Pragathi Krishna Gramin Bank IFSC and MICR Code:

State wise list of Pragathi Krishna Gramin Bank IFSC code, MICR code and addresses of all branches in India

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Pragathi Krishna Gramin Bank IFSC Code:

In order to make a financial transaction through NEFT or RTGS mode of money transfer, the remitter must provide IFSC Code and MICR Code, where applicable. By using the IFSC code, you can make a NEFT/ RTGS transaction electronically from your account in any bank, to a beneficiary account held with any other branch of a bank which participates in this scheme. MICR Code is an abbreviation for Magnetic Ink Character Recognition Code and this can be used for both domestic and international transactions. These unique codes provide enhanced security on all monetary transactions.

MICR is a code used to ensure the protection of all negotiable instruments and enables the systematic and efficient clearance of cheques. The MICR code consists of cheque details reflected in its 9 digit code. The first three digits indicate the location, i.e., the city, the next three indicate the bank and the last three digits represents the branch. RBI introduced these codes to make National Electronic Fund Transfers quick, safe and efficient. It also eliminates the risk of malpractices/ fraud. Indian Financial System code aka IFSC code helps banks to identify all other bank branches that are participant in NEFT. Electronic payment system applications such as Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), Centralised Funds Management Systems (CFMS), etc. use this code in order to successfully transfer funds to the beneficiary account.

How to Search for Pragathi Krishna Gramin Bank IFSC and MICR Code?

National Electronics Fund Transfer (NEFT) and RTGS is supported by Pragathi Krishna Gramin Bank branches. Customers who wish to remit funds to a beneficiary account in another bank branch in India through NEFT or Real Time Gross Settlement (RTGS) have to provide the relevant IFSC Code of the bank branch, at the time of transfer. The Indian Financial System Code is a unique alphanumeric code that is used to identify a bank and its branch. The MICR Code is found in the bank’s cheque leaf, at the white line in the bottom called the MICR Band. This is used to recognize the bank branch to which the cheque belongs. By using a magnetic reader, the MICR code is deciphered when the cheque is being processed and it is sorted accordingly.

Example: The IFSC Code of Pragathi Krishna Gramin Bank Abbaludu Branch, Sidlaghatta Taluk, Chikkaballapura District in Karnataka is PKGB0010516. The first 4 alphabets “PKGB” indicates the bank name and the last digits indicate the branch of the bank, which in this case refers to the Bank’s Abbaludu branch.

The MICR code of this branch is: 562697511, where the first 3 digits (562) indicate the city, next three digits (697) indicate the bank code and the last three digits (511) stands for the branch code.

The recipient can collect the IFSC code of his/her bank branch where he/she holds an account, from the branch itself and inform the same to the remitter. The IFSC code and MICR code can be taken from the Bank’s official website and is also available on the cheque leaf. Reserve Bank of India’s official website also provides a detailed list of Bank IFSC codes. You can also visit BankBazaar in order to get an accurate and updated list of IFSC codes of various banks and its branches in India. Search for Pragathi Krishna Gramin Bank IFSC code on this website by going to the bottom of the main page and clicking on the “Bank IFSC Code” tab. Provide the details of the Bank such as Bank name, State, district, branch name, etc. by selecting this from the drop down menu. The results page then reflects the IFSC code of the bank’s branch and its MICR Code as well. Other information included in this page are: Branch code, branch address and contact number.

National Electronic Funds Transfer (NEFT):

Using NEFT mode of transfer, Pragathi Krishna Gramin Bank customers can remit funds to any beneficiary account in another bank. Customers must ensure that they provide accurate details such as beneficiary’s name, account number, IFSC code and other branch details, in order to ensure successful transfer has to provide the details of the recipient such as his/her name and account number as well as the name and IFSC code of the recipient bank. NEFT is an electronic fund transfer system that settles remittances in batches, based on a DNS basis. RTGS transactions are individually settled and NEFT transactions are settled together. At present NEFT transactions in Pragathi Krishna Gramin Bank works from 10:30 AM to 3.30 PM from Monday to Saturday and 2nd and 4th Saturdays of a month are holidays. The amount remitted through NEFT should not be less than Re.1/- and there is no maximum cap on the same.

Customers who do not have an account in Pragathi Krishna Gramin Bank can also make a NEFT transaction for a maximum amount of not more than Rs 50,000/- , which is inclusive of any applicable taxes. The Bank has its own Gateway, which enables it to have a unique IFSC code for each of its branches.

The charges on NEFT transactions, exclusive of taxes, are as follows:

  • Rs. 2.50 is charged for each NEFT transaction worth up to Rs. 10,000/-
  • Rs. 5.00 is charged for each NEFT transaction which ranges between more than Rs. 10,000/- to not more than Rs. 1 lakh.
  • Rs. 15/- is charged for each NEFT transaction which ranges between more than Rs. 1 lakh to Rs. 2 lakhs.
  • Rs. 25/- is charged for each NEFT transaction which is worth more than Rs. 2 lakh.

Real Time Gross Settlement System (RTGS):

'Real Time Gross Settlement' system comes in handy if the customer wishes to remit a large amount of funds to a beneficiary instantly. This system helps individuals transfer money or securities from one bank account to another bank account on a "real time" basis/ "gross" basis. When settlements are made in "real time", the transaction is completed instantly without any processing period. 'Gross Settlement' are made when instructions for fund transfer are made individually. As per RBI guidelines, the minimum amount that can be remitted to a beneficiary account is Rs. 2 lakh. A maximum limit is not set for RTGS transactions. RTGS fund transaction is to be reflected in the beneficiary account instantly and within 30 minutes of the receipt of the money transfer message, the transaction payment to the beneficiary account should be completed.

Pragathi Krishna Gramin Bank is a Regional Rural Bank that was established on August 23rd, 2013. It emerged out of a merger between two smaller regional banks- Krishna Grameena Bank and Pragathi Gramin Bank. It has its main branch in Bellary.

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