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 CITI Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'CITI', 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 CITI Bank branch. If you are looking for online IFSC Code of CITI Bank you can find here in Goodreturns.
All electronic fund transactions made via NEFT, RTGS and IMPS require the Citibank IFSC Code for a customer or account holder of Citibank.
For fund transfer facilitated by internet banking, India's Financial System Code, abbreviated as IFSC, is obligatory. The 11 digit alphanumeric code is the Citibank IFSC code, and this code differs from branch to branch. There won't be two Citibank branches which have the same code. For example, IFSC code of CITI Bank Chennai, Chennai Branch is CITI0000003 & MICR code is (necessary for NEFT, RTGS & IMPS transactions). The bank is located at No. 2, Club House Road, Chennai - 600002. Here, 'CITI' is the name of the bank for the first four letters, while '0' (zero) is intended for potential use. The last six digits ‘000003’ on the other hand, represent the particular bank branch. For banking, IFSC is a very key element and helps to reduce mistakes during the process of transfer of funds. Banks, if the correct IFSC code is not specified, will not authenticate and process fund transfer. Hence, IFSC Code plays an important role while making an online transaction or electronic fund transfer. Therefore, it is suggested to you to use the correct IFSC code of your branch always to enhance your transaction flow or hassle-free fund transfer.
Funds can be sent at the press of a finger using NEFT, RTGS or IMPS via internet banking.
All NEFT transactions are handled in hourly batches and only during the bank's operating hours the money are settled. Typically, this extends from 9 a.m to 6 a.m. on weekdays and 9 a.m. to 1 p.m on Saturdays. On Sundays and other bank holidays, NEFT services are not available.
All RTGS transactions are settled in real time, as the name suggests. This implies that when a sender sends money, it is generally deposited into the beneficiary / payee account immediately or within an hour.
IMPS, since it is available on a 24/7 basis and on all days of the year, including bank holidays and Sundays, is a relatively faster, smoother and more efficient way of sending money. Here, funds are automatically transferred to the account of the payee as well.
With the NEFT and RTGS services, making online fund transfers is a very easy job. Both of these are stable access points for a quick and hassle-free transfer of funds. The information gathered below will enable you to use these facilities so that you can send money without troubles.
Citibank offers the NEFT platform to its customers, from which they can perform digital money transfers using a fast and secure network. Without any minimum cap of amount for making fund transfer through NEFT, customers of the bank are enabled to cherish the ease of transferring funds from anywhere. Customers can head to a Citibank branch, or they can use Citibank net banking service to make such transfers. Citi Mobile can also be used, but there is a constraint on the amount that can be transferred using the mobile app. From Monday to Friday, Citibank's customers can use NEFT services and the money will be credited to the beneficiary if requests made by 5:30 pm. This service is available till 11:30 am on Saturdays except for second and fourth Saturdays. If requests made after the stipulated time frame then the money will be credited on the next working day. For those transactions which are made on holidays, this will also relate.
RTGS is a service that uses the fastest form of fund transfer in the country and can be considered to transfer money from one bank account to another. RTGS transfers operate in real-time, which ensures the transfers take place as soon as the transaction is cleared by the payee's bank. This makes RTGS transfers stable and irreversible, which ensures that they will not be cancelled until the order has been made. RTGS services have a limit per transaction amount of Rs . 2 lakh. Citibank provides RTGS facilities to its customers, with those requests approved and handled by 3:30 pm from Monday to Friday on the same day. Transfer requests submitted by 12:30 pm on Saturdays, with the exception of the second and fourth Saturdays, will be accepted on the same day. In the case of transaction requests made on all weekdays and weekends after those hours, the transactions will be accepted on the next working day. Citibank delivers the RTGS facility free of charge to its customers. It does have a limit on the amount that can be transferred per day, however. For customers of CPC and Citigold, up to Rs. 50 lakhs per day can be transferred through RTGS. Whereas, net banking customers of Citibank can initiate fund transfers up to a maximum amount of Rs. 15 lakhs per day.
