Varachha Coop Bank IFSC and MICR Code:

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Varachha Co-operative Bank IFSC Code:

In today’s banking world, electronic fund transfers are being used for online payment settlements. Fast and secure online channels guarantee a seamless banking experience. Gone are the days of personal visits to banks, depositing cheques and couriering demand drafts. Introduced under the Reserve Bank of India’s patronage, National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) are electronic money transfer systems that have significantly sped up the money settlement process. If you wish to send money to someone with a bank account within the country, an electronic fund transfer through your bank is the best bet. To make a successful NEFT/RTGS transaction, you will need to know a code designated to the concerned bank branch by the RBI. The specific code is known as the IFSC code.

Indian Financial System Code or IFSC code is unique to all branches of all banks that form the NEFT/RTGS network in India. The IFSC code was introduced to regulate online transactions across the country. This code serves as an identification for the remitter’s as well as the beneficiary’s bank and branch.

The structure of an alpha-numeric IFSC code can be understood when divided into three parts. The first part, comprising of 4 characters is code for the name of the bank, the middle part, which is the 5th character is by default left as zero (0) for future use. The last part, comprising of 6 characters is code for the particular branch of the bank, making it a total of 11 character-long code.

Example: The IFSC code of Nikol branch of the Varachha Co-operative Bank in Ahmedabad in Gujarat is VARA0289010. In this code, VARA stands for the name of the bank, Varachha Co-operative Bank, followed by a zero (0) as the control character and 289010 as the branch code for Nikol branch.

How to Search for IFSC and MICR Codes of Varachha Co-operative Bank Branches?

Offline: There are many ways you can search the IFSC and MICR codes for all branches of Varachha Co-op Bank. You can personally go to the branch of the bank and ask for the IFSC and MICR codes. The IFSC codes of all branches are printed on the leaves of the cheque book issued by the Varachha Co-operative Bank.

Online: Reserve Bank of India’s official site is the most genuine site where you will find the IFSC codes of the Varachha Co-operative Bank’s branches. The bank’s registered website also has a list of its branches and respective IFSC codes. There are also other websites where you can find the branch details online. One such example is BankBazaar. Located at the bottom left of the page, there is a tab called ‘Bank IFSC Code’. The tab when clicked on, takes you to a window asking for information such as Bank’s name, State, District and Branch name. You can select the appropriate options from the list displayed on each page for each field or make the selection from drop-down menus. BankBazaar then displays an output page with the branch name, branch IFSC and MICR codes, address and contact number.

NEFT and RTGS are two payment settlement modes offered by Varachha Co-op. Bank to its customers. This allows you to make fund transfers effortlessly as long as you have all the necessary information before making the transfer request, the most important data point being the IFSC codes of both the remitter’s as well as the beneficiary’s bank branch. Apart from this, you will also have to provide your account number, your name, the recipient name, recipient account number, recipient bank and branch name. Varachha Bank operates both these services from 10:00am to 04:00pm on weekdays and from 10:00am to 01:00pm on Saturdays.

NEFT at Varachha Co-op. Bank:

Varachha Cooperative Bank allows its customers to transfer and receive funds of low to medium value using NEFT. These transactions are considered secure as they are processed in the books of RBI. The NEFT transactions at Varachha Co-op. Bank are cleared on a Deferred Net Settlement (DNS) basis. In this process, RBI settles the transactions on an hourly basis throughout the week except Sundays and holidays. If you want to make the money transfer using NEFT at Varaccha Co-op Bank, you must make the transaction request within the batch timings. The beneficiary receives the fund either on the same day or the next. There is no minimum or maximum limit set for NEFT transactions.

Varachha Bank does not charge its customers for inward remittances, however there is a slab-wise fee levied for outward remittances. The slabs are:

Amount to be Transferred Charge per Transaction (Excluding Service Tax)
Upto Rs.10,000 Rs.2.50
Rs.10,001 to Rs.1 lakh Rs.5
Above Rs.1 lakh to Rs.2 lakh Rs.15
Above Rs.2 lakh Rs.25

RTGS at Varachha Co-op. Bank:

Carried under RBI’s supervision, RTGS transactions at Varachha Bank are final and irrevocable. Real Time Gross Settlement are transactions where the banks initiate fund transfer as soon as they receive the instruction. The settlement is referred to as ‘gross’ as it is cleared independently and not in batches. RTGS is the fastest mode of online fund transfer and is usually chosen for high value transactions. Even for an RTGS transfer, the remitter needs to provide all beneficiary details mentioned for a NEFT transfer, not forgetting the IFSC code of the recipient bank branch. The minimum limit set for an RTGS transaction is Rs.2 lakh and above only.

Varachha Bank does not charge for inward transactions but there is a fee for outward transactions:

  • For transfers between Rs.2 lakh to Rs.5 lakh – Not more than Rs.30 per transaction
  • For transfers above Rs.5 lakh – Not more than Rs.55 per transaction

The Varachha Co-operative Bank Ltd. was established in 1995 in Surat. The bank saw an exceptional growth owing to the people of Surat who showed immense confidence in the bank. Varachha Co-op. Bank has always been technologically updated and has successfully incorporated branchless banking in its services. Varachha Co-op Bank has also installed self-service kiosks in all of their 17 branches.

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