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 Corporation Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'CORP', 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 Corporation Bank branch. If you are looking for online IFSC Code of Corporation Bank you can find here in Goodreturns.
Like most its other banking peers, Corporation Bank also begun operations in the early part of the 1900s. The bank has now been providing banking services for the last 110 years, after having started operations way back in 1906.
Corporation Bank is among the top banks in the country, which started operations with a mere Rs 5000.
Today, the bank has crossed Rs 3,40,199 crore mark in business, with over 10,352 outlets across the nation.
Early IPO of Corporation bank
Corporation Bank was nationalized in 1980 and had its IPO in 1997. In fact, it was only the second government sector bank to launch an Initial Public Offering.
The Bank's IPO in those days was subscribed more than 13 times.
World class banking services
Corporation Bank has been linked to some world class banking services. Among these include its gold banking platform, cash management services, 100 per cent core banking solutions. The bank has now begun making efforts to take technology to the rural masses in the remotest villages through low-cost branchless banking.
In retail, the bank offers a host of services including retail banking, wholesale banking and corporate banking.
With its wide branch network the host of offerings includes loans, deposits and credit cards.
Using NEFT or RTGS services, any amount of money can be transferred from your own savings account to the account of the beneficiary anywhere in India.
No matter which bank you wish to transfer to for you and the beneficiary the electronic fund transfer is available to transfer the fund to any bank branch under NEFT/RTGS facility. In order to complete the transaction, you'll need to remember the IFSC code of the recipient bank branch. The Indian Financial System Code (IFSC Code) is peculiar to each bank branch in the nation. For both domestic and international transactions, the MICR Code (Magnetic Ink Character Recognition Code) is used. These particular codes implemented by RBI are used to make transactions simpler, more effective and more precise. Thanks to these codes, the risks of theft are often minimised.
As an account holder of Corporation Bank, the IFSC code for NEFT / RTGS services must be identified and used. NEFT / RTGS facilities can also be used to allow payments for utility bill payments, online share trading, settlement of EMI loans, insurance premium payments, purchasing online products and services, purchasing of mutual funds, etc., except for the transfer of funds to the beneficiary's bank account. IFSC came in the form of 11 characters that are uniquely designated to each bank branch in India (both alphabets and numbers). It consists of three components: the alphabets are the first four characters and represent the bank's name. This is preceded by the '0' digit that is available for potential use. Usually, the final six characters are numbers that signify a particular branch of the bank.
Customers of Corporation Bank can make use of the NEFT and RTGS services ready to transfer funds from any of the branches of Corporation Bank to any other bank branches throughout the nation. Before making fund transfer to any other bank branch using IFSC Code make sure that the bank has allowed NEFT and RTGS facilities. In the NEFT, RTGS, and IMPS methods, Corporation Bank IFSC code plays an important role. It includes the precise location of the bank branch where the payee's account is. Electronic transfer of funds by Corporation Bank IFSC code takes less time and is also user-friendly since there are no physical documents needed to transfer funds as the fund is settled online. Since IFSC's electronic money transfer is a fast process and is performed securely, business processes are also supported, which also leads to the growth of the country.
Deferred Net Settlements are used by the NEFT or National Electronic Funds Transfers, which ensures that transactions are carried out in batches and on an hourly basis. If you transfer the amount of money you are willing to within the time-frame defined by the bank, it will be credited on the same day to the beneficiary. If not, on the next working day, the balance will be credited. The NEFT service at Corporation Bank is available on weekdays and Saturdays between 8.00 a.m. and 7 p.m., with the exception of bank holidays on the 2nd and 4th Saturdays of every month. To use the NEFT service at Corporation Bank, you'll need the following details:
The charges applicable for outward NEFT transactions are (except Inward NEFT):
One of the quickest and safest techniques of fund transfer is the Real Time Gross Settlement System (RTGS). It is typically used when large amounts of cash are engaged in the decision. RTGS transfers funds on an individual grounds which implies that the approval of funds is arranged individually and not batch-wise. Corporation Bank guarantees that all transfers are completed on the same day that the fund is debited by the customer unless it has been completed beyond the time frame specified. To use the RTGS service at Corporation Bank, you'll need the following specifics:
Assume the IFSC code of a bank as the postal address. In order to transfer funds from one bank to another, this mailing address acts as an essential part. Thus, the use of the appropriate IFSC code makes it possible to transfer money in a hassle-free manner. Furthermore, the IFSC code allows the RBI to trace all transactions taking place around the nation. One can use any of the following approaches in order to locate Corporation Bank IFSC and MICR Code.