Fund transfers are only performed with a legitimate IFSC code and, in the case of a transaction, it helps to distinguish the source and destination bank. In order to carry out the transfer of money, customers need to include all the mandatory recipient information. There are many ways by which a customer can check for the Citibank IFSC Code & MICR Code, and they are:
Goodreturns IFSC code page: Customers can locate for the Citibank IFSC Code with the help of IFSC Code Page of Goodreturns.in, just provide the tool with the necessary details and get the IFSC code instantly.
Citibank Cheque Book- Optionally, on the bank cheque, you can find IFSC and MICR codes for any Citibank branch. Hence, the IFSC code of Citibank is placed at the top of the cheque, while the cheque number and MICR code are found at the bottom of the cheque.
MICR Code: A unique 9-digit Magnetic Ink Character Recognition Code (MICR) is issued to each bank, which allows the RBI to recognise the bank branch and accelerate the process of cheque clearance.
Website of Reserve Bank of India- The RBI's official website provides a list of all banks and branches participating in the transfer of electronic funds along with their IFSC code. Thus, for the same reason, a customer can visit the RBI website.
Citibank Net banking and Mobile Banking: Through different digital banking channels, customers can also get the Citibank IFSC Code. This entails the mobile banking app for Citi Bank and the net banking platform.
The Citibank IFSC Code is an 11-character code that is issued to define a branch of this bank by the Reserve Bank of India (RBI). For each branch of Citibank, there are different IFSC codes. The first four characters of the Citibank IFSC Code reflect the name of the bank, while zero is the fifth character. The RBI intentionally places the IFSC Code's fifth character as zero for use if needed in the future. The initial 6 characters are specific to a Citibank branch and are used only to mark a single branch. Thanks to the IFSC code, it has become easier and simpler than ever to make online fund transfers like NEFT, RTGS or IMPS. It is now easy to transfer or receive money online 24x7 on all days of the year with the authorization of the RBI. The money will be debited from your account but not transferred to the recipient if you type an inaccurate IFSC code when performing a fund transfer electronically. If the inaccurate IFSC code is of the other bank, then you can send a request with information such as your account number and transaction ID to the beneficiary's bank branch.
Another instant interbank electronic fund transfer facility by which customers can conveniently send or receive funds at any time is IMPS, also regarded as the Immediate Payment Service. The funds transferred via IMPS are immediately credited to the receiver's account. Citibank provides the IMPS facility by which customers can quickly transfer money to other bank accounts comfortably. Currently, offered free of charge, this money transfer facility is smooth, convenient and can be used at anytime time.
Immediate transactions: Through IMPS, you can transfer money almost immediately to a beneficiary's account. The money will be transferred to the beneficiary's account as soon as you carry out the process.
Anywhere and anytime fund transfer service: Timings are not restricted when you use IMPS. This ensures that at any time of the day, any day or week, or year, even Sundays or bank holidays, you can transfer funds.
Absolutely cost-free: The IMPS service currently being provided by Citibank is free of charge. In order to access this facility at any time, you do not have to pay any hidden or additional charges
High transfer limit: With Citibank's IMPS service, payments with high value can now be rendered on a regular day. With a maximum amount of Rs 2 lakh on a daily basis via IMPS customers of Citibank can initiate fund transfer to the beneficiary
Multiple platforms for fund transfer: Through IMPS, customers can transfer funds across different platforms, such as Citibank Online, Citi Mobile, Citibank ATMs or even through SMS, to their beneficiaries.
To support customers with the transfer of funds through IMPS, Citibank has developed a step-by-step process. The step-wise instruction for the same is covered below.
Add a beneficiary on Citibank Online
You need to first log in to your Citibank Online account to add a new payee. Register the payee by using the account number and IFSC code or the beneficiary's MMID and mobile number. Bear in mind that any current payee maintaining accounts with IMPS member banks will be liable for IMPS fund transfers automatically. For the transfer of money, various protocols for different networks are included.
