State wise list of CITI IFSC code, MICR code and addresses of all branches in India
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Citibank IFSC Code is required for all electronic fund transfers made through NEFT, RTGS and IMPS. Indian Financial System Code, abbreviated as IFSC, is mandatory for money transfers initiated through internet banking. The Citibank IFSC code is 11 digit alphanumeric code and this code varies from branch to branch. No two Citibank branches will have the same code. For example, the IFSC code for the bank branch in Jayanagar, Bengaluru, is CITI0000042. Here, the first four characters ‘CITI’ stands for the name of the bank, while ‘0’ (zero) is reserved for future use. On the other hand, the last six digits ‘000042’ represents the specific bank branch.
IFSC is a very important aspect for banking and helps eliminate errors during the fund transfer process. Banks will not authenticate and process fund transfers if the right IFSC code is not mentioned.
The IFSC code of the specific bank branch is printed on the cheque leaf. This is done by all banks and customers will be issued cheque books when they open a bank account. Magnetic Ink Character Recognition Code (MICR) helps banks clear cheques is a more faster and error-free manner. MICR and IFSC codes can be found online and on a number of third party financial websites.
BankBazaar is one such website where users can find information about all bank IFSC and MICR codes. To look for this information:
Information required for Citibank NEFT, IMPS RTGS transfers:
Funds can be send through internet banking at the click of a button using NEFT, RTGS or IMPS.
National Electronic Funds Transfer (NEFT)
All NEFT transactions are processed in hourly batches and money can be sent only during the working hours of the bank. This usually extends from 9 a.m. to 6 p.m. on weekdays and 9 a.m. to 1 p.m. on Saturdays. NEFT services are not available on Sundays and other bank holidays.
Real Time Gross Settlement (RTGS)
As the name denotes, all RTGS transactions are settled in ‘real time’. This means that when a remitter sends money, it is typically credited immediately or within an hour into the beneficiary/payee account.
Immediate Payment Service (IMPS)
IMPS, is a comparatively faster, easier and more convenient method to send money because it is available on a 24/7 basis and on all days in a year, including bank holidays and Sundays. Here, funds are also credited to the payee’s account immediately.
Making online fund transfers is a very simple process with the NEFT and RTGS facilities. These are both secure gateways to transfer funds in a quick and hassle-free manner. The information given below will help you utilise these services so you can send money worry-free.
NEFT:
Citibank provides its customers with the NEFT facility, through which they can conduct wireless money transfers by means of a quick and secure medium. There is no minimum amount that has to be transferred using NEFT, which makes it a convenient means of online money transfer. Customers can go to a Citibank branch and make such transactions, or they can use Citibank Online to do so. They can also use Citi Mobile, however there is a restriction on the amount that can be transferred using the app.
Citibank customers can avail NEFT facility from Monday to Friday, with money being credited on the same day for requests made by 5:30 pm. On Saturdays, this facility is available till 11:30 am. NEFT services would not be available on second and fourth Saturdays. Any transactions made after these hours would be credited on the next business day. This would also apply for those transactions that are made on holidays.
Citibank does not charge its customers for transfers made using NEFT. Since it is providing this service free of charge, there is a limit on the amount that can be transferred by an individual in one day.
Citigold and CPC customers can make transactions amounting to Rs. 50 lakhs in one day.
Citibanking customers can use the NEFT service to transfer amounts up to Rs. 15 lakhs per day.
In case of customers using Citi Mobile, Citibank’s banking app, customers can make transfers up to Rs. 2 lakhs per day.
RTGS:
RTGS is a facility that can be used to transfer money from one bank account to another using the quickest method of fund transfer in the country. RTGS transactions take place in real time, meaning that the transfers take place as soon as the payee’s bank clears the transaction. This makes RTGS transactions final and irrevocable which means once the request has been made, it cannot be cancelled.
RTGS services have a minimum amount of Rs. 2 lakh per transaction.