RBI website: You can visit the RBI website and get the correct IFSC and MICR codes by selecting the suitable bank name and the branch name from the drop-down menu.
Cheque book issued by Corporation Bank: The IFSC code is generally printed on the bank's chequebook. For the same matter, one can therefore refer to the chequebook of his or her particular bank branch.
Passbook provided by Corporation Bank: Another way of finding the IFSC for the customers of a particular bank branch is a passbook issued by his or her respective bank.
Online platforms of the bank: The online banking facilities are net banking and the bank's mobile banking service. To find the IFSC and MICR code of your specific bank branch, these frameworks can be used.
Must consider the key things listed below about NEFT, IMPS and RTGS, before initiating a fund transfer
Deferred Net Settlement (DNS) is the base of NEFT and allows the transfer of funds from any bank branch to any other bank branch. Fund transfers via the NEFT mechanism do not take place on a real-time basis, however the transfer of funds settles in half-hourly lots or batches.
Key takeaways of NEFT
RTGS is an online mode of transfer of funds that is designed for settlements of higher amounts and the transfer is performed on a real-time basis. On a real-time basis, the transactions are processed constantly during the RTGS business hours on a transaction by transaction basis.
Key takeaways of RTGS
IMPS is an immediate fund service that runs on a 24x7 basis. IMPS inward and outward transfers have no holiday constraints. Hence, you can make fund transfer anytime you want.
The MICR code is part of the character recognition technology used for the clearance and processing of cheques for the banking sector. It is a 9-digit numeric code that helps to determine the bank, the bank branch where the account is operated, and other specifics necessary to process payments from cheques.
Instances of MICR Code
MICR Code of Kurali Branch, Mohali is 160017020
MICR Code of Kollam Branch, Kerala is 691017002
You can find the Corporation Bank MICR Code by following the below covered mechanisms:
Following below, you can get key takeaways of IFSC and MICR Code
Corporation Bank, through NEFT (National Electronic Funds Transfer), provides customers with the service to transfer funds. Account-holders of corporation bank can use NEFT service by filling Corporation Bank NEFT Form via online (net banking or mobile banking) or offline by visiting the nearest bank branch.
The Corporation Bank NEFT service can be used by customers in two different ways:
The below-listed specifics are required to make an online transaction
The following specifics are required to make an offline transaction
Charges are not applied for inward NEFT, and for outward NEFT the charges per transaction are as follows:
Corporation Bank RTGS Form is used from any Corporation Bank Account to transfer funds above 2 lakh. On the other side using Corporation Bank NEFT Form one can transfer funds less than 2 lakh from any Corporation Bank Account across India. To make a transaction, you need to fill in the RTGS / NEFT form. You can now download the Corporation Bank RTGS / NEFT Form by visiting Goodreturns.in or else you can access the Corporation Bank RTGS Form, Corporation Bank NEFT Challan Form by visiting the bank’s official site or your nearest bank branch directly. The Bank offers a Real Time Gross Settlement System (RTGS) and a National Electronic Fund Transfer System (NEFT) which facilitates an effective, stable, affordable and stable method 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 country.