Citi Online Banking
Via SMS service
Mobile Money Identifier (MMID) code is a specific 7-digit code that is provided when you register with your bank with a mobile banking service. The code enables you to instantly transfer funds via IMPS (Immediate Payment Service). An IMPS is a transfer service for online funds that helps you to transfer funds in real-time. All you need is the bank account number and the beneficiary's IFSC or mobile number and MMID to initiate a transfer. The most popular method to transfer money is to initiate an IMPS transaction using the beneficiary's bank account number and IFSC. But in case you don’t have the bank account number of the beneficiary or IFSC you can still initiate fund transfer to the beneficiary using his or her mobile number and Citibank MMID.
Citibank's MMID code is a seven-digit code of which the first four digits are the specific ID number of the bank providing the IMPS service.
Customers can transfer funds securely via the IMPS service using a Citibank MMID. A customer needs to be a Citibank mobile banking user for the same. After downloading the Citibank mobile banking app in your mobile and generating your account you can follow the below listed steps in order to transfer funds using Citibank MMID.
It is very usual to need a way to make a transaction on an instant basis, considering the fast-paced age we live nowadays. Digital payment platforms have therefore become so prominent presently. The other advantages that MMID has to deliver are numerous such as:
One of the widely used strategies for rendering payments from non-Citibank savings or current accounts is credit card bill payment using IMPS/NEFT. Citibank credit card users who intend to settle their unpaid credit dues can now directly make payment from their account within the due date using any of these facilities. If you make payment on the due date, it would be a smart choice to select IMPS as the payment option as the transaction occurs instantly whereas NEFT takes a little more time to process. But the major benefit is that using any of the payment method i.e. IMPS or NEFT you can trigger credit card bill payment using your Citibank net banking account which implies that comfort and convenience both are in your hand. So let’s have a deep study of both payment modes now.
The instant money transfer facility enabling fund transfers between participant banks is the IMPS or Immediate Payment Service. Even during non-business hours and on bank holidays, fund transfers or bill payments made using IMPS are prompt and can be conducted easily from the comfort of your home or workplace. herefore, as a chosen option, you can use IMPS for immediate credit card bill payment. You must have an internet banking account for your savings or current account from which you can make credit card bill payment. Follow the instructions below to pay your Citibank credit card bill via IMPS if you have access to online banking on your non-Citibank account.
Steps to make Citibank Credit Card bill payment via IMPS
Once the beneficiary is successfully added reviewing the same in your net banking account usually takes 30 minutes of time. Once the payee is activated, you will get a notification after which you can make your Citibank credit card payment via IMPS. In a few easy steps, the following guidance will help you pay your Citibank credit card bill.
Another way of transferring funds, National Electronic Funds Transfer or NEFT, enables savings and current bank account holders to transfer funds to other banks around the nation. Transfers of funds via NEFT will be conducted and managed in batch-wise and with a small number of batches every day. The service is only open on working days and only during banking hours, the transactions are processed. The payment will be settled on the following day if the transaction is carried out after the specified time.
NEFT can be performed via the related internet banking account online or at the branch office of the bank at which you run your savings/current account as well. After you have access to your savings account via internet banking, a transaction of credit card bills payment via NEFT is almost identical to the IMPS transaction. By following the below-listed steps you can pay your credit card bills through NEFT online:
Sign in to your Citibank net banking account and click on 'Funds Transfer' option and select 'NEFT'
Now click on Transfer to other bank account' and you will be prompted to 'Add Payee' before initiating funds transfer for the first time.
Now click on Add Payee' option and enter the following required details under the payee section:
Name of the payee: Name as on Citibank credit card
Bank name of the payee: Citibank N.A.
Bank account number of the payee: Citibank credit card number
IFSC code: CITI000000
Bank branch address: Chennai
Once you have entered all the above-listed details successfully, click on ‘ Confirm’ and you are done.
