The Housing Development Finance Corporation Limited (HDFC) was incorporated in the year 1994 and was inaugurated by the then Union Finance Minister, Manmohan Singh. The bank was the first to receive approval from the Reserve Bank of India to initiate its operations in the private banking sector. HDFC bank has its registered office in Mumbai, India and commenced the operations from January 1995 as a Scheduled Commercial Bank. In February 2000, HDFC merged with Times Bank. Basically, this was the first time when two private banks were merged in the New Generation private sector banks category. Later in the year 2008, it acquired Centurion Bank.
The bank is known for offering highly secured and reliable banking services to its customers as it works in a highly automated system in terms of information technology and communication network. All the HDFC bank branches are networked with strong connectivity that allows faster banking transaction services to its customers. Also, each HDFC Bank branch is encoded with unique IFSC and MICR code that makes it easy for RBI to recognize the bank branch during the banking transactions. Multi-branch access service is also offered to retail customers through the wide branch network and ATMs (Automated Teller Machines).
The bank has made considerable efforts in order to acquire the best technology available globally to put together for a world class banking services. In terms of core banking software, the banking business operations for corporate customers are supported by Flexcube and the retail banking business services are managed by Finware both from i-flex solutions ltd. These banking software systems are scalable, open, and web-enabled. Moreover, the bank has prioritized its commitment towards the technology and introduced internet banking services to its customers, in order to provide best in class banking experience. Considerably, the bank has succeeded in leveraging its top market position, technology, and expertise to grab a competitive advantage and build market share.
IFSC is an acronym of the Indian Financial System Code, which is an 11 digit alphanumeric code. This HDFC IFSC code helps the RBI to identify the participating bank branch during the electronic fund settlement transactions like NEFT and RTGS. As per the guidelines of RBI, it is mandatory for all bank branches to have a unique identity code, in order, to provide internet banking services to the bank account holders. The first four characters of IFSC code denotes the bank, the last 6 digits represent the bank branch, while the fifth character remains zero, which is reserved for future use.
MICR stands for Magnetic Ink Character Recognition. HDFC Bank MICR code is a machine-readable code used for fastening the cheque clearance process. During the cheque clearance process, MICR code helps to identify the bank branch to which the cheque belongs to. When the cheque is processed, the code is read by a magnetic reader machine. This MICR technology speed up the whole cheque clearing process along with eliminating any possibility of manual error. The code can also be checked at the bottom of every cheque leaf. HDFC MICR code is a 9 digit character, where the first three digits represent the city code, the next three digits represent the HDFC bank code, and the last three digits denote the HDFC branch code.
Both HDFC IFSC and MICR code serves the same agenda, however, in different formats. But, both the codes are used for faster banking transactions. IFSC and MICR codes are really essential in todays fast moving generation as they aid in making and receiving faster transactions through several fund transfer methods such as NEFT, RTGS, and IMPS.
The National Electronic Fund Transfer (NEFT) system is one of the widely used fund transfer methods for making transactions from one bank account to another. This transfer method is based on a deferred settlement basis where the funds are transferred in batches. Currently, the system has 12 settlement batches between 8 am to 7 pm on weekdays and just 6 settlement batches from 8 am to 1 pm on every Saturday. Basically, there is no upper limit of the fund transferring transaction, but, generally, RTGS method is preferred for the transactions above Rs.2 lakh.
RTGS is a Real Time Gross Settlement fund transfer method that is preferred for high-value transactions. The minimum transaction value of RTGS system is Rs.2 lakh; there is no upper limit for the transactions. Under this system, the transactions are held on a real-time basis during the operational hours. It takes just 30 minutes to transfer the funds to the beneficiarys account. However, the transaction should be done during the operational hours from 9 am to 4:30 pm on weekdays and from 9 am to 2 pm on every Saturday.
IMPS, or the Immediate Payment Service system, is getting tremendously popular due to its instant fund transfer facility. The best part is that the system does not have any window of operational hours and thus, can be accessed 24*7. IMPS was launched in the year 2010 by National Payments Corporation of India. HDFC bank account holders can access IMPS through mobile as well as internet banking, just like NEFT and RTGS fund transfer methods. Just fill the NEFT, RTGS, or IMPS form from nearby HDFC bank branch to access the transaction successfully.
Also, customers are required to have HDFC IFSC and MICR code to get the transfer done successfully. You can find IFSC and MICR code printed on passbook and cheque book respectively. Moreover, HDFC bank IFSC code and MICR code can also be found at HDFC bank website or at other alternative financial websites such as Applykaroo.com. In case of mobile banking, you should know the account number as well as the MMID (Mobile Money Identifier) code along with the beneficiarys bank branch IFSC code.
1. The bank branch has to be NEFT enabled. Check whether the bank branch is NEFT enabled or not at the Reserve Bank of Indias website
2. Fill HDFC NEFT form and request a net banking login id and password. Register your mobile number with the bank to access NEFT fund transfer
3. Add IFSC code and other banking details of beneficiarys bank account
4. The RBI will check all the provided details to make sure that the funds are credit to the right destination account
5. Once the validation process is complete, log in to your HDFC net banking account, go to transfer funds, select the beneficiary, and process the transaction. You will get a one-time password on your registered mobile number to avoid any fraudulent during the online fund transfer transactions.
6. Funds will be credited to the beneficiarys bank account when the next settlement is scheduled.
Just make sure that both yours as well as the beneficiarys bank branch is registered to RTGS fund transfer method. The rest of the process is similar to that of NEFTs.
Unified Payment Interface (UPI) enabled applications also support for faster mobile transactions by using virtual payment address (VPA). HDFC Bank account holders can also access such applications and complete transactions in no time by skipping the long fund transfer process of other methods. UPI transactions can be done 24*7 and the transactions are held on a real-time basis. However, HDFC bank IFSC code is required for this fund transfer method as well. There is an upper limit of Rs.1 lakh for transferring funds through the UPI system.
1. Login to the UPI enable HDFC Bank app and the UPI option
2. Click on pay to VPA (virtual payment address)
3. Enter the beneficiarys virtual ID along with the fund value that needs to be credited to the beneficiarys account
4. Review the transaction details and click submit. The funds will be credited to the recipients bank account in no time.
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