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 IDBI IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'IBKL', 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 IDBI branch. If you are looking for online IFSC Code of IDBI you can find here in Goodreturns.
There is a special Indian Financial System Code (IFSC) for every bank branch consisting of 11 alphanumeric characters.
Every bank that participates in the NEFT system is provided with this code. Three sections are covered by the special 11-alphanumeric code. Alphabets are the first four characters that represent the name of the bank, which is preceded for potential use by the digit '0'. Usually, the final six characters are numbers that signify a particular branch of the bank. It must be noted that the manner in which funds are transferred from one account to another has significantly changed since the transfer of electronic funds was implemented. Three methods of fund transfer were adopted by the country's apex banking entity, namely the Reserve Bank of India (RBI), which was classified as:
These approaches make use of IFSC to assure that when an individual transfers funds, there is no uncertainty as well as to render the mechanism associated a fast and absolutely secure method.
With the launch of NEFT, RTGS and IMPS services, transferring funds has never been simpler.
Deferred net settlements are operated on by the NEFT or National Electronic Funds Transfers. On an hourly basis, the settlements are performed in batches. As long as the balance is debited within the time-frame defined by the bank, it will be credited to the receiver on the same day. If not, on the next working day, the balance will be credited. To use the NEFT service at IDBI, you'll need the following details:
RTGS (Real Time Gross Settlement System) settles funds on an individual basis, which implies that the fund settlement is arranged individually and not batches. RTGS is one of the easiest and simplest ways to transfer funds. IDBI guarantees that all settlements are made on the same day that the fund is debited by the customer, unless it has been completed after the stipulated time period. To use the RTGS service at IDBI, you'll need the following specifics:
During the fund transfer method, the IFSC code is needed as it helps to route payments to the correct IDBI branches throughout NEFT and RTGS transfers. All required details, including the IFSC code of both the remitter's and the beneficiary's bank branch, must be furnished by the sender to initiate the fund transfer process with a hassle-free manner. The numerous ways to search for the IDBI IFSC code & MICR code are covered below:
Anyone can reveal the IFSC codes and MICR codes of a bank if they know the full name of the bank and the branch they are looking for. For example, if the IFSC code of a particular branch of IDBI Bank is essential, it can be easily found on the cheque books / leaves issued to the customer of IDBI Bank. A complete list of the IFSC codes of all the banks in India is published by the Reserve Bank of India on its official website. You can also navigate to a third party's financial platform, such as Goodreturns.in, to find this particular one. By scrolling Goodreturns, you will be brought to a complete list of IFSC codes for almost all banks in India, including IDBI Bank too. The steps that you can adapt to acquire the IFSC or MICR codes are listed below:
IDBI Bank’s customers must follow the alternatives given below to look for the IFSC and MICR codes of their respective branch.
Via Cheque Book- Account holders can locate the IFSC Code for their branch by looking at an IDBI 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 Passbook- The standard bank account information of an account holder is listed on the front page of the passbook. This related information includes the account number, the account holder's address and the IFSC code of the respective branch of the bank. Therefore, when looking for your branch's IFSC code, a passbook is always useful.
Via IDBI Mobile Banking App- The IDBI bank Mobile Banking app also provides an option for checking the relevant IFSC and MICR code of your respective branch.
Via IDBI Net Banking service- IDBI Bank serves its customers with the Net Banking platform to explore the advantages of online banking. Additionally, an account holder can locate the IFSC code of his / her respective branch using the Net banking facility.
The abbreviated MICR Code for Magnetic Ink Character Recognition is a code printed in a thin strip next to the cheque number at the bottom of the cheque. The key aim of this code is to distinguish the different branches of IDBI Bank and to handle transfers more easily.
Instances of IDBI Bank MICR Code
By following the alternatives framed below, you can find the MICR code of your respective bank branch.
The IDBI SWIFT Code is a widely accepted identification code used in the country for international wire transfers. This code has 8 to 11 alphanumeric digits required for overseas fund transfers to be carried out. The easiest way to find the necessary IDBI SWIFT Code is to get in contact with the IDBI customer service team.
Specific details about the swift code "IBKLINBB126" of "IDBI BANK LIMITED" for the branch called "(CORPORATE BRANCH)" can be found on this page. For the identification of banks and financial institutions globally, SWIFT codes are used. The quick network uses them for the transfer of wire transfers (money transactions) and messages between them. Swift codes are always necessary for global wire transfers in order to make transactions safe and quick. The SWIFT organisation developed primarily these codes as "swift codes," but the International Organization for Standardization (ISO) later standardised them as "BIC," or "Business Identifier Codes." Most people assume that B.I.C. stands for "Bank Identifier Codes" ("bank" instead of "business"), but that is wrong because the swift network can also be accessed by non-financial entities. "Many different names, such as" SWIFT code "(most widely known)," SWIFT ID," "SWIFT-BIC," "SWIFT address," "BEI "(from" Business Entity Identifier), "or even" ISO 9362 "which is the standard format accepted by the ISO organisation, can be used as a" BIC code The term SWIFT serves as Society for Worldwide Interbank Financial Telecommunication.
Swift codes are divided into sections, split into parts in the same manner as telephone numbers, and each section provides some detail about the institution entrusted to this code. Eight to eleven characters are made of them. If an eight-character code is used, it applies to the institution's head offices (main office). Here's how an 11-character code is divided up and what each character segment depicts.
A method of money transfer in India is Real Time Gross Settlement or RTGS. This alternative of electronic money transfer is supported by most of the country's private and nationalised banks to their customers. By filling up the IDBI RTGS form, IDBI account holders can also transfer money via RTGS. For NEFT, RTGS and Demand Draft, IDBI has a single application form. For this reason, it is necessary for the sender to choose the correct option while filling in the form. While filling in the RTGS form, the following information should be kept ready.
Details of the beneficiary:
Details of the sender
After submitting the IDBI RTGS form, the sender gets an acknowledgment slip. The sender can pose a concern or intensify the issue by displaying the acknowledgment slip in case the payment is not completed or delayed.
For RTGS money transfer via IDBI, there are several relevant terms and conditions, which are:
At IDBI, RTGS transactions guarantees that:
Rs 2 lakhs is the minimum amount which can be transferred through RTGS. The maximum amount that can be transferred varies on the method of the transaction; more can be transferred if RTGS is performed at the bank branch. In comparison, there is no inward transaction cost.
At IDBI, the RTGS transaction timings are typically from 9 am to 4 pm; the time may vary slightly from one IDBI branch to another. Users can facilitate the RTGS transaction online at any time by correctly filling the IDBI RTGS form, but it will only be processed within working hours by the bank. RTGS transfers are not processed on the 2nd and 4th Saturday or holidays.
The amount transferred via RTGS must be credited in the beneficiary account under 30 minutes, as per the RBI guidelines. If the time is surpassed, by calling the customer care number, the sender can lodge a grievance. The sender can transfer the case to the RBI grievance cell if the matter is still not addressed.
IDBI Bank promises that all its customers have exposure, including making fund transfers, to a convenient method of handling their finances. To this end, each account holder can, in simple steps, use the National Electronic Funds Transfer or NEFT services to transfer funds to a designated beneficiary. If an account holder is unable to make an online NEFT transaction, visiting the nearest IDBI Bank branch can do the same. For offline NEFT transactions, the account holder will only be required to fill in the IDBI NEFT form.
For customers who have access to internet banking or mobile banking services, NEFT is typically preferred as an online fund transfer alternative. Nevertheless, if the accounts are not allowed or you do not have access for distinct causes, you can also fill in the IDBI NEFT Form to make offline transactions. You can visit your nearest IDBI Bank Branch to make an offline transaction and fill in the available IDBI NEFT Form at the branch. This form will require the necessary details of the beneficiary account to which you need a transfer to be made. You will need to provide specifics in the IDBI NEFT form, such as:
In your online accounts, these are the same specifics you need to provide. This will allow IDBI Bank officials to take a glance at the IDBI NEFT Form.
Of course, making the transfer online is the most flexible alternative. To do so, the recipient needs to be registered, to begin with.\
You can enter the amount you want to transfer after the beneficiary is registered. Must choose the account from which you want the money to be transferred. To complete the transaction, click on Submit and you are done.
The timing for carrying out any NEFT transactions is fixed. In the form of batches that are half an hour apart, all the NEFT transactions are settled. As per the Reserve Bank of India, NEFT timings are listed below:
Monday to Saturday: 8:00 am to 7:00 pm
You can not use NEFT service 2nd and 4th Saturday and Sunday which generally means bank holidays. The amount will be debited from your account and credited into the account of the beneficiary on the next working day in case you initiate a transfer of these days.
The NEFT charges for IDBI Bank (Not applicable for Net Banking) are listed below:
On all of the above charges, there are GST charges applicable. There are no charges levied in case of any inward transactions.
In the fast-paced modern age, online banking facilities are essential. IDBI Bank promises that all its customers have access to the new innovation at their ease to make fast fund transfers. One of the many workable alternatives for online fund transfer is IMPS or Immediate Payment Service. IDBI Bank also provides its account holders with IMPS facilities to make transfers instantly from all banks. But, prior to making such transfers, one should be mindful of the IDBI IMPS charges applicable. IDBI Bank imposes service charges on customers offered by IMPS facilities. The processing fees or transaction charges vary according to the transaction amount.
Note: For all the service charges listed above, regular GST charges are applicable.
Using IDBI IMPS, relying on the beneficiary details provided, there are two options available for rendering fund transfers:
IMPS Using MMID: A unique 7 digit MMID or Mobile Money Identification Number is issued to each account which is registered for mobile banking service. To indicate the bank you seek to render the transfer to the first four digits of this number are utilized. Hence, the below listed detail of the recipient must be specified if you are going to make fund transfer using MMID.
Via MMID using IFSC Code: You also have the alternative of using the IFSC code in the event that the beneficiary does not have access to the MMID number. A unique identification code issued to each branch of a bank is an IFSC code. In order to use IFSC Code for making fund transfer the below listed specifics are required.
Using mobile banking or net banking services, you can render online transactions through IMPS. Hence, by following the below listed steps you can initiate the same.
Key benefits of IMPS
There are some characteristics of IDBI IMPS that make it highly useful for customers, such as:
Established in 1964, through its large network of branches, IDBI (Industrial Development Bank of India) is a supplier of tailored banking and financial products and services to its customers in the retail and corporate banking sectors. To handle a range of banking services in a hassle-free way, the bank provides mobile banking services. To make internet banking easy and comfortable for its customers, IDBI Bank has launched a user-friendly and convenient 'Go Mobile' app. Even during non-banking hours, customers can access banking facilities with the assistance of this app. The bank helps them to transfer funds, pay credit card bills, and so on., using the 'Go Mobile' app customers of IDBI bank can save their efforts and time, and even make use of banking services 24x7x365 from the comfort of their home, workplace and also on the go. Things have improved significantly with the advent of technology and its application in the banking industry in order to undoubtedly support customers. We all recognize that even though there is no internet access, using USSD code, you can still reach mobile banking. With this facility, however, we should also know about MMID and mPIN, which are very important. MMID is essentially a Mobile Money Identifier, to be specific, whereas MPIN is your password.
The first 4 digits, considering the MMID, form a unique bank-related identification number, whereas the last 3 digits help to determine the bank account. The MMID and mPIN will be issued to you via SMS once you activate your mobile banking service. Therefore, if you do not have a mobile banking account, it is a must to activate it quickly in order to generate the mobile MMID IDBI Bank. There are currently a host of banks in India that use multiple mobile banking platforms to provide the service for fund transfer. For active IDBI customers, it is important to register for this service by submitting a request to the bank. You will be provided with the MMID number once the registration has been completed. Whenever the sender requires the information of the beneficiary in order to access the transfer of funds through IMPS, there is a need to include the mobile number and MMID of the beneficiary. Note that the IMPS remittance charges are determined by the bank’s sole discretion. By following the below-listed methods you can generate MMID for your mobile banking service with IDBI Bank;
Online: Visit https://mremit.idbibank.co.in and enter your Customer ID as well as login password in order to sign in to your net banking account. Now on the same page click on view MMID and you are done.
Offline: Type ‘MMID’ and send it to 5676777.
Key advantages of IDBI Bank MMID
IDBI Bank offers NEFT facility to transfer money to any NEFT allowed beneficiary account. You no longer have to visit a branch for the NEFT service in order to transfer funds to the bank account of the recipient or beneficiary. NEFT transactions triggered electronically are completely free of service charges but in case of offline mode made in the bank branch, a nominal charge is applied to the transactions. For NEFT transactions performed online through internet banking or mobile banking networks, IDBI Bank does not incur any transaction fees. To promote digital payments, this initiative was made. In addition, NEFT transactions performed at the bank branch the below-listed service charges are applied.
Not relevant to variants to Powerplus, Preferred, Royale, Royale Plus and Salary regulated by separate MoU over Crown and Corporate Payroll. For all IDBI NEFT charges, GST fees are applicable.
Indubitably, the most searched after online fund transfer option available in India is NEFT or National Electronic Fund Transfer. This is a platform for fund transfer that enables you to make transfers to a person or even a corporation on a one-on-one basis. Selecting this service presents you with many advantages, like:
NEFT transactions are settled in batches, unlike most other fund transfer alternatives. Each batch has a half-an-hour period. To allow for more transfers each day the previous one-hour timeframe was shortened to half an hour. As a consequence, NEFT Transfer has become more efficient for customers.
IDBI Bank is a leading bank in the public sector which offers a host of banking products and services, such as savings accounts, loans, deposits, and so on. IDBI Bank timings that can differ from branch to branch and rely on the kind of activities conducted in the particular branch should be known to customers who plan to visit IDBI Bank to conduct transactions. IDBI Bank has resumed its regular operating hours, i.e. 10:00 AM to 4:00 PM after COVID-19 lockdown (except 2nd & 4th Saturdays and bank holidays). That being said, the bank tends to allow its customers to use several banking facilities through the IDBI Net-banking and Mobile Banking channels. In the early lockdown stages, certain non-essential facilities were briefly halted by the bank. The bank post lockdown has restored these services, including passbook publishing, account opening, and so on. In order to prevent the transmission of the virus, the bank is prepared to take both precautionary and emergency steps. While entering the branch office, customers are asked to obey all safety precautions.
At 10:00 AM Indian Standard Time, IDBI Bank opens (IST). It is confirmed that the opening time of the IDBI Bank for all branches is the same, but a minor delay in the opening time of the IDBI Bank can be anticipated. The bank runs from Monday to Friday, whereas on Sundays, and every 2nd and 4th Saturday of each month, the bank remains closed.
The IDBI Bank employees are stated to be one of the best customer support delivering banks and do not follow a defined lunch timetable. Sources say that the employees' lunch break is rotational. But usually, from 13:00-14:00 IST, they have their lunch hour.
At 16:00 Indian Standard Time, IDBI Bank closes (IST). It is stated that the closing time of IDBI Bank for all branches is the same, but a minor difference can be anticipated during the closing time of IDBI Bank. The bank runs from Monday to Friday, whereas sources claim that the bank remains closed every Sunday and every 2nd and 4th Saturday of the month.
The Digital media is becoming an integral part of our everyday lives, impacting all aspects of our lives, including travel, finance, wellness, entertainment and banking as well. It has rendered banking a lot simpler for consumers of the most revolutionary Internet banking network, who can provide round-the-clock services everywhere, without having to go to the bank directly. Just like all the other banks in India, IDBI also offers net banking services from your home or office, such as ensuring ample account records, online bill payments and also transferring money to other banks with the assistance of the net banking facility. IDBI is a trustworthy bank with almost 2500 branches and 2000 ATMs in the country, as well as 678 centres in India and overseas. Without any trouble, you can transfer money from IDBI to SBI, ICICI, PNB, Canara, HDFC, the Bank of India and all other Indian banks. With that being said, for IDBI net banking, you have to register and log in, which can be done conveniently online. The application form is available for download from the bank's authorized portal. The form, along with proof of identity such as pan card, passport, voter card or driving licence, must be submitted and submitted to a local branch to register for online banking service.