheque books issued by CBI. The codes can also be searched at the banks website and/or alternative financial websites such as Applykaroo.com. However, one must know the name of the bank branch and city, of which they wants to search the IFSC code for respective bank.
Fund transfer services:
Accessing banking services has become an integral part of our everyday lives. The convenience and ease of services make them widely popular among the customers where they can get the bank account details and perform entire financial transactions from their own comfort zone. The government is strengthening to improve the banking system so that the transactions can be done more securely and conveniently. With every day increasing smart phone users, net banking services are also getting popular simultaneously.
There are certain fund transfer methods that are widely popular among the users like NEFT, RTGS, and IMPS. The Indian Financial System Code (IFSC) allows the banks and the customers to access online fund transfer services. Lets go through all the fund transfer methods thoroughly to have a clearer understanding of the system.
National Electronic Fund Transfer
NEFT is a nation-wide payment system that facilitates one-to-one fund transfer without visiting the nearby CBI branch. Under this method, individuals can transfer the funds on electronic platform from central bank to any other bank branch without the need of having another separate account in the beneficiary bank. However, to access the method, customers must know the IFSC and MICR code of the bank because the transactions cannot be done until the codes are not mentioned. The codes make it easy for the RBI to identify the banks and thus, the transactions are made successful without taking much of your time. Generally, the account of the sender is debited instantly and the recipients account is credit within 1 to 2 working days.
1. Minimum transaction amount : Re.1
2. Maximum amount : Generally, there is no upper limit, but, still, for the transactions above Rs.2 lakh, RTGS method is used
3. Time limit : The transactions are processed in hourly batches. From 8 AM to 7 PM, there are twelve settlements successfully done on weekdays, while on Saturdays, only six settlements are done from 8 AM to 1 PM.
4. Availability : It is not available on the national or bank holiday, RBI holiday, and Sundays.
Real Time Gross Settlement
RTGS is a fund transfer method that facilitates the fund transfer on a real time and gross basis. Under this method, the transaction request is accessed in real time and the transaction instructions are sent to the beneficiary bank immediately. The moment transaction instructions are sent to the beneficiary bank, the beneficiary account is credit with the funds. With Central Bank RTGS system, one does not have to stand in long queues to make the transaction. The settlement of funds actually takes place in the account books of RBI, and for that reason, the transactions are considered as final and irreversible.
1. Minimum transaction amount : Rs.2 lakh with no upper limit
2. Time limit : Basically, the transactions are held on order basis, i.e. real time. The Central Bank RTGS fund transfer method is available from 8 AM to 8 PM on weekdays, whereas, from 8 AM to 3:30 PM on every Saturday. The bank takes 2 hours for validating the amount and crediting the recipients account.
3. Availability : RTGS is not available on Sundays, national or bank holidays, and RBI holidays.
1. To avail online fund transfer services, it is necessary that the account holder must have subscribed to net banking facility from the bank.
2. IFSC and MICR codes of the beneficiary bank needs to mentioned to process the transaction. Also, the sender is required to enter the mandatory details of the recipient such as their bank account number, IFSC code, and name of the bank and branch.
3. Once the transaction is processed, it will take 12 to 24 hours to verify the mentioned details of beneficiary. After the completion of validation process, the recipients account is credit with the transferred funds.
Hence, gone are the days when one has to personally visit the nearby central bank of India branch to transfer monetary value to people who are sitting far from them. RBI has now made it easy, quick, and extremely convenient and has taken the banking experience of people to the next level. People have become more independent and free of worries for accessing fund transfer services. Electronic fund transfer methods like NEFT and RTGS are considered as prominent way of transferring money.
NEFT and RTGS methods have paved the mode for online fund transfers. Earlier people would have been doubtful about the methods but, later after the successful years, the methods have gained massive popularity among the people who make frequent banking transactions. However, there are certain charges that are applicable at the time of transactions. The sum of charges varies from Rs.2.50 to Rs.25 depending on the amount that has been transacted. Both the remitter and beneficiary receive a notification sent via an SMS or email once the transaction is complete and successful. Though, before proceeding further, please underline that one must know the IFSC code for the remitter and beneficiary bank as without the IFSC code, the transaction could not be processed. You can find Central bank of India IFSC code online; just mention the name of city and the branch you are searching the code.
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