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 Central Bank of India IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'CBIN', 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 Central Bank of India branch. If you are looking for online IFSC Code of Central Bank of India you can find here in Goodreturns.
Like most of its other banking peers, Central Bank of India too was established in the early 1900s - in the year 1911 to be precise. Since then, the bank has never looked back. It was nationalized in 1969, and today the government of India holds a majority stake in the bank.
The last few years have been tough for Central Bank of India with rising non performing assets of the bank. However, the bank is also responsible for helping in the economic development of the country, like most nationalised banks in the country.
It has a sizeable presence in most of the states, and today has a branch network that is fast touching the 5000 mark. It also has a number of extension counters and satellite offices.
While most banks have only recently opened branch and facilities for women, Bank of India, did the same way back in 1924, wherein it opened an Exclusive Ladies Department to cater to the Bank's women clientele.
Over the years it has introduced a number of initiatives including a merchant banking cell, credit card facilities, quick cheque collection centres etc.
Today, Central Bank of India offers its discerning customers a host of facilities, including personal banking and wholesale banking.
Among the personal banking facilities include credit cards, loans, deposits, including term deposits and recurring deposits etc. The bank is also among the few banks in the country, that is providing online railway tickets.
You can access the IFSC codes of Central Bank of India using the goodreturns.in website.
The IFSC is an alphanumeric code of 11 characters which can be split into three sections.
The initial 4 characters are the name of the bank, the fifth character is always zero and intended for potential use, while the last 6 characters are usually numerical, but they may also be alphanumeric and indicate the bank's branch. For instance, the Central Bank of India IFSC code for Bandra, Mumbai Branch is CBIN0280598. The first 4 'CBIN' characters depict the name of the bank here, the fifth character is zero always, and the last 6 '280598' characters indicate the branch located in Bandra, Mumbai, Maharashtra. In many aspects, electronic money transfer has rendered life simpler for us. The electronic fund transfer modes in India not only saves our time but also save our efforts for going a bank physically for initiating a fund transfer and hence it is among the secured way to transfer your fund from one bank to another. By means of NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) operations, the Central Bank of India provides this facility to its customers. RBI also launched all these services, encouraging banks to allow customers to transfer money not only to other CBI bank accounts but also to accounts maintained with other banks. This code is provided by the RBI to all banks that are part of the NEFT platform and helps oversee the flow of funds by specifying the transaction reference and recipient branch.
If anyone needs to transfer funds to a specific beneficiary or account holder of Central Bank of India, specifics such as the name of the payee, the account number, the IFSC code of the receiving branch of the Central Bank of India, and the amount should must be provided. The fund transfer can be initiated once these information are available. The IFSC code here helps to classify the specific branch of the beneficiary's bank account at the Central Bank of India. Customers can check for the IFSC Code & MICR Code of the Central Bank of India using the following methods:
By visiting Goodreturns.in
Account holders can use the online IFSC Search Tool provided by Goodreturns.in to check for these financial codes by following the procedures below:
Through cheque book issued to you by Central Bank of India
At the top of the cheque book page, the Central Bank of India IFSC code is listed, while at the bottom of the cheque there is the cheque number and the MICR code.
Through passbook issued to you by Central Bank of India
The IFSC Code can also be found by the bank's cusotmers on their account passbook issued by the bank. Optionally, customers can visit the website of the Reserve Bank of India to check the IFSC code of Central Bank of India according to their preferred location.
Through mobile application and net banking portal of the bank
These financial transaction codes can also be found by account holders on the bank's mobile banking application and on the net banking platform offered by the Cnetral Bank of India.
It is exceedingly easy , convenient and safe to transfer money via NEFT and RTGS. It is quick to grasp the method and barely takes much time. Below covered are the two fund transfer ways by which you can render fund transfer from your comfort.
