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No, your bank account number is not an indicator of the IFSC code. Both are different entities and are used for different purposes. A bank account number is a unique identifier for every bank account whereas an IFSC code indicates the bank and the bank branch.

IFSC Code or Indian Financial System Code is an alphanumeric code of 11-digits length. It is used to identify the branches of the bank within the NEFT (National Electronic Funds Transfer) network by the central bank. IFSC code is used by various electronic payment systems such as NEFT, RTGS (Real Time Gross Settlement) and CFMS… Continue reading What Is IFSC Code?

You can check your SMSs or emails to check NEFT status. As soon as the money is credited to the receiver’s bank account, you will receive an SMS or an email notifying you of the same.

Due to its many advantages, NEFT, or National Electronics Fund Transfer, has emerged as one of the most popular ways to transfer money between bank accounts. The main advantage of NEFT is that there is no minimum or maximum transfer amount restriction. Because of this, consumers frequently use NEFT to transfer larger sums to several… Continue reading How to Check NEFT Status: The Detailed Guide

NEFT of National Electronics Fund Transfer is a money transfer method offered by various banks in the country. Regulated by the RBI, NEFT can be used for both, online and offline transactions. NEFT transactions can be processed only between the banks that offer NEFT-enabled services. Transactions made through NEFT do not take place in real-time;… Continue reading List of NEFT Holidays 2022

NEFT stands for National Electronic Funds Transfer.

The full form of RTGS is Real Time Gross Settlement.

RTGS transactions can be performed at any time and on any day of the year. This means that users can perform RTGS transactions 24*365 days!

You can do RTGS transactions using both, online and offline ways. To do the transaction online, you must have active internet banking. On the other hand, if you want to perform the RTGS transaction offline, you will have to visit your nearest RTGS-enabled bank branch and submit a fund transfer form.

RTGS stands for Real-time Gross Settlement, meaning that through this method, the money is transferred from one bank account to the other in real-time, without any delay. RTGS works out as the best payment method if you need to transfer an amount equal to or more than Rs. 2 lakh in real time. RTGS does not… Continue reading How to do RTGS Transaction?