Akola District Central Coop Bank IFSC and MICR Code:

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Akola District Central Co-op Bank IFSC Code:

The facility of online money transfer, offered by the RBI, has simplified banking for customers all over India. Banks all over India are offering their customers the facility of making electronic money transfer via NEFT and RTGS. Both these systems of money transfer have provided much convenience to people who can now make payments and exchange funds electronically in considerable lesser time than it conventionally takes. The Akola District Central Co-operative Bank also offers the facility of NEFT and RTGS to its customers. Both these services employ a special code known as the IFSC or Indian Financial System Code which is issued to all banks which participate in the NEFT network. The code not only helps the RBI regulate the transfer of funds that takes place via NEFT or RTGS but also helps identify the source and destination banks in the event of a fund transfer.

The IFSC is an 11 character alphanumeric code which can divided into 3 parts. The first 4 characters represent the name of the bank, the fifth character is always zero and the last 6 characters represent the branch code. Taking the example of the bank in question, the Akola District Central Co-op Bank IFSC Code for the Akot Main branch is ADCC0000033. Here the first 4 characters ‘ADCC’ stand for the name of the bank, the fifth character is always zero and the last 6 characters ‘000033’ represent the branch code.

How to Search For Akola District Central Co-op Bank IFSC & MICR Codes?

Akola District Central Co-operative Bank offers its customers the facility of RTGS and NEFT to make speedy and secure money transfers. Both these services make use of an IFSC code which can easily be found online and offline. The IFSC code of any Akola co-operative Bank can be found printed on the cheque leaves of cheque books which have been issued by the bank. Each cheque leaf will carry the IFSC code of the branch from where it has been issued. If you are searching online, you can easily find the IFSC and MICR codes of any Akola Co-operative Bank branch on the BankBazaar website. Visit the website’s main page and scroll to the bottom of the page where you will find the tab labelled ‘Bank IFSC Code’. Click on that and you will be re-directed to a new page where a drop down menu is placed. You will be required to fill in details like the name of the bank, the district and state it is situated in, and also the specific branch which you’re looking for. Once you have selected the preferred options, the page will instantly display for you the IFSC code, MICR code, address and also the contact details of the branch that you’re looking for.

Transferring money using NEFT or RTGS is a very simple and easy process. All customers of Akola District Central Co-op Bank can easily transfer funds not only to accounts held in other branches of the bank but also to branches of any other bank which is a part of the NEFT network.

NEFT for Akola DCC Bank:

Also known as National Electronic Fund Transfer, NEFT is a quick and easy fund transfer facility which has been provided by the Reserve Bank of India and offered by several thousand banks across India. NEFT allows customers to not only make fund transfers to other Akola bank branches and also to any other account held in a bank which is a part of the NEFT network.

NEFT transactions are usually carried out on a net deferred basis wherein transactions are bundled together for processing. These transactions are carried out in batches on an hourly basis by the bank. So if you transfer funds via NEFT, they credit will reflect in the beneficiary’s account within a day or two at most. To initiate an NEFT transaction, the customer will be required to provide an IFSC code, along with other necessary details.

RTGS for Akola DCC Bank:

Real Time Gross Settlement or RTGS is a system of fund transfer which is quite similar to NEFT. The RTGS system was introduced by the Reserve Bank of India to allow customers to carry out fund transfers of much higher volumes in far lesser time periods.

However, unlike NEFT which is carried out on a deferred net basis, RTGS transactions are carried out on a real tie and gross basis. This implies that not only are the transactions are processed on a real time basis as they are received but also one at a time. This means that a transaction is carried out as soon as it is received. This in turn helps cut down the time taken for the transfer significantly. Most banks have a minimum limit specified for RTGS transactions which is fixed at Rs 2 lakh or above.

With a rich and illustrious heritage of 106years, the Akola District Central Coop. Bank Ltd., is the very first district co-operative bank to be established in not only Maharashtra but India itself. Originally established under the name of Akola Central Urban Bank Ltd., Akola the bank was formed by 12 prominent social workers to serve 13 co-operative societies and offer loan facilities to members of these societies. Over the span of 100 years, the bank has transformed and refined its working and banking systems in order to not only strengthen its core functioning but also be able to serve its customers in a far more efficient and convenient manner.

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