The National Electronic Funds Transfer (NEFT) is an online payment mechanism implemented by the RBI to consider in making efficient , economical and stable transfers of funds to any banks across India. NEFT transactions are conducted on an hourly basis and deferred net settlement basis. In order to transfer funds, the sender must include the requisite information about the recipient, such as their name, account number, name of the bank and branch of the recipient, along with the IFSC code. For NEFT transactions, there is no upper limit and lower cap on the amount. Nevertheless, the transaction amount must not surpass Rs 50,000 for walk-in customers who plan to carry out a NEFT transaction. NEFT transactions can be carried out between 8 AM and 7 PM by the bank and can be carried out 24x7 through net banking.
Charges required to make fund transfer using Central Bank of India NEFT facility
Another new, integrated and efficient way of making payments online, adopted by the RBI, is RTGS or Real Time Gross Settlement. On an instant and real-time basis, RTGS supports inter-bank transfers. RTGS transactions are handled when and the requests are provided and a transaction is completed at a time, thereby removing any lag context. These are inviolable and final transfers. Rs 2 lakh is the minimum limit for an RTGS transaction and no maximum limit exists.
Charges required for making fund transfer using Central Bank of India RTGS facility
Immediate Payment Services (IMPS), an inter-bank electronic funds transfer mechanism for immediate payment in India. The sender must provide the beneficiary's account number, account type, Central Bank of India IFSC Code, and the name of the beneficiary in order to transfer the money.
Key goals of IMPS
Key features of IMPS
Pre-Requisites for IMPS Enrollment for Recipient
IMPS offers an immediate, 24 * 7 interbank electronic fund transfer platform worthy of handling remittances from person to person, from person to account and from person to merchant through mobile, internet and ATMs. It is a multi-channel and multi-dimensional network that, with all the norms and standards conserved for security required for even highly valuable transactions, allows payments possible within a matter of seconds.
Currently, the transfer of IMPS Person-to - Person (P2P) funds allows the Remitter user to use the Beneficiary's Mobile Number and MMID to transfer funds. In order to transfer or receive funds using IMPS, both the Remitter and Recipient must register their mobile number with their respective bank account and get MMID. There may be situations where Remitter is allowed for mobile banking, but no bank account is registered with the mobile number of the recipient. In such situations, using Mobile Number & MMID, Remitter will not be able to transfer money to the recipient. The transfer of IMPS funds was therefore facilitated using the Beneficiary's account number and IFSC code, in contrast to the Beneficiary's mobile number and MMID, on the basis of the feedback collected from the banking community and to satisfy the aforementioned requirement.
IFSC Code-an alphanumeric number of 11 digits, available in the customer's cheque book. Having Aadhaar number (ABRS). In ABRS, a remitter can trigger an IMPS transfer using the AADHAAR number of the recipient, which serves as a financial address and which is linked to the account number of the recipient. In streamlining the IMPS payment authorization process, ABRS makes it simpler for the customer to submit only the AADHAAR number of the recipient in this service to initiate an IMPS transaction. Another major advantage of this service will be the transfer of funds for the payment of subsidies, i.e. the Government's Electronic Benefit Transfer (EBT)/ Direct Benefit Transfer (DBT). In spreading the scope of financial inclusion, ABRS can act as a gateway.
Query Service on Aadhaar Mapper (QSAM)
New functionality is being introduced to the current NUUP (USSD based platform on * 99 #) service to promote the successful deployment of ABRS. Under this new feature, known as "Query Service on Aadhaar Mapper," customer can seek:
Transactions will be verified using mobile number & MPIN for transactions initiated using Mobile. Presently, the Bank provides the following options to transfer money:
Delivery platforms for IMPS Funds Transfer
Funds transfer cap – Existing Caps will remain applicable as under -
How to register for Central Bank of India Mobile Banking?
How to get MMID?
How to use IMPS through SMS?
Central Bank enables you to make money transfers based on IMPs across different platforms such as mobile apps, SMS or internet banking. The specifics of the transfer procedure using either the IFSC and account number or the MMID and mobile number are provided below.
Prerequisites for IMPS transfer
Both the sender and the recipient will have to register with the mobile banking service and get their specific MMIDs in order to transfer funds via MMID. It is possible to link a mobile number to numerous MMIDs. Unless the MMID is issued, the sender can use a mobile number and a 7-digit MMID together to initiate fund transfer.