Citibank offers its customers RTGS facility, with those requests made by 3:30 pm from Monday to Friday cleared and processed on the same day. Transfer requests made by 12:30 pm on Saturdays except for second and fourth Saturdays would be processed on the same day. In case of transaction requests made after these hours on both weekdays and weekends, the transactions would be processed on the next business day.
Citibank provides its customers with RTGS facility free of cost. However it has a ceiling on the amount that can be transferred per day. For CPC and Citigold customers, RTGS transactions can be made up to Rs. 50 lakhs per day. Citibanking customers can make transactions amounting to Rs. 15 lakhs in one day.
RTGS services can be availed through Citibank bank branches or through Citi Online.
Citibank is a global banking conglomerate with its headquarters in New York. Established in 1812, it was known as the City Bank of New York and played a leading role in developing financial systems in America. It has a presence in every continent with over 4,600 branches worldwide and provides its customers with top of the line banking services from insurance, loans and credit cards. It was among the first banks to adopt automated teller machines in America in order to provide its customers with round the clock access to their money, living up to their slogan “Citi never sleeps”.
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Specially designed by Diebold, a notable self-service technology supplier, Citibank’s latest ATM model Irving drifts from conformist designs by jettisoning the requirement for PIN pads, card readers and even monitors. Instead, the device will use near field communication (NFC) equipment to recognize clienteles using their mobile phones, in which communications will be based on the account holder’s individual phone screens. A supplementary application will make use of an eye scanning procedure to verify the user’s credentials. This is by using an iris ID software offered by Eyelock, prior to prompting the end user with choices. This is a cool step to ensure that ATM usage are easier than ever as well as absolutely safe from thieves who are experts in intercepting the sensitive card info and using them to their advantage. Quite a personalized way of transactions but this wouldn’t help with IFSC Code based electronic money transfer.
5th May 2016
MasterCard has entered into a partnership with Citibank India to expand the reach of its digital wallet, MasterPass. This service would be introduced to Citibank customers holding credit cards and debit cards in India. With worldwide acceptance at over 250,000 e-retailers, the digital wallet will serve up as a checkout option for customers. The latest innovation from MasterCard would be a pioneer product, with the MasterPass being available currently only in India, when compared to the rest of the Asia Pacific region. Citibank also has an extensive line of products in India ranging from personal loans, credit cards, deposits, accounts, etc., with state-of-the-art e-banking services. Customers can make easy fund transfers with their Citibank accounts using IFSC codes to any bank across India.
MasterPass will be used by top retailers like Bookmyshow.com, eBay India and BillDesk for online checkouts. A list of 100 Indian e-businesses are expected to accept MasterPass, providing their customers with a simple and secure online experience.
1st Septemeber 2015
Financial year ending March 31st, 2015, saw an 18% increase in net profit for Citibank. The bank is experiencing a healthy growth in local consumer banking inclusive of credit cards, personal and home loans. Citibank has seen considerable progress when it comes to credit cards with health growth and a high quality portfolio. Citibank is the fourth largest credit card lender in India with about 2.41 million cards in use. HDFC leads the market with 6.02 million, followed by ICICI with 3.34 million and State Bank of India with 3.19 million.
The bank has 450,000 customers using its mobile banking platform. But the leading percentage is taken by Internet banking consumers comprising of 50% while mobile banking is at 40%. Citibank also launched a digital wallet in association with MasterCard Inc. which is linked to customer’s bank accounts in India. The adherence to traditional banking, the savings accounts and IFSC codes, is gradually taking a backseat.
For loan bookings in India, Citibank increased from Rs.56, 519 crore in March 2014 to Rs.60, 896 crore this year. Its profits have increased from Rs.2, 893 crore in the previous year to Rs.3, 423 crore this year. This can be attributed to the demand for loans and services even though costs were kept under check. Citibank’s total assets, however, have decreased from Rs.1.44 trillion to Rs.1.38 trillion.
25th August 2015
