Esaf Small Finance Bank IFSC Code and MICR Code

Esaf Small Finance Bank IFSC Code, MICR Code and SWIFT Code

The IFSC is an abbreviation for Indian Financial System Code. The National Electronic Funds Transfer (NEFT) network's branches are identified by a character combination printed in alphanumeric style. ESAF small finance bank IFSC code follows the same protocol as part of the Indian banking system.

The Reserve Bank of India (RBI) utilizes the IFSC code for automated currency transactions between banks because it can instantly identify where payments are originating from and going. 

MICR code is similar to IFSC Code. The MICR code is identical to the IFSC code as it facilitates the identification of bank branches, but altogether MICR serves an entirely different purpose. In this blog, you will discover all there is to know about ESAF Small Finance Bank IFSC, MICR code, and other transfer methods. So, let's continue.

ESAF Small Finance Bank IFSC Code

An IFSC is a recognizable eleven-character code that is distinct for each bank's branches. This code is used in online money transfer techniques like NEFT and RTGS, and you will need it to complete such transactions.

For example, the ESAF small financial bank Newdelhi Rohini Branch IFSC code is ESMF0001179 and it is in No. 15, Block F 26, Sector 7, Delhi. Here the code has a three-part composition. The bank name is represented by the first four letters, the fifth value is zero, and the final six characters relate to the bank branch. 

Previously, people conventionally transferred money. They would have had to go to a bank branch, fill out paperwork, and deposit the funds into the payee's account. Capital may now be moved online in a few easy steps thanks to the internet's widespread use. 

An IFSC code is needed to execute an online transaction and deposit funds into the correct account. Therefore, IFSC helps both banks as well as customers in the proper function of the financial system.

ESAF Small Finance Bank MICR Code

MICR code is an identifier that is written on MICR checks (Magnetic Ink Character Recognition technology). This allows the cheques to be verified, which leads to quicker clearance.

A MICR code is a specific nine-digit number that securely distinguishes a bank and branch participating in an Electronic Clearing Service (ECS). It is divided into three sections:

• The city is represented by the first three numbers (City Code). They correspond to the PIN used in India for postal addresses.
• The bank is represented by the following three numbers (Bank Code)
• The branch is represented by the last three numbers (Branch Code)

How to find the IFSC code & MICR Code of ESAF Small Finance Bank?

ESAF small financial bank IFSC code and MICR codes are easy to find. The simplest method to locate it is to use https://findyourbank.in/. All you have to fill now is:

• Name of the financial institution
• State
• District
• Name of the branch

You will discover the appropriate codes after entering this information from the drop-down option. You can also use Find My Bank's mobile app to help you find these codes even faster. Other places where you may obtain these codes are:

Checkbook and passbook:

The IFSC and MICR codes for ESAF Small Finance Bank are published on the institution passbook and checkbook. The principles are located on the peak or foot of the checkbook or passbook sheets, respectively.

Website of the RBI:

You may also obtain ESAF Small Finance Bank IFSC and MICR credentials from the Reserve Bank of India.

Contact the bank's customer care department:

If you can still locate these codes using the methods above, you may contact the bank's customer service department, who can assist you.

How to Transfer Money through NEFT, RTGS & IMPS processes of ESAF Small Finance Bank?

Thanks to online cash transfer techniques like NEFT, RTGS, and IMPS, sending money across borders has never been easier. Look for the following things if you wish to learn how to use these ESAF bank systems:

NEFT

National Electronic Fund Transfer (NEFT) has quickly become one of the most popular ways to send money online. NEFT is a unique electronic money transfer system that settles transactions in batches and works on a Deferred Net Settling (DNS) basis because of which payment is redirected in batches.

There is no specified limit on the sum of money that may be sent via NEFT. It's ideal for little to medium-sized transactions. In DNS, the settlement process begins with all operations received up to the specified cut-off time. This is why, with NEFT, money is not transferred instantly but rather takes a few hours to transfer.

You must provide the beneficiary bank details like name, ESAF small financial bank IFSC code, and email address to transfer money through NEFT. There are no charges incurred on transactions done through NEFT by ESAF bank.

