Tamilnad Mercantile Bank Limited IFSC Code, Changanassery Branch, Kottayam in Kerala

What is an IFSC Code?

IFSC is basically an abbreviation which can be expanded as Indian Financial System Code which is nothing but an 11-digit alphanumeric code (a unique code for each bank branch) and is used to make an online transfer from one branch to another. The purpose of having this code is to know where the money is going to, who is the beneficiary and in which bank and branch his account is held. It is used to make various transfers like National Electronic Funds Transfer (well known as NEFT), Real Time Gross Settlement (well known as RTGS) and Immediate Payment Service (well known as IMPS).

Where to find IFSC Code?

There are many ways to find IFSC Code of a bank:

• It is given on every chequebook and passbook of almost all the banks.
• It can be found by visiting the website of that particular bank.
• It can be found by visiting RBI’s website.
• The best and easiest way to find IFSC Code is to visit www.cashvash.com/ifsc-code and follow the simple instructions. You will get various details of the bank(s) and its branch(es) like IFSC Code, MICR Code, SWIFT Code, Branch Address, Branch Contact Number, Branch Locator etc.

Please find below the snapshot of a cheque for your perusal:

Bifurcation of IFSC Code

The IFSC Code is made out with 3 different combinations. The first 4 alphabets represent the Bank Name, the 5th digit is always “0” and the last 6 digits represents branch code. Let’s take an example of any random bank and one of its branches. Suppose if you would like to know the IFSC Code of State Bank of India’s Kolkata Main Branch, the IFSC Code of that branch is SBIN0000001. Now here, the first 4 alphabets represent Bank Name (which is State Bank of India), the 5th digit is “0” as always and the last 6 digits represent Kolkata Main Branch Code which is 000001. If you simply mention the complete IFSC Code in the search button of www.cashvash.com/ifsc-code you will be directed to State Bank of India’s Kolkata Main Branch. Hope this makes more sense now.

What is NEFT, RTGS & IMPS?

National Electronic Funds Transfer (NEFT) is a system of electronic transfer of funds which enables the transfer of funds from one bank to another bank account. The electronic transfer of funds can be made by a bank branch to another bank branch of they are the member of NEFT Program or Scheme as according to Reserve Bank of India (RBI). In today scenario where the importance of time and technology is increasing, almost all the banks and their branches have got NEFT system. The electronic transfer doesn’t take place instantly under NEFT system. It is executed in half-hourly batches. The settlement time is between 8 am to 7 pm during the week. There’s no minimum or maximum limit to the amount to be transferred through NEFT but, the cash transaction is limited to INR 50,000 only.

Real Time Gross Settlement (RTGS) is a system where transaction takes place instantly in beneficiary’s account. Just like NEFT, this facility is also available with almost all the banks and its branches in India. There’s only one thing which is important to be kept in mind that the minimum threshold for an electronic fund transfer is INR 2,00,000, however there’s no any upper limit set to transfer the funds under RTGS. These transactions can be made between 9:00 hours to 16:30 hours during the weekdays. The transaction time on Saturdays is between 9:00 hours to 14:00 hours.

Immediate Payment Service (IMPS) is a system which allows bank users to receive the money on an instant basis. Unlike NEFT or RTGS, IMPS is available throughout the year, even on bank holidays. The customer is not required to hold himself for a transfer or receiving money. This service is managed by National Payments Corporation of India (NPCI). Nowadays, the usage of IMPS transfers is increasing day by day so most of the banks are adopting this system to provide the services to the clients. This also reduce their branch workload for general transactions.

What is an MICR Code?

MICR is an abbreviation of Magnetic Ink Character Recognition Technology which is being used to identify a cheque’s authenticity, further helps in making the process faster for clearing the payments at internal banking procedures.
It consists of 9 digits which a combination of three different aspects. The first 3 digits represent the City Code. The next 3 digits represent the Bank Code and the last 3 digits talks about the respective Branch.
If you happen to see the cheque book of your bank account(s), you would notice that these number are printed at the bottom of the cheque immediately next to a 6-digit cheque number.

Please find below the snapshot of a cheque for your perusal:

What is a SWIFT Code?

SWIFT is an abbreviated form of Society for Worldwide Interbank Financial Telecommunications. This has also been known as Business Identifier Codes (BICs, previously known as Bank Identifier Codes). The core purpose of SWIFT Code is to settle international financial transactions in a secure, standardized and reliable environment.
As on date, SWIFT Network takes care of more than half of all its high-volume transactions happening worldwide. One important aspect to understand is that it doesn’t facilitate fund transfers, rather it sends Payment Orders which must be settled by Correspondent Accounts that the institutions have with each other. Each and every financial institution, to perform banking transaction must either have a banking relationship being a bank or making itself affiliated with a bank to make the system working. Only this way the services can be enjoyed.
A SWIFT Code could be a numeric, alphanumeric or alphabets code which can vary from 8-11 digits/characters which further identifies Country, Bank and its Branch.