Vasai Vikas Sahakari Bank IFSC and MICR Code:

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Vasai Vikas Sahakari Bank IFSC Code:

With the Indian banking industry catching on to internet banking in a big way, customers and bankers have benefited from a quicker and more convenient way to bank. Customers no longer need to wait in long queues for banking services, but can access information relating to their accounts from the comfort of their homes. With a number of banks now offering online services, a large number of customers can do everything from authorising payments to paying their taxes online.

With most banking processes accessible online, transferring money too has become easier. Making a fund transfer has become a quick and convenient process with the introduction of the National Electronic Fund Transfer (NEFT) and the Real Time Gross Settlement (RTGS) services. With the objective of making the money transfer process easily accessible to people, the Reserve Bank of India set up these services, both of which are conducted online. With the entire process moving online, wireless money transfer has become the mode of choice for sending money within the country.

To send money using either of these services, the customer has to merely enter the details of the recipient’s bank, the transfer amount and the IFSC code of the branch. The transfer will take place in a few hours. All bank branches that are part of the NEFT network are assigned a code. This code helps RBI to regulate the online transfers in the country, and it also helps in determining the origin and destination banks in a particular transaction.

The IFSC (Indian Financial Systems Code) is a unique 11 character code that is used to facilitate online fund transfers within the country. The IFSC code consists of the bank name, the numeral “0” and a string of 6 digits, which is the branch code. The IFSC code for Vasai Vikas branch in Evershine, Vasai is VVSB0000018, where “VVSB” is the code for the Vasai Vikas Sahakari Bank, the fifth character is “0”, which is left vacant for later use and “000018” is the code for the Evershine branch.

How to Search for Vasai Vikas Sahakari Bank IFSC and MICR Codes?

Online fund transfers can only take place on entering the correct IFSC or MICR codes of the recipient’s bank branch. In case you are unaware of the particular branch’s code, there are a number of ways you can find it. The bank prints the code on the leaves of cheque books issued from the specific branch. The bank also prints the code on the first page of passbooks issued from the branch.

For those locating the code online, the bank has a list of all NEFT network enabled branches on its website. The codes can also be found on websites like BankBazaar, where you can access the codes of all banks part of the network. You just have to select the “Bank IFSC Code” tab towards the bottom of the homepage and you will be taken to a page where you have to type in the name of the bank whose code you are looking for. On doing so, just select the state, district and branch from the drop down menus, following which the IFSC and MICR codes will appear on the screen, along with information on the branch, such as its timings, address and telephone number.

Using the NEFT and RTGS services to transfer funds assures customers of a smooth and worry-free money transfer process. Since it is conducted online, the risks of errors are significantly reduced. The time taken to process requests is also shorter, making the services a popular choice. Below are a few pointers if you are looking at using these services to transfer funds.

NEFT (National Electronic Fund Transfer):

The Vasai Vikas Sahakari Bank offers NEFT facility to its customers every Monday to Friday from 9:30 am to 3:30 pm. The service is available on Saturdays from 9:30 to 11:00 am. Transactions will not take place on second and fourth Saturdays and on declared bank holidays.

When transferring funds using the service, customers have to provide details like the recipient’s name, bank account number, bank name and IFSC code as also the amount being transferred. The customer has to provide his bank details as well.

Transactions are settled in batches on an hourly basis. Transaction requests received after NEFT operation timings or those received on holidays would be processed on the next working day.

There is no upper or lower limit for amounts sent through NEFT.

There is no charge for money received through an NEFT transfer. The table below lists the charges levied by the bank for money sent using this service:

Transaction Amount


Up to Rs. 10, 000

Rs. 2.50 for each transaction

From Rs. 10, 001 – Rs. 1, 00, 000

Rs. 5 for each transaction

Rs. 1, 00, 001 – Rs. 2, 00, 000

Rs. 15 for each transaction

Rs. 2, 00, 001 and above

Rs. 25 for each transaction

RTGS (Real Time Gross Settlement):

The bank offers its customers RTGS facility from Monday to Friday between 9:30 am and 3:30 pm. The service is available from 9:30 am to 11:00 am on Saturdays. However the service is not available on the second and fourth Saturdays and on bank holidays. Money transfers made using RTGS are processed within two hours of submitting the request, making it the fastest money transfer mode in the country. While there is no upper limit on transactions, each transaction has to be a minimum of Rs. 2 lakh.

The RTGS transactions are settled on an individual basis, as soon as the request is processed by the bank.

Money received through RTGS transfers has no charge; the charges levied by the bank on outgoing transfers is given below:

Transaction amount


Rs. 2, 00, 000 – Rs. 5, 00, 000

Rs. 25 for every transaction

Rs. 5, 00, 001 and above

Rs. 50 for every transaction

The Vasai Vikas Sahakari Bank was set up in 1984. Headquartered in Vasai, Mumbai, the bank has been providing its customers with various banking facilities like fund transfer, mobile banking, loans and deposits among others through its 17 branches in the Thane and Mumbai districts.

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