State wise list of Karnataka Bank IFSC code, MICR code and addresses of all branches in India
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Karnataka Bank Ltd. has evolved with the advancement in the banking technologies in the country. Customers of Karnataka Bank can avail the facilities of electronic fund transfer. Now, the power of internet banking allows you to make payments virtually, without having to move an inch. Right from your living room, using your computer or phone, you can send money from your account at Karnataka Bank to another account, anywhere in India. Electronic Fund Transfer introduced by the RBI in the country has made cheques, demand drafts and stamps obsolete. The purpose of introducing these paperless transfers online was to hasten the process and make it as flaw-free as possible.
There are two main types of electronic money transfer that Karnataka Bank offers: National Electronic Financial Transfer (NEFT) and Real Time Gross Settlement (RTGS). Apart from these two modes, the bank also offers Western Union Money Transfer for international transfers.
Indian Financial System Code is a code which is given by RBI as a unique identification to each bank and all its branches. It is in an alpha-numeric format and contains 11 characters. This code helps in the identification of the source as well as the destination bank in an electronic fund transfer process. It is very important to provide the IFSC codes in a NEFT/RTGS transfer as without the code, neither of the processes can take place.
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 5th character is zero (0) and the last set comprising of 6 characters identify the branch of the bank. The 5th 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.
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.
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.
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.
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Karnataka bank which had recently entered into an agreement with BankBazaar for digital home loan sourcing has set sights on augmenting its capital by Rs.800 crore. The bank’s board of directors has already approved the proposal for augmenting the bank’s capital. The bank expects to augment the capital funds through the issuance of non-convertible lower tier-II subordinated bonds. The board of directors of the bank expects to raise Rs.800 crore in the capital by selling the bonds in one or more portions under the private placement basis.
10 September 2018
Karnataka Bank Ltd. will now start selling mutual funds in collaboration with HDFC Capital Asset Management Ltd.
The two establishments have entered into a new trade agreement to engage in the business of stocks. A memorandum of understanding was exchanged between representatives of Karnataka Bank and HDFC Capital. MD and CEO of Karnataka Bank Mahabaleswara MS and Rajiv Maniar, senior VP of sales for HDFC, was present at the event. This move, reports say, will encourage the bank’s customers to invest in mutual funds. It may help those who are not comfortable investing in mutual funds independently, press reports say.
This tie-up will open up new opportunities for HDFC Capital Fund.
23rd May 2017
According to recent reports, Karnataka Bank has registered a 30% profit during the last quarter of 2016. Supposedly, the private sector bank’s net profits went up to Rs.138.37 crores compared to Rs.106.79 crores during the same quarter of the previous year.
Also, total income for the company rose to Rs.1606.19 crores from Rs.1,447 crores as compared to the same period from the previous year.
For the fiscal year that ended in March 2017, the bank’s net profits went up by 9% to Rs.452.56 crores from Rs.415.29 crores in the 2015-16 financial year.
It wasn’t all good news for the bank, however, as the percentage of bad loans increased to hit 4.21% as opposed to 3.44% from a year ago. Keeping in mind the developments, the bank’s executive board declared a dividend of Rs.4 per share for the 2016-17 year.
19th May 2017
Karnataka Bank’s new target is a business of INR 90,000 crores in the next 3 years. This fact was stated by the Managing Director and CEO of Karnataka Bank, Mahabaleshwara MS. He spoke to all the regional heads of Karnataka Bank at a conference and told them that they are ready to take to turnover of the bank to a massive INR 1.8 lakh crores. At present, the turnover of Karnataka Bank stands at INR 94,000 crore. All of this will be done in a period of 3 years. During this period, Karnataka Bank will also register 50 lakh new customers.
24th April 2017
Karnataka Bank Ltd and Daimler India Commercial Vehicles Pvt Ltd have entered into a memorandum of understanding to extend finance to customers so far as the buying of commercial vehicles produced by the company is concerned. Karnataka Bank was nominated by Daimler India as the preferred financial institution for buying commercial vehicles, revealed a recent press release. The Chief Executive Officer and Managing Director of Karnataka Bank, P Jayarama Bhat, said in the press release that the memorandum of understanding is another proactive step taken by the bank so that finance can be extended to clients in sectors like micro, small and medium enterprises for buying commercial vehicles.
20th February 2017
A National Pension System (NPS) has been launched by the Karnataka Bank recently in its corporate office. This system attempts to provide financial security for old age through pension. People can contribute certain amount to NPS while they earn and after they reach 60 years, they will start receiving pension. To contribute, an individual has to be between 18 years and 60 years of age. NPS is exempted from tax. To register for NPS, people have to visit any branch of Karnataka Bank.
17th February 2017
Karnataka Bank has entered into a tie-up with LIC’s Mutual Fund to help it markets its mutual fund products. The bank has over 730 branches across the country and plans to start selling mutual funds with the help of LIC.
This tie-u is not the first of its kind for Karnataka bank, it has also entered into a Memorandum of Understanding or MoU with Birla Life Mutual Funds to help market its mutual fund products.
30th September 2016
Last Thursday, Karnataka Bank launched their web portal KBL Loan Junction with the initiative taken to allow borrowers a platform to get an idea about their products and also some other features such as status enquiry of loan application online through online banking and IFSC facilties and be updated on the loan application status through text and email. The portal will be accessible on all smart devices and desktops and laptops alike. The portal is supposed to provide access to online loan application as well as credit proposal system to enhance the consumer experience as per the statement made by P. Jayarama bhat, CEO and MD of Karnataka Bank, at the launch.
19th September 2016
Last Thursday, Karnataka Bank launched their web portal KBL Loan Junction with the initiative taken to allow borrowers a platform to get an idea about their products and also some other features such as status enquiry of loan application online through online banking and IFSC facilties and be updated on the loan application status through text and email. The portal will be accessible on all smart devices and desktops and laptops alike. The portal is supposed to provide access to online loan application as well as credit proposal system to enhance the consumer experience as per the statement made by P. Jayarama bhat, CEO and MD of Karnataka Bank, at the launch.
19th September 2016
Karnataka Bank Limited has unveiled ‘KBL POS Manager’, a cutting-edge and android-based mobile application to deliver ease of use and accessibility for its point-of-sale (POS) mercantile. This is bound to aid the lender’s POS mercantile (online & offline) in handling the related transactions. In the statement to the media, it is specified that the app can be a great help in handling and tracking sales records from anywhere using their smartphones. It can be downloaded from Google Playstore for free. You may need to know the IFSC Code of relevant branches to make transactions.
4th August 2016
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