Bank Of Nova Scotia IFSC and MICR Code:

State wise list of Bank Of Nova Scotia IFSC code, MICR code and addresses of all branches in India

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Bank of Nova Scotia IFSC Code:

Money transfer in the 21st century has been greatly facilitated by the introduction of services like NEFT and RTGS. Both these services which are the brainchild of the Reserve Bank of India have completely redefined the process of money transfer in India for millions of people. Considering a time when a simple transfer of a few thousand rupees could take anywhere between a few days, the same can now be done in a matter of a few hours or overnight, with the help of NEFT and RTGS. There are many international banks which offer this service to their customers. One of the leading among them is the Bank of Nova Scotia. The bank offers NEFT and RTGS service to its customers to make speedy fund transfers to other bank branches in India which are a part of the NEFT network. In order to make an NEFT or RTGS transfer, customers will are required to make use of the IFSC code which is issued by the RBI to all banks participating in the NEFT network. The code not only helps RBI to keep track of these transfers but also helps to identify the sender and receiver banks in the case of a fund transfer done via NEFT or RTGS.

The IFSC is an 11 digit alphanumeric code which is used at the time of making an NEFT or RTGS transfer. The code can be broken down into 3 parts for easier comprehension wherein the first 4 characters represent the name of the bank, the fifth character remains zero and is reserved for future use and the last 6 characters represent the branch code. So, For instance, the Bank of Nova Scotia IFSC code for the Nariman Point branch in Mumbai is NOSC0000MUM. Here the first 4 characters ‘NOSC’ represent the name of the bank i.e. Bank of Nova Scotia, the fifth character is zero and the last 6 characters ‘000MUM’ denotes the code of the particular branch which is located at Nariman Point in Mumbai, Maharashtra.

How to Search for Bank of Nova Scotia IFSC & MICR Codes?

It is very easy to transfer funds to and from any branch of Bank of Nova Scotia, to any bank branch which is a part of the NEFT network. In order to transfer money via NEFT or RTGS, you will need to procure the IFSC code of the bank branch where you wish to transfer funds. Finding the IFSC code of any branch of Scotiabank is easy as the IFSC and MICR code of each branch is printed on the cheque leaf of cheque books issued by the bank. Also, you can find the IFSC and MICR codes of the bank online on the BankBazaar website. Navigate your way to the website’s main page and scroll to the bottom of the page where you will find a tab labelled ‘Bank IFSC Code’. Click on the tab and you will be re-directed to a new page which features 4 drop down menus. With the help of these drop down menus, you can provide the necessary details like the name of the bank you’re looking for, the state and district it is located in, and also the specific branch that you are looking for. Once you have input all these details, the site immediately displays for you the requested information i.e. the IFSC code, MICR code, address and contact details of the bank which you are looking for.

Electronic money transfer has been greatly facilitated by the introduction of services like NEFT and RTGS, both of which are offered by scores of banks in India. The Bank of Nova Scotia also offers this service to its customers to enable them to make quick and easy fund transfers across India.

NEFT for Scotia Bank:

National Electronic Funds Transfer or NEFT is one of the most popular forms of electronic money transfer which has been introduced by the RBI. The service was first offered in the year 2005 and enables customers to transfer funds from one bank account to another electronically on a one-to-one basis. Customers can transfer funds to any bank account which is a part of the NEFT network. With the help of NEFT, the time taken in transferring funds has been reduced significantly. Typically, fund transfers could take up to a few days to process and the money to reflect in the beneficiary’s account. But with NEFT, the same can be done in a matter of a few hours or sometimes overnight for the funds to get transferred. NEFT transactions are carried out on a net-deferred basis i.e. transactions are bundled together and done on an hourly basis. Usually, there are no charges levied on inward NEFT transactions but a very nominal charge is likely to be levied on outward NEFT transactions. Currently, there are over 30,000 bank branches in India which are NEFT enabled.

RTGS for Scotia Bank:

Real Time Gross Settlement or RTGS, as it is commonly known, is yet another electronic payment service which has been introduced by the RBI to facilitate online fund transfers. RTGS is quite similar to NEFT in the purpose which it serves, however there are a few marked differences between the two. Unlike NEFT, RTGS is a much faster process which takes only a few hour to transfer funds. RTGS is carried on a Real Time and Gross basis, which means that first, the transactions are processed as soon as they are received and on an individual basis. Transactions are not bundled together. Also, NEFT is designed for fund transfers of lower monetary value while RTGS is designed for high monetary volume transfers which require to be cleared immediately. Typically, the standard minimum limit for an RTGS transaction is fixed at Rs 2, 00,000 or above but may differ, depending on the bank. Outward RTGS transactions also carry a certain amount of nominal fee which must be paid by the sender of funds.

The Bank of Nova Scotia, also known as Scotia Bank was established in the year 1832 and is one of the major banking organizations in Canada. With operations running successfully in other international regions like Europe, Latin America, Caribbean and India, the bank serves a diverse range of customers in over 55 countries. In India, Scotia Bank has branches located in New Delhi, Mumbai and Bangalore and offers an extensive range of well-appointed products and services like wealth management solutions, investment banking, personal banking, corporate banking and many more.

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