Equitas Small Finance Bank IFSC code & MICR code
State wise list of Equitas Small Finance Bank IFSC code & MICR code.
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Equitas Small Finance Bank IFSC Code:
Equitas Small Finance Bank allows its customers to transfer money using NEFT, RTGS and IMPS facilities. To send the money to another account, customers have to provide the IFSC code of the receiver's bank. This code helps in identifying the bank branch in which the receiver has an account.
IFSC is a unique alphanumeric code, which has 11 characters. The first 4 represents the bank name and the last 6 represents the branch code. The 5th character is a 0 that is reserved for future use.
How to Search for Equitas Small Finance Bank IFSC and MICR codes?
It is easy to find the IFSC and MICR codes of Equitas Small Finance Bank. Customers can do so online on the bank's website. They can also find the codes on every leaf in their bank cheque books. Apart from this, there are third-party websites that allow people to check IFSC and MICR codes online for free. For Example - BankBazaar. On the BankBazaar website, users have to simply click on 'Bank IFSC Code' on the home page. On clicking, they will be redirected to another page where they have to select the following information from the dropdown menus:
- Bank Name.
- State.
- District.
- Branch.
The website will automatically generate the required information.
How to Transfer Money using Equitas Small Finance Bank NEFT and RTGS?
Using the NEFT and RTGS facilities of Equitas Small Finance Bank is very easy. To use these facilities, customers can login on their net banking accounts or visit their bank branch. To transfer, they have to add the receiver as a payee in their accounts, for which they have to provide the following details:
- Amount to be transferred.
- Receiver's name.
- Receiver's account number.
- Receiver's bank name.
- Receiver's bank branch IFSC code.
- Remarks, if any.
Fee for NEFT Transfer:
- For transfers of up to Rs.10,000, the bank charges Rs.2.5.
- For transfers of more than Rs.10,000 to Rs.1 Lakh, the bank charges Rs.5.
- For transfers of more than Rs.1 lakh to Rs.2 lakhs, the bank charges Rs.15.
- For transfers of more than Rs.2 lakhs to Rs.50 lakhs, the bank charges Rs.25.
- For transfers of over Rs.50 Lakhs, the bank charges Rs.50.
Fee for RTGS Transfer:
- For transfers of more than Rs.2 lakhs to Rs.50 lakhs, the bank charges Rs.25.
- For transfers of over Rs.50 Lakhs, the bank charges Rs.50.
About Equitas Small Finance Bank:
Equitas Small Finance Bank was launched in 2016. Equitas started as a microfinance bank in 2007 with 4 branches. At present, it provides banking services to people in different parts of India. The bank offers various personal and business banking products. The personal products include loans, savings account, deposits, insurance, cards, investments, etc. It also provides internet banking and mobile banking facilities to its customers.
FAQs on Equitas Small Finance Bank IFSC Code
- What is Equitas Small Finance Bank IFSC
The Indian Financial System Code, also referred to as IFSC, is an 11-character alphanumeric code used by Equitas Small Finance Bank to identify a bank branch. This code is required to transfer funds through RTGS, NEFT, and IMPS.
- Where can I find the IFSC code for Equitas Small Finance Bank?
You find the IFSC code for Equitas Small Finance Bank on the bank's chequebook, or passbook, or by reaching out to customer care. It can also be checked on the official website of the Reserve Bank of India.
- Do all branches of Equitas Small Finance Bank have the same IFSC?
No, every branch of Equitas Small Finance Bank has a different IFSC code. It facilitates the process of determining the exact branch for digital transactions.
- Is it possible to use IFSC for international transactions?
No, domestic transactions in India use IFSC codes. In the case of international transactions, Society for Worldwide Interbank Financial Telecommunication (SWIFT) codes are used.
- What is the structure of the IFSC code of Equitas Small Finance Bank?
The bank code of Equitas Small Finance Bank is represented by the first four characters. The fifth character is always zero and the branch code is represented by the final six characters.
- What is the function of Equitas Small Finance Bank MICR?
When you have to submit application documents for financial products like SIPs, investment portfolios, and lumpsum mutual funds, you typically need the MICR code. For banks participating in any transaction under the Electronic Clearing System (ECS) credit, this code serves as a barcode.
- Why do cheques use MICR?
Cheques have MICR on them to enable accurate, quick processing. It enables banks and other financial institutions to use specialised MICR readers and sorters for promptly reading and processing cheques.
- How does MICR expedite the transaction procedure?
The MICR code is unique making it easy to track the history of a transaction. When filling out a cheque by hand, there is a good chance of making a mistake. MICR is used to reduce this likelihood and enable quicker transfers. This has resulted in a significant decrease in the number of cheque bounces.
- What is the difference between IFSC and MICR?
Electronic money transfers between Indian banks are initiated online using IFSC codes. However, for international fund transfers, MICR codes are used. The bank code and the branch code are represented by the IFSC code. On the other hand, the branch, bank, and pin codes are indicated by MICR.
- What benefits does MICR technology offer the banking industry?
MICR technology has a number of benefits, such as the ability to process checks quickly and accurately with lower error rates. It facilitates the effective handling of high volumes of paper-based transactions and also provides better protection against fraud.
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