RTGS

RTGS is mainly utilized for high-value transactions in India. If the amount to be deposited is high, such as two lakhs or more, RTGS is preferred since the money is sent as and when an RTGS instruction is received, and the transactions are paid separately. On weekdays, RTGS is open from 9 a.m. to 4:30 p.m., and on Saturdays, it is only open from 9 a.m. to 2 p.m.

To Transfer Funds Using RTGS or NEFT in ESAF Small Finance Bank Online, follow the steps below: 

• Visit the Esaf Small Finance Bank's official banking portal.
• Use your login details (customer ID) and passcode to access your account.
• Click "Fund Transfer" from the "Payments & Transfers" menu.
• The new website will detail the many methods for transferring money. Select between Inter Bank (transfer to another bank) or Intra Bank (transfer inside the same bank) Payee via RTGS or NEFT
• Choose between RTGS and NEFT as your transaction type.
• Choose a recipient from the table of recipients in your profile to whom you should send the money.
• Fill in the amount that you want to transfer.
• Make a description of the transfer that will assist you in keeping track of your transaction.
• At the end of the webpage, click the "I Understand Terms of Service" box.
• Select "Confirm" or "Continue" from the drop-down menu.
• The RTGS/NEFT Fund Transfer will soon get initiated.

IMPS

If you need to send money right away, you'll need to use the IMPS system. To make payments through IMPS, you'll need the following:

• Your MMID code 
• Beneficiary's MMID 
• Beneficiary account number 
• Your mobile number 
• Beneficiary AADHAR number 
• IFSC code of beneficiary's bank

Furthermore, IMPS upper and lower limits transfer amounts are Rs. 1 and Rs. 2 lakhs, respectively, and it is accessible 24 hours a day, seven days a week throughout the year.

Let's take a look at the fees and restrictions of the ESAF IMPS transfer method.

Transaction	Charge
Up to Rs. 50,000	Rs. 5 per Transaction
From 50,000 to 2,00,000	Rs. 15 per Transaction

If you want to transfer the funds through IMPS in ESAF small financial bank, here are the steps:

• Go to your bank's digital financial app and sign in.
• If you're transferring money, choose the IMPS option from the Transfer Money/Fund Transfer menu.
• Input the beneficiary's mobile phone number, the sum, and the beneficiary's Mobile Money Identity there (MMID).
• To validate the transfer, the app will ask for your Mobile Passcode (MPIN).
• Your money will be transferred to the designated recipient once you validate your Mobile Passcode (MPIN).
• After that, the bank will give you an affirmation text message with the transaction number. You may use that transaction number for providing comments, making inquiries, or filing complaints.
• To receive money through IMPS and online payments, provide the payer your name (as it appears on your bank records), mobile number, and MMID, and he or she will send you the money.

Features of NEFT, RTGS & IMPS processes of ESAF Small Finance Bank:

• Net banking allows you to transfer money from your home or office.
• Money is sent quickly.
• Accessible easily at any time and from any location
• There are no lines to stand in.
• It is a secure and time-saving method of transferring funds.
• You don't have to write a check and mail it to the recipient, which saves time and effort.
• As soon as the money is sent, your bank sends you an immediate confirmation of transaction completion through SMS and email.

About ESAF Small Finance Bank

The new era social bank, ESAF Small Finance Bank (ESAF SFB), continues to reinvent the payment solution for all consumers. They are mainly focused on broadening the financial horizon to include new unbanked/underbanked regions, but they also serve as a bank for everyone, having locations in urban, semi-urban, rural, and rural unbanked locations. 

ESAF began as a non-governmental organization (NGO) in 1992, with a broader goal of long-term, comprehensive change of the impoverished and disadvantaged. The accomplishment of Rural Bank in Bangladesh validated the goal of ESAF's founder, Shri. K. Paul Thomas.

He started Micro Enterprises Developmental (MED) services in 1995, which led to the establishment of ESAF Microfinance and Investments Pvt. Ltd. in 2008, