By using Canara Bank IFSC code, you can perform any wired transaction to any Canara Bank branch in the country. Basically, the IFSC code of the recipient bank is required and will help in various online transactions. Canara Bank has a network of more than 6639 offices/branches all over India and one cannot perform any wired transaction to any of these branches without Canara Bank IFSC code of the branch. The IFSC code is used to initiate balance transfers using NEFT, RTGS, or IMPS. Every branch of all the banks in India is provided with a unique IFSC code by the Reserve Bank of India (RBI). This code is primarily used for identification and security purposes. To find the Canara Bank IFSC code of your branch, you only need to conduct a Google search. For instance, the IFSC code of Jamnagar (Gujarat) Canara Bank branch is CNRB0000386. Similarly, the Canara Bank IFSC code for the branch in Akola (Maharashtra) is CNRB0004208. Hence, if one wants to initiate a wire transfer from Jamnagar branch to Akola branch, s/he must have the IFSC code of Akola branch along with the full name and account number of the receiver. As a rule, the IFSC code consists of eleven letters which include both numbers and alphabets. The first 4 letters, (e.g., CNRB) refer to the name of the bank, the number in the middle is zero (which is meant for future use) and the last six letters (e.g., 004208 for Akola branch) represent the unique identity of the branch.
How to search for your branch’s specific IFSC code?
The process of searching for your branch’s IFSC has been made quite easy by the Canara Bank. The first place where you can look for the IFSC of your home branch is your chequebook. In addition to that, you can also find this code on the front page of your bank passbook. For those who don’t have either a chequebook or bank passbook, the drop-down menu given above can come in handy. They just need to enter the required details such as the name of the state, city, and district and can get access to the IFSC code for a particular branch.
What does IFSC code mean?
The acronym ‘IFSC’ stands for Indian Financial System Code. This alphanumeric code is the representation of a specific branch of a bank. It is a pre-requisite for any wired transfer all across the country and is granted by the Reserve Bank of India.
How to transfer cash via Canara bank?
In order to ensure that each and every transaction is safe and secure, wired transactions have been loaded with various security features. To know more about them, let’s read about NEFT, RTGS and IMPS. National Electronic Funds Transfer (NEFT) National Electronic Funds Transfer is an electronic method that can help you transfer your funds in a secure and convenient way. The most important feature of this platform is that the funds are transferred in batches and not instantly. However, a daily transfer limit of Rs. 1 to 10 lakh has been set. Each and every transaction follows a timed schedule. Real Time Gross Settlement (RTGS) This is an acronym that represents Real Time Gross Settlement. This method is one of the quickest ways to transfer money as the money is transferred on a real-time basis. Once you send money, you can expect the recipient to receive it right away. At max, a delay of 30 minutes can be experienced. Also, RTGS is more convenient, since it does not lead to an inter-bank settlement issue. These transactions can not only be made to a recipient within India, but to anyone all over the world. Finally, there is no set limit for any transaction made via the home branch. However, if you want to know the code without creating an account, you can do so via the internet. There is an official website of IFSC code where you can know all about this code.