The country's central bank (RBI) has specified three ways in which we can remit money. These include the popular NEFT, RTGS and IMPS. However, to undertake these transactions, we must have the IFSC Code allotted by RBI to each bank and the specified branch.
The Canara Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'CNRB', stand for the name of the bank, the fifth character is always 'zero' for future use and the final six characters specify the 'exact branch address'.
If you are searching for the IFSC code of your home branch, you can use two mechanisms to search. In the offline mode you will find it written on your cheque book, which has been given to you by the Canara Bank branch. If you are looking for online IFSC Code of Canara Bank you can find here in Goodreturns.
From small beginnings in the early 1900s, Ammembal Subba Rao Pai, founded Canara Bank in 1906. In its 110 years span, Canara Bank has grown manifold and is among the top government owned banks in the country.
Today, it has branches that span the entire country and criss-cross, all the states in the country.
In the last many years, the bank has conquered many milestones. In 1992-93 the bank became the first Bank to articulate and adopt the directive principles of “Good Banking”.
It was also the first bank to open a 'Mahila Banking Branch' in Bangalore, for catering exclusively to the financial requirements of women clientele.
By 2004-2005, 100 per cent computerization was achieved by Canara Bank. By the end of 2011-12, the total number of branches reached 3600, which was a misletone for the bank.
In 2012-13 Canara Bank paid the highest dividend of 130 per cent, which was another feet for the bank.
In 2014-15, the bank crossed Rs 8 lakh crore in total business and is looking forward to doing even more in the years to come.
Since the bank has grown rapidly in the last few years, there are many branches of the bank. We have provided you with the IFSC codes for Canara Bank branches, so you can send and receive money through NEFT and RTGS.
Do check goodreturns.in for all the codes of Canara Bank.
The IFSC is allocated in such a way that a unique IFSC is granted to each bank branch of Canara Bank.
The fifth digit '0' is one thing that is similar in all the IFSC code. The first four characters represent a bank, and the last six characters represent a branch. For instance: Canara Bank IFSC Code of Canara Bank Goregaon West, Mumbai is- CNRB0000227 whereby ‘CNRB’ stands for the name of the bank, and 0000227 is stands for the branch code of the bank i.e. Goregaon West, Mumbai.
The norm for carrying out transactions around the country is established by the IFSC. It helps the remitter to take out the transfer of funds with flexibility and ease as it transfers the money to the Canara Bank Branch of preference. IFSC has rendered fund transfer a smooth and safe operation, be it the standard mode or online form of fund transfer. In addition, the IFSC also helps to avoid any breakdown of security since the RBI controls all operations through IFSC.
The IFSC allows the transfer of funds by acknowledging the bank branch of the sender and the recipient. Based on their utility, one can select any of the following types of fund transfer.
The IFSC and MICR code of Canara Bank can be found on the cheque book issued by the bank or on the website of the bank. With the exception of this, this 11-digit key can also be used on a variety of third-party financial portals. For quicker clearance of cheques, the Magnetic Ink Character Recognition code, also known as MICR, is used. Goodreturns.in is among the top financial websites of India where you can find IFSC code of all banks and their respective branches. Apart from the IFSC code, you will also get the bank address, MICR code and phone number. The steps involved in the hunt for the Canara Bank IFSC and MICR code is provided below:
Customers can make use of the options mentioned below to locate the Canara Bank IFSC.
Via Canara Bank Cheque Book- Canara Bank account holders can locate their branch's IFSC code by searching at a Canara Bank cheque book provided by the bank. The IFSC at the top of the page and the MICR code at the bottom of the page are included in the cheque.
Via Canara Bank Passbook- The generic bank account details of an account holder are listed on the front page of the passbook. These primary details include the account number, the address of the account holder and the IFSC code of the associated branch of the bank. Hence, when hunting for an IFSC, a passbook is convenient.
Via Canara Bank Mobile Banking App- An alternative to find for the correct IFSC code of your bank branch is also offered by Canara Bank Mobile Banking app.
Via Canara Bank Net Banking Service- Canara Bank serves its customers with the Net banking service to take benefits of various online banking services that they can enjoy from their convenience at home or in the office. Consequently, an account holder can locate the IFSC code of his / her respective branch using the Net Banking service of the bank.
To enhance the safe and hassle-free transfer of funds, Canara Bank uses NEFT and RTGS to provide inter-bank fund transfer facilities through CANSPEED. Both of these services make use of an IFSC code which the sender and the recipient of the funds need to provide.
National Electronic Fund Transfer i.e. NEFT is another means of rendering electronic transfers if the payment directives between banks are transferred on a Deferred Net Settlement (DNS) basis at predetermined times. These transfers do not have a minimum or maximum cap and enable customers, with the exception of national holidays and Sundays, to transfer funds on all days. A customer must have the following information in order to facilitate an NEFT transaction:
Charges applicable for all outward transactions through NEFT are listed below:
The electronic payment service that runs on a real-time basis is RTGS or Real Time Gross Settlement. All payment transactions are delivered on a real-time basis here, i.e. as soon as it is received and one at a time, requests are carried out. There is, thus, no delay or holding time , making it a much smoother operation. Rs 2 lakh is the minimum transaction cap for RTGS transactions. Across all days, excluding national holidays and Sundays, consumers can use this service. A user must have the following information in order to facilitate a NEFT transaction:
Charges required to use RTGS fund transfer facility
The MICR Code is a specific 9-digit serial code provided to all banks active in the Electronic Clearing System by the RBI. In reality, MICR or Magnetic Ink Character Recognition is a method used on the cheque slip to print these codes. The same is reflected by the magnetic ink bar on the bottom of the cheque slip. During the fund transfer process, the MICR Code recognises a bank branch and serves as a security bar code to secure transfers.
