Karad Urban Co Op Bank IFSC and MICR Code:

State wise list of Karad Urban Co Op Bank IFSC code, MICR code and addresses of all branches in India

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The Karad Urban Co-operative Bank Ltd., Karad IFSC Code:

Electronic Fund Transfer is a time-saving electronic payment settlement service that allows you to send/receive funds from one bank account of another of the same bank or a different bank. At Karad Urban Co-operative Bank, customers can make fund transfers quickly and economically, saving the hassles of physical cash exchange or cheque disbursement. Under the patronage of Reserve Bank of India, the Karad Urban Co-operative Bank enables its customers a streamlined fund transfer through their website. Fund transfer using this technology has transformed the banking world, allowing you the freedom to send money to anyone wireless anywhere within the country. There are two modes of electronic fund transfer mainly- National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).

The Reserve Bank of India has come up with unique identification codes for banks that are a part of the NEFT network. The codes are referred to as IFSC codes or in Using the IFSC code , RBI identifies the specific bank branch from where the funds are wired to the destination branch, ensuring a smooth transaction. An IFSC code’s structure can be understood easily. The code holds the identification of the bank as well as the specific branch. The name of the bank is identified by the first 4 characters, the 5th character is used later and the specific branch identity is hidden in the last 6 characters of the code. It has a total of 11 characters within the code and is alpha-numeric.

For instance, IFSC codes of Karad Urban Bank will start with ‘KUCB0******’. Karve Road Brach of Karad Urban Co-op Bank in Pune, Maharashtra has its IFSC Code as KUCB0488029. You can decipher this code as KUCBdenoting the bank name, which is Karad Urban Co-operative Bank; the fifth character being the controlling element by default and the last 6 digits representing Karve Road branch.

How to Search for Karad Urban Co-operative Bank IFSC & MICR Codes?

Branch-specific IFSC and MICR codes of Karad Urban Co-operative Bank can be found on the cheque leaves of the bank. It can be easily availed by either visiting the branch or calling the branch, in case you cannot locate the cheque book given to you. However, there are easier, faster and error-free processes to find the IFSC/MICR codes of any branch of any bank you are looking for.

The RBI website has the entire list of banks that are NEFT enabled. In this website, you can also gather other information on the banks such as the IFSC and MICR codes, contact numbers of all branches and even addresses. You can also do a quick search on the official website of Karad Urban Co-op Bank, in case you wanted to find the IFSC/MICR code of one of its branches.

BankBazaar is one among many third party websites that have all the information you need about banks participating in electronic fund transfers. On this website, you can easily look for all IFSC codes of Karad Urban Bank’s branches. For you to proceed with your search, you will have to click on the ‘Bank IFSC Code’ tab, which will leave you with two options to choose from. Either you select the bank name, branch name, state and district from the list below or from drop-down menus, one by one. When all necessary fields are filled, the result generated will be a comprehensive detail on the bank branch inclusive of the branch address, IFSC & MICR codes and phone numbers.

RBI has devised safe and secure channels such as NEFT and RTGS, using which customers at Karad Urban Bank can make payment settlements. As it works under RBI’s management, it is hassle-free as well as error-free.

National Electronic Fund Transfer (NEFT):

Using NEFT, you can send money wirelessly to either another individual or any organization. RBI processes all NEFT instructions to and from the banks at a centralized accounting system. The transactions work on a DNS (Deferred Net Settlement) basis. Depending on the time at which the NEFT transaction is requested for clearance, the amount is credited to the beneficiary’s account either on the same day or the next.

Karad Urban Co-operative Bank will not charge a fee for inward NEFT remittances, however for every outward transaction made, charges are applicable. For amounts up to Rs.1 lakh, Rs. 5 is charged and for amounts above Rs.1 lakh, Rs. 25 is charged, along with additional service tax, per transaction.

Real Time Gross Settlement (RTGS):

RTGS is a rapid money transfer process which ensures that the beneficiary receives credit on the same day the transfer is requested. As the payment instructions in an RTGS transaction are processed and settled, continuously and individually, it is referred to as ‘real-time’ and considered to be cleared on a ‘gross settlement’ basis. The minimum cap on transactions made through RTGS is according to guidelines made by the RBI. Similar to NEFT, inward RTGS transactions are free of cost. Outward remittance is charged. There are two slabs: Amount between Rs.2 lakh to Rs.5 lakh, Rs.25 is charged and for amount above Rs.5 lakh, Rs.50 is charged per transaction with an additional service tax.

Both NEFT and RTGS transactions are cleared at timings fixed by the RBI.

In 1917, Karad Urban Bank came into existence as a Co-op Urban Credit Society and was later converted into a bank. Expanding its reach, the bank spread its branches and achieved an overall success by keeping up with the technological innovations in the banking world. It achieved the ‘Scheduled Status’ in the year 1999-2000, displaying high level of customer confidence and financial strength.

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