In order to transfer funds through a mobile number and MMID, both the applicant and the recipient should be registered with the mobile banking service of the bank. There may be situations, though, where money needs to be sent at a high priority and the recipient has not registered his / her mobile number for the facility. In such instances, the IMPS transfer can be performed using the account number of the beneficiary and the IFSC code.
A beneficiary's Aadhaar number must be linked to his or her bank account number in order to transfer funds using the Aadhaar number service. The Aadhaar number serves as a payment service source and facilitates the payment process for IMPS. The applicant is only required to enter the Aadhaar number of the recipient to trigger the transfer of funds via IMPS. The NUUP service has been augmented with a new service in order to simplify the introduction of Aadhaar based wire transfers. The Query Service on Aadhaar Mapper (QSAM) service will enable customers to confirm whether their Aadhaar number is indexed to the bank account and whether their fund transfer status is indexed to it.
RTGS, maintained by the Reserve Bank of India (RBI), is the system that offers Inter Bank transfers. Customers of the Central Bank of India can use the RTGS fund transfer system both online and offline. By filling the Central Bank of India RTGS Form offline by visiting the bank, customers willing to send high valued money via RTGS can do so.
How to fill the Central Bank of India RTGS Form?
The specifics required to fill the online form are as follows:
The specifics required to fill the form offline are as follows:
Rs. 2 lakh is the minimum amount to be transferred through RTGS and there is no upper cap for offline RTGS transactions. For internet banking customers, though, there is a maximum limit.
For transferring money above 2 lakh from any Central Bank of India account, the Central Bank of India RTGS Form is used. To make a transaction, you need to fill in the RTGS / NEFT form. The Bank offers a Real Time Gross Settlement System (RTGS) and a National Electronic Fund Transfer System (NEFT) which facilitates an effective, stable, inexpensive and streamlined process for transferring funds from a bank to a bank as well as from a remitter's bank account to a recipient's bank account in another bank throughout the nation
You will see several sections in that form when you obtain the Central Bank of India RTGS Form or the Central Bank of India NEFT Form. To fill out the Central Bank of India NEFT / RTGS form without having any issues, you need to follow the below listed steps:
The Central Bank of India is among the banks facilitated by NEFT (National Electronic Funds Transfer) and offers the NEFT services to customers. Online and offline, consumers can use the NEFT service. If customers of the Central Bank of India are unable to access their net banking or mobile banking account, they can make offline transactions by visiting the bank and filling out the NEFT form of the Central Bank of India. There is no cap for an online transaction, as per the Reserve Bank of India (RBI), but Rs.50,000/- is permitted for a digital form per transaction. By following the below-listed ways you can use the Central Bank of India NEFT service:
The following details are required for offline transactions:
The following details are required for online transactions
A MMID (Mobile Money Identifier) of the Central Bank of India is a unique identification number required while sending money through IMPS. With bank account details or mobile number & MMID, you can transfer money to any bank account from your account via IMPS. You will need to enter the MMID if you want to transfer money through IMPS using a mobile number. You can follow the below given options in case you want to transfer funds via IMPS.
By signing in to the Mobile Banking application, you can conveniently generate or access your CBI MMID. And for the same you will have to:
How to get Central Bank of India MMID via SMS?
To receive your MMID, you can also send an SMS from your bank-registered mobile number.
Just type “MMID” and send to 9967533228
In case you didn’t receive your MMID via SMS you can also use your net banking account to get your MMID. For the same you will have to sign in to your net banking account and go to IMPS – MMID Generation – select account number and confirm.
The Central Bank of India offers financial services and products both at the bank and on its channels of digital banking. Customers who would like to visit the bank must be conscious of the timing of the Central Bank of India. The Central Bank of India resumed its normal working hours from Monday to Saturday (except Saturday 2nd and 4th) after the lockdown due to COVID. All financial as well as non-financial services that were briefly discontinued after March 2020 were also restored by the bank. Even so, only if it is completely required, all account holders are advised not to visit the bank. You can use the net-banking or mobile banking platforms of the Central Bank of India to access banking services. At the bank, extra precautionary and emergency precautions are being taken. Without a face mask, customers will not be able to access the bank. In addition, it is assured that customers are issued with sanitizers and temperature control facilities on the bank premises.