Instances of Canara Bank MICR Code
The following are some of the ways to find Canara Bank's MICR Code
Canara Bank Cheque Leaf: If we check at the Canara Bank cheque leaf, it can be found that the lower part of the leaf includes the MICR Code.
Canara Bank Passbook: When a customer starts a savings account, the banks issue a passbook to him or her. There are certain banking specifics in the passbook, along with the IFSC and the MICR Code.
Digital Banking Platform: Mobile banking has made banking incredibly simple and transparent. It is simple to log into any Canara banking app and check for the MICR code. Optionally, one can choose for the Canara Bank Net Banking portal for the same.
For Canara Bank, the SWIFT code is CNRBINBBXXX. Please keep in mind that different SWIFT codes are used by Canara Bank for different forms of banking facilities or branches. To figure out which one to use, please consult with your recipient or with the bank directly. In overseas money transfers, SWIFT / BIC codes are used to distinguish individual banks and branches, making sure that your money goes to the right destination. Banks use these codes to manage overseas wire transfers and communications. All SWIFT codes are characterised by 8 or 11 characters. An 11 digit code corresponds to a particular bank branch, whereas the head office of the bank corresponds to an 8 digit code (or one ending in 'XXX'). The Society for Worldwide Interbank Financial Telecommunication (SWIFT) manages SWIFT code approvals. BIC, which stands for Bank Identifier Code, is also used synonymously with the term SWIFT. The resources here are given solely for informational needs. While every attempt is taken to include reliable data, users must agree that with regard to its accuracy, this website takes no obligation accordingly. The appropriate bank account details can only be confirmed by your bank. We at Goodreturns.in advise that you call your bank first if you are making a significant or time-critical transaction.
Canara Bank offers IMPS fund transfer facility for those who have accessed mobile banking facilities via the CANMOBILE app or have enabled internet banking services for their account. IMPS is among the fastest and secure means of fund transfer which allows users to make their transaction complete in a matter of minutes. But you must be mindful of the Canara Bank IMPS charges before transferring funds which you have to pay on every transaction that you make using IMPS. Let's check the charges for Canara Bank IMPS below.
Canara Bank IMPS Charges (per transaction) are applicable as follows, based on the amount you transfer:
For the following reasons, IMPS services are highly beneficial:
Canara Bank facilitates digital banking and, for this cause, a RTGS form of Canara Bank is available in a format that is easy to use. The sender must have the following information to deal with the RTGS transaction. It is important to fill out all this information in the Canara Bank RTGS form.
A quick fund transfer method that is available nationally is NEFT or National Electronic Fund Transfer. This feature enables online and offline transfers to be rendered by customers to directly transfer money to the bank account of the payee. What you need to make sure is that the beneficiary account is maintained in an NEFT Scheme participating banking institution. It is a smart decision to introduce your NEFT transactions offline by filling out an application form once your net banking or mobile banking account has been triggered. At your respective Canara Bank branch, you can get this application form or else you can download the form in a PDF format by visiting the official site of Canara Bank. In the form, you need to specify the below listed details of the payee in order to facilitate the transaction.
This is the most common choice for making an NEFT transaction. In order to make fund transfer, you need to sign in to your net banking or mobile account and follow the below listed steps:
NEFT transfers are subject to a charge per transaction carried out by you. All NEFT inward transfers are cost-free and do not impose any of the following fees.
Note: Standard GST applies to the above-mentioned charges
You need to be sure everything is made within the NEFT timings, while you are doing an online transaction or an offline transaction. According to the Reserve Bank of India, NEFT timings are as: From Monday to Saturday – 8:00 am to 7:00 pm.
It is necessary to remember that on 2nd and 4th Saturdays, Sundays or any official bank holidays announced, transactions cannot be rendered.
In recent years, developments in technology have made it possible for us to use tools in a far more effective and comprehensive way than never ever. This advancement has also been seen in the banking industry, where different activities, historically confined to the branch, have now been digitalized in a way that enables an individual to access banking services using his or her mobile without compromising the comfort zone. NEFT, RTGS and IMPS are typically the most popular facilities that are used by an individual to make a payment to another party. Unlike NEFT and RTGS IMPS is usually perceived to be more comfortable and acceptable for a regular holder of a bank account. But let’s read about the benefits of IMPS which makes it the most ideal option for the customers of today’s generation.
Importance of MMID for using IMPS service
Immediate Payment Service is termed in short as IMPS. According to its term, this service makes it easy for a customer, at any time of the day and even on a holiday, to transfer an amount of money into another person's bank account just in a matter of seconds i.e. instantly. This renders IMPS one of India's most preferred methods of electronic transaction. That being said, you need to have an MMID code to allow safe use of the service with your mobile number. This is valid not only for the sender but also for the recipient who will get funds transferred by the sender. If a customer wishes to transfer money from his account to another it is necessary for him or her to generate an MMID code. Similarly, if he or she has to have the money from the sender, it is necessary for the recipient to generate an MMID in order to make a transfer. An MMID is a seven-digit code that is issued upon request by the bank to the customers. After typing CANGEMMID, you can request Canara Bank's MMID by sending a text message and entering the user ID and MPIN and sending it to 56070600 respectively. The customer will be able to access the MMID code in order to transfer and receive money from any individual keeping a bank account after sending such SMS.