Karnataka Bank IFSC code & MICR code

The IFSC code's 11 characters hold the identification of the bank as well as a particular branch. The first set of 4 characters represent the bank name, the 5^th character is zero (0) and the last set comprising of 6 characters identify the branch of the bank. The 5^th character is left as zero to be used later.

Example of a Karnataka Bank IFSC Code is: KARB0000369.

This code belongs to the Jabalpur branch of Karnataka Bank in Madhya Pradesh. Here, 'KARB' represents the name of the bank, which is Karnataka Bank and '000369' denotes 'Jabalpur' branch.

How to Search for IFSC and MICR Codes of Karnataka Bank?

Karnataka Bank's IFSC and MICR Codes can be found on the cheque leaves of the cheque book of the bank. The codes of all its branches can be found online in a number of websites. RBI has a tab on its homepage that directly takes you to a window where you are asked to input the bank name from the drop-down menu and enter the branch name manually. It gives you all the necessary details of the queried bank branch, including the IFSC and MICR codes, address and also phone number.

There are also some other websites, namely BankBazaar that give comprehensive information on all banks that are a part of the NEFT/RTGS network. If you visit the BankBazaar's website, you will find a tab 'Bank IFSC Code'. Clicking on this tab will give you the IFSC and MICR codes of any branch of any bank. The site requires some basic information about the bank in order to answer your query. Once you enter details like Bank name, State District and Branch Name, you can find the IFSC, MICR codes of the specific bank branch you are searching for.

How to Transfer Funds Using NEFT and RTGS at Karnataka Bank?

Using electronic fund transfer channels you can not only settle your payments faster, but keep it flawless and secure. There are fewer tensions and lesser time taken when you opt for NEFT/RTGS for transferring your funds online. Both modes are speedy, however RTGS is a relatively faster channel than NEFT.

NEFT at Karnataka Bank:

Individuals or companies maintaining accounts with Karnataka Bank can utilise this facility to transfer money to other accounts, as long as the recipient's bank is NEFT enabled. RBI settles NEFT transactions on a DNS (Deferred Net Settlement) basis, where the transfer requests are cleared in groups at fixed timelines. Karnataka Bank allows even non-account holders to use NEFT to transfer funds by depositing the amount they want to transfer. However, there is a limit to such transactions and individuals or organizations who do not have an account can only transfer up to Rs.50, 000 using NEFT. Customers in this category will have to provide all details like full address and phone number. There is no upper and lower limit set for NEFT transactions at Karnataka Bank.

NEFT timings at present are from 11am to 7pm, starting Monday till Saturday, with an hour's interval in between. There are no transactions on Sundays and public holidays.

No charges are levied from beneficiaries for inward transactions. However, the remitter is charged for outward remittance.

For transfers up to Rs.10, 000 - Rs.2.5

For transfers between Rs.10, 000 to Rs.1 lakh - Rs.5

For transfers between Rs.1 lakh to Rs.2 lakh - Rs.15

For transfers above Rs.2 lakh - Rs.15

An additional service tax is also added to the charges above.

RTGS at Karnataka Bank:

Karnataka Bank customers can use RTGS system of money transfer for transactions that are high in value. Real Time Gross Settlement/RTGS is a system where transfer instructions are processed real time as in as soon as they reach the beneficiary bank and the credit takes place instantly. The clearance of RTGS transactions are not bunched with any other transaction and carried out individually, hence it is referred to as gross settlement. The settlement is final and cannot be reversed, as they are carried out in the books of RBI.

The minimum amount that an individual can transfer using RTGS is Rs.2 lakh. There is no fee for inward remittances but for outward transactions, Rs.25 is charged for transfers that are between Rs.2lakh and Rs.5 lakh and Rs.50 is charged for transfers above Rs.5 lakh. RTGS transactions are cleared between 8am to 430pm at Karnataka Bank.

About Karnataka Bank:

Karnataka Bank Limited was established in 1924 in Mangaluru in Karnataka. The bank grew in size after the amalgamation between Sringeri Sharada Bank Ltd., Bank of Karnataka and Chitradurga Bank Ltd. Karnataka Bank rendered professional banking services coupled with excellent customer focus for over 9 decades to emerge as a top 'A' class scheduled commercial bank. Spanning over 21 states and 2 union territories, Karnataka has 702 branches and has become one of the finest financial institution in the country.