Current NEFT and RTGS timings
NEFT transfers are handled from Monday to Friday from 8:00 AM to 7:00 PM and from 8:00 AM to 1:00 PM on Saturday only 2nd & 4th. From Monday to Friday and 2nd & 4th Saturdays, RTGS transactions are handled on a 24x7 basis with effect from December 1, 2020.
Central Bank of India Working Hours
The below-mentioned timings of the Central Bank of India are effective to all bank working days. The working days are the first, the third, the fifth Saturday of the month, and the weekdays. The bank is closed on the 2nd, 4th, Saturdays, Sundays, and public holidays for service.
Central Bank of India Lunch Timings
The Central Bank of India supports all of its workers with a half-hour lunch break. However, when the workers take their lunch breaks in rotation, the operation of the bank is not disturbed. Account-holders can therefore visit the bank and avail themselves towards banking facilities. They just have to bear in mind the scheduling of the Central Bank of India. Whether in a metropolitan city or in a rural location, the half-hour lunch break is carried out across all branches.
If you are a customer of the Central Bank of India and you are using mobile banking, it would be important to add the recipient to transfer the fund to another account. You will have to select a beneficiary and it should be active when you want to transfer funds to another account using the cent mobile app of Central Bank of India. You can transfer money at any time by adding the beneficiary once and you do not need to add the beneficiary again and again from your next transaction. You need to take several basic steps to add a recipient to the mobile banking app of the Central Bank of India. You must register with the Central Bank of India mobile app prior to adding the beneficiary to the cent mobile app. Only after enabling your mobile banking service can you add a beneficiary.
All Central Bank of India's customers can make use of their digital fund transfer facility. The online money transfer service of the Central Bank of India allows the bank's customers to transfer money from their account to anyone across India. The Central Bank of India supports mobile phone transfer service so that you can quickly transfer cash from your account to the beneficiary's account in real-time. The online money transfer facility of the Central Bank of India saves a great deal of time as you don't have to submit a cheque and money can be transferred online. You do not have to apply a cheque to the recipient because the whole payment process operates electronically, and they can earn credit in real-time in their bank account. It's exceedingly convenient to use the Central Bank of India fund transfer facility. Central Bank of India's online fund transfer platform also enables you to transfer funds without having beneficiaries, so that you save time and can transfer money when and where required. As soon as the transaction is processed, the Central Bank of India will send you an SMS confirmation. Similarly, the recipient will get an SMS confirming the credit from their bank.
The IFSC code of the Central Bank of India assists in rendering an online transaction. You can transfer funds to any Central Bank of India account and also receive funds online from any Central Bank of India account with the aid of the IFSC Code. The Central Bank of India IFSC code is also mandated to send funds from a Central Bank of India branch via the NEFT facility. There are also limitations on the amount you can transfer via the online account of the Central Bank of India. Therefore, you need to search the upper and minimum limit of the amount that you can make via online. These details are available on the Central Bank of India's official portal. For online transactions, the Central Bank of India's IFSC code is mandated. For online transactions, the Central Bank of India's IFSC code is a must.
Suppose you borrowed Rs 5,000 from your roommate and want to use your net banking account to repay it. You need to first use the specifics of your roommate such as account number, bank/branch name and address and IFSC code in order to transfer the money. You can repay your roommate through the 24x7 net banking facility of the Central Bank of India. On the bank's net banking website, you will have to add your roommate as a beneficiary with his bank account details to transfer the funds to him or her. You must remember that even if your roommate doesn't have a Central Bank of India account, you can reimburse the borrowed amount to him via net banking facility.
You can conveniently transfer money to another central bank or other bank account if you are a Central Bank of India customer, and you have enabled mobile banking. You must register with Central Bank of India mobile banking to transfer funds using the cent mobile app. There you have to add the beneficiary account to which you want to transfer funds. You will only be allowed to transfer money by adding a beneficiary. First, we will explore how to add recipients to mobile banking at the Central Bank of India.