Karur Vysya Bank IFSC code & MICR code
State wise list of Karur Vysya Bank IFSC code & MICR code.
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Karur Vyasya Bank (KVB) IFSC Code
Karur Vyasya Bank, also known as KVB, is one of India's oldest and one of the leading private banks. It operates across the country through a network of over 652 branches and more than 1500 ATMs. The bank is based in Karur, in Tamil Nadu. Over the years, KVB has developed its smart banking services by introducing services such as internet banking, multi city account facility, e-commerce facility, mobile banking facility, NEFT/ RTGS facility at all branches as well as any branch banking facility. KVB is also known for its cash deposit machine (CDM) facility, which is a technology initiative that few banks have adopted. The KVB financial products and services include various types of accounts, Loans, Insurance, Cards, remittances, Mutual funds, etc.
What do you Mean by IFSC code?
An IFSC code, or Indian Financial System Code, is a unique alphanumeric identifier assigned to each bank branch in India by the Reserve Bank of India (RBI). This code plays a pivotal role in facilitating secure and efficient electronic fund transfers within the country.
What is the Structure of IFSC code?
The structure of IFSC code is as follows:
The IFSC code holds key information, the first four characters represent the bank, the fifth character is '0' reserved for future use and the last six characters uniquely identify the specific branch.
1 | 4 | 2 | 7 | 4 | 8 | 7 | 9 | 6 | 4 | 8 |
Bank Code | 0 | Branch Code | ||||||||
What is an MICR Code?
The Magnetic Ink Character Recognition (MICR) code comprises a distinct set of nine digits positioned at the lower section of a bank's cheque and helps in the automation of cheque processing. Each MICR code is unique for a designated bank branch, enabling precise identification of the account during cheque sorting and clearing. These codes are printed using magnetic ink and are formatted for easy machine readability, ensuring efficient processing through high-speed MICR readers.
What is the Structure of MICR code?
The structure of the MICR code is as follows:
1 | 3 | 2 | 5 | 4 | 7 | 7 | 9 | 9 |
City code | Bank Code | |||||||
Why are the IFSC Codes and MICR Codes Important?
These codes play an important role in electronic transfer of funds. Read on to know more about their importance:
- Precision in Electronic Transactions: IFSC codes are unique alphanumeric identifiers for bank branches, facilitating seamless and error-free electronic fund transfers. Similarly, MICR codes provide distinct machine-readable identification for efficient cheque processing.
- Prevention of Errors and Fraud: Both IFSC and MICR codes significantly minimise the chances of errors in transactions. The structured formats and machine-readable nature of these codes enhance security, acting as a deterrent against fraudulent activities within the banking sector.
- Standardisation in Banking Practices: IFSC and MICR codes bring standardisation to banking practices, offering uniformity in the identification of bank branches and accounts. This standardisation promotes efficiency, reliability, and transparency in financial transactions. One such website is BankBazaar where you can get the IFSC code and MICR code of all the banks operating in the country.
How can I IFSC and MICR Codes?
You can use the internet to find the IFSC codes and MICR codes of a particular bank. Moreover, there are many websites and other third-party sites that can help you find the information you need in a few minutes.
One such website is BankBazaar, where you can get the IFSC code and MICR code of all the banks operating in the country. Follow the steps mentioned below to check the IFSC code:
Step 1: Visit the BankBazaar website.
Step 2: Look for the IFSC main page.
Step 3: Check the options available and select one of them as per your need.
Step 4: Once the step is completed properly, the IFSC code of the bank branch, along with the MICR code, bank address and phone number, will be displayed
Furthermore, you can also find the IFSC code and MICR code on bank documents.
- You can look for the IFSC code on the top left corner of the cheque leaf, at the end of the branch address.
- You can look for the MICR code at the bottom of the cheque leaf.
- You can look for both IFSC code and MICR code on the official RBI website.
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FAQs on Karur Vysya Bank IFSC Code & MICR Code
- Do all the branches of a particular bank have the same IFSC code?
No, IFSC code is unique for each bank’s branch.
- Can I use someone else's IFSC code for my transactions?
No, it is important to use the correct IFSC code for the intended recipient. Using the wrong IFSC code may result in the funds being routed to the wrong branch, leading to potential complications.
- Are IFSC codes used only in India?
Yes, IFSC codes are specific to Indian banks and are used for domestic electronic fund transfers within the country. For international transactions, SWIFT codes are typically used.
- How often does an IFSC code change?
IFSC codes rarely change. However, in the case of bank mergers, closures, or other exceptional circumstances, there might be changes. It is advisable to verify the IFSC code before each transaction.
- Is the IFSC code the same as the account number?
No, the IFSC code and the account number are distinct. The IFSC code identifies the bank branch, while the account number uniquely identifies the account within that branch. Both are essential for accurate fund transfers.
- How does MICR technology work?
MICR technology uses magnetic ink and specialized readers to quickly and accurately capture the information encoded in the MICR code. This technology ensures precision in cheque processing.
- Can the MICR code be manually altered or modified?
Attempting to manually alter or modify the MICR code is not advisable as it can lead to serious legal consequences. It is designed to be a secure and unalterable element for financial transactions.
- Are MICR codes the same for all branches of a bank?
No, each branch of a bank has a unique MICR code. The code is specific to the branch's location and serves as a distinctive identifier for efficient cheque processing.
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