For the convenience of fund transfer using RTGS or NEFT, all the banks in India provide net banking facilities. In this manner, a simple transfer of the funds can be rendered to the account of the beneficiary. All banks provide two forms of facilities to transfer the funds very easily from one account to another one. Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT). If the amount to be transferred is Rs 2 lakhs above, RTGS is usually used where funds are transferred on a real-time basis. For high-value transactions, it is widely known and accepted. Timings of the 24x7x367 RTGS with effect from 1. December 2020, which ensures that you can trigger the transfer of funds at any time of the day using RTGS. There are no minimum or maximum caps in the NEFT on the funds to be transferred. For lower to medium range transactions, it is recommended. NEFT is an electronic transfer system for funds that works on the basis of a Deferred Net Settlement (DNS) that settles transactions in batches. There are no minimum or maximum caps in the NEFT on the funds to be transferred. For lower to medium range transactions, it is recommended. NEFT is an electronic transfer system for funds that works on the basis of a Deferred Net Settlement (DNS) that settles batch transactions. Through DNS, the settlement takes place before the specified cut-off time for all transactions received. This is why in NEFT, the funds are not instantly transferred but take a few hours to transfer them.
If you want to add a payee/recipient to your Citibank account, you need to follow the step-by-step process below:
Customers have an alternative through National Electronic Funds Transfer to cover their Citibank credit card bills (NEFT). They will have to furnish the Citibank Credit Card IFSC Code to access this service, which is the same for all cardholders. A unique 11-digit code that helps to distinguish individual branches of a bank is the Indian Financial System Code or IFSC. The code is a mandatory prerequisite as the amount from one account to another is transferred. Below is the Citibank Credit Card IFSC Code is issued for Citibank credit card bill payments.
Citibank Credit Card IFSC Code: CITI0000003
How to pay your credit card bill using Citibank Credit Card IFSC code?
The Citibank credit card IFSC code is a particular 11-digit key primarily used by cardholders to render payments for their unpaid credit card bill using National Electronic Funds Transfer (NEFT). For a credit card, the Indian Financial System Code, also recognized as IFSC, is proprietary, and this key is distinct from the IFSC bank code used for fund transfer. Those who do not have a Citibank bank account can easily add a credit card via NEFT as a beneficiary and make bill payments. 'CITI0000003' is the Citibank credit card IFSC code. The first four 'CITI' characters here are reflective of the bank's name, while zero is set for future application. On the other side, it is only the last 6 digits that signify the bank code directly, which in this instance is Chennai. Across all branches in the country, the credit card IFSC code will remain the same and this code will be required to make payments from anywhere in the nation. Register the payee as the bank credit card to make a bill payment, enter the account number as the 16-digit card number, select the account type, bank name, IFSC code. The standard NEFT transfer process can be initiated once the beneficiary is authorized.
The money will be debited from your account but not transferred to the recipient if you enter an inaccurate IFSC code while performing a fund transfer electronically. If the recipient has a Citibank account, and you have used the IFSC code of another branch of that bank, Citibank will make an internal settlement and credit the amount to the recipient's account. If the inaccurate IFSC code is from another bank, then you can submit a request with specifics such as your account number and transaction ID to the beneficiary's bank branch.
During online/electronic transactions, the Indian Financial System Code (IFSC) helps define the precise branch to which payment is to be sent. It is also important to transfer money from this branch of the bank via the NEFT facility. The sender is required to send the IFSC Code to the branch of the bank where the recipient has his/her account, whether it is sending money or receiving it via electronic transfer method. In addition to this code, senders are often required to include such details as the bank account number of the beneficiary, the name and address of the branch, etc. One can not transfer money electronically without having the beneficiary's IFSC code.
It is quick to open an account at Citibank and one can open an account online or go to a branch and open an account. KYC documents are needed to be submitted while you head to a branch, and you can easily upload the required documents to open an account online. A Citibank account number will be given to you once you open it. A Citibank Savings account offers a host of advantages and privileges, such as net banking, bill payments, investment and fund management, attractive interest rates, air miles, fuel discounts, etc.