Almora Urban Coop Bank IFSC and MICR Code:

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Almora Urban Co-operative Bank (Almora Urban Bank) IFSC Code:

Internet has changed the banking industry by introducing online banking that allows you to avail all services of a bank sitting in your living room. One of the most useful features of internet banking is electronic fund transfer. No more time taking payment settlements in cash, demand drafts, etc. Electronic banking services allow you to send money to anyone sitting in another corner of the country, without even visiting your bank. Almora Urban Co-operative Bank also offers its customers the facility of electronic fund transfer.

The RBI (Reserve Bank of India) introduced two systems of electronic fund transfer called the National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS). Both NEFT and RTGS are fast, safe and secure channels of fund transfer. They use a unique code known as the Indian Financial System Code (IFSC) for making an online transaction. RBI has allotted IFSC codes to all banks that are in the electronic fund transfer network. Funds can be transferred from an account of an individual to another individual or an organization. The accounts need not necessarily belong to the same branch or bank, as long as they are NEFT/RTGS enabled, electronic fund transfer is possible.

An 11-character identification code is granted by RBI to all banks in the NEFT network. This code, which is the Indian Financial System Code, is unique to each bank and comprises of both numbers and alphabets. Out of the 11 characters, the first 4 characters denotes the bank’s name, the 5th character is a control factor and is always zero by default. The final 6 characters holds the identification of the branch of the bank.

For instance, AUCB0000031 is the IFSC code of Haridwar branch of Almora Urban Co-op. Bank in Uttarakhand. RBI deciphers the code in the following way:

  • AUCB – Almora Urban Co-op Bank
  • 0 – Zero(by default)
  • 000031 – Branch code for Haridwar

How to Find IFSC and MICR Codes of Almora Urban Co-operative Bank (Almora Urban Bank)?

Before you initiate a NEFT or RTGS money transfer, you will have to find out the IFSC and MICR code of your bank branch and the recipient’s bank branch as well. These codes can be found offline or by going online. The cheque leaves of Almora Urban Bank’s cheque book has the IFSC code printed on them. You will find the IFSC and MICR codes on the official website of the Almora Urban Bank. Right on the homepage, there is a tab on the right that says ‘RTGS/NEFT’. When you select the tab, a document displaying the list of all its branches with their details including IFSC and MICR codes is listed. The document also displays the address and phone numbers of the branches.

You can also find both IFSC and MICR codes of any bank branch on BankBazaar’s website. Just follow a few easy steps after visiting the website.

  • Click on the bottom left page of BankBazaar on a tab labelled ‘Bank IFSC Code’.
  • Then, enter the bank’s name, branch name, state and district from the list given on each page or from drop-down menus.
  • Once all fields are filled, BankBazaar takes you to the page with all details of the bank branch you are looking for, such as IFSC code, MICR code, address and contact number.

Using IFSC code of the remitter and beneficiary bank, Almora Urban Bank transfer funds between accounts using NEFT and RTGS. There is a significant reduction in the transaction time when money is transferred electronically.

NEFT for Almora Urban Bank:

NEFT is an electronic payment system that facilitates quick and easy transfer of funds between accounts anywhere within India. RBI handles this mode of payment and clears the transaction on an hourly basis in batches. This system of processing is known as the Deferred Net Settlement. Before you request to transfer money using NEFT, you must have the following information in hand:

  • Sender’s account number.
  • Amount to be transferred.
  • Recipient’s name.
  • Recipient’s account number.
  • Recipient’s bank name.
  • Remitter to Recipient message, if any.
  • IFSC code of the recipient bank branch.

RTGS for Almora Urban Bank:

The continuous and instantaneous mode of settlement carried out by RBI is known as the Real Time Gross Settlement or RTGS. The transactions made by this channel are processed as soon as the banks receive instructions. RTGS transfers are cleared individually and not in batches by RBI. Preferred for high value transactions, RTGS remittances are final and irreversible. RTGS is the fastest possible money transfer between two bank accounts in India.

The information required prior to an RTGS transfer is the same as in a NEFT transfer.

Almora Urban Co-operative Bank Ltd. is northern India’s largest urban co-operative bank. Almora Urban Bank was founded in Almora with the objective of supporting local businesses and offering easy banking services to the local community. Currently spread all over Uttarakhand with 50 branches, Almora Urban Bank offers daily banking solutions to clients all over the region. The bank’s philosophy of offering a plethora of financial products coupled with customer friendly service has helped achieve Almora Bank over 24 years of unparalleled success in the banking industry of Uttarakhand formerly Uttaranchal.

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