You will find many sections in the form when you get a Corporation Bank RTGS Form or RBL Bank NEFT Form. To fill in the Corporation Bank NEFT/RTGS form you need to consider the below listed steps:
Corporation Bank offers its customers an effective banking service that helps them to use the internet for a range of banking operations. Customers can choose net banking to use this service by specifying it directly in the respective account opening application or can request for it subsequently. Corporation Bank also provides services such as SMS banking, in addition to net banking. In order to manage the transfer of IMPS funds, MMID Corporation Bank customers are offered the transfer of funds using a mobile number instead of an account number.
How to apply for Corporation Bank Net Banking?
There are some substantial features throughout Corporation Bank net banking that make this service a valuable tool for the customers. The primary functions that can be easily accessed using this service are described below.
Manage your account: Customers can view their bank account and manage it over the internet. In addition, with a single click, you can find out information such as branch name, account name, account number, nominee details, operation provisions, balance, deposit dates, etc.
Loans and deposits: Along with recurring deposits, one can initiate and manage fixed deposits. The customer can manage his / her repayment clause, tax deducted, specifics of the nominee and value of maturity. In addition, using Corporation Bank net banking, you can even view the interest rate, maturity date and deposit term. Candidates can directly seek loans through their net banking platform. In addition, along with payment and other related information, you can also access the existing loans.
Fund transfer facility: Retail banking-related customers can trigger transfer of funds services. You can transfer funds between your own accounts that are operated by the same branch or to different branches. Registration of the recipient is required in order to comply with third party transfers. Remember that it is possible to actively add recipients via the net banking platform. For an amount cap set at Rs 50,000, customers are permitted to use IMPS service.
Utility bills, credit card bills and premium payments: With the aid of the net banking service, you can now pay the bills of your credit cards online. In addition, by 'Status Enquiry' option, the customer can check for the payment status too. Payments related to LIC policies and multiple registered policies can be handled. Furthermore, through Billdesk, you are able to pay for utility bills from your comfort.
Do follow the steps listed below to use your internet banking facility:
The service alternative for mobile banking is also offered by Corporation Bank. Based on this, a 7-digit code titled MMID is provided to the applicant. The MMID code is required if you want to transfer money using the IMPS mode and only using a mobile number. Do not share your MMID and other banking-related passwords with others.
In order to access MMID of Corporation Bank type ‘GENMMID’ and send it to 9243717778. You will receive the MMID Corporation Bank via SMS instantly on your registered mobile number.
Corporation Bank is among India's largest banks in the public sector. Customers must know the Corporation Bank Timetable to facilitate transactions at Corporation Bank branches. Timings can differ from branch to branch. The Corporation Bank Timings detailed guide is mentioned below. Corporation Bank has resumed its regular working hours post lockdown for COVID-19, i.e. 10:00 AM to 4:00 PM every day except 2nd and 4th Saturdays respectively. At all bank branches throughout the nation, all financial as well as non-financial services, such as passbook updating, account opening, etc., are accessible. The bank has taken stringent precautionary steps to protect both its customers and staff from COVID.
And until any exception arises, the bank recommends all its customers to maintain all lockdown protocols and avoid visiting branch offices unless it is extremely necessary and use Net-banking or Mobile Banking services of the bank to conduct basic banking needs.
Current NEFT and RTGS timings
NEFT transactions are accepted from Monday to Saturday (except on 2nd & 4th Saturdays) between 8:00 AM and 6:30 PM. Except on 2nd & 4th Saturdays, Sundays and bank holidays, RTGS transactions are operated every day between 8:00 AM and 4:00 PM.
Corporation Bank Working Hours
Branch timings of the Corporation Bank will vary from branch to branch. The bank is active on weekdays and closed every month on Sundays, 2nd and 4th Saturdays. During the below-mentioned Corporation Bank branch timings, customers who have branch-related work will have to get it done.
Corporation Bank Lunch Timings
Lunch timings for the Corporation Bank may vary from branch to branch of the bank. And because most of the time the bank is active, the employees take less time for having their lunch. It also means that customers do not have to linger a long time in queues. The lunch schedules are usually from 1:00 PM to 2:00 PM and the bank guarantees that at this time their customers can also use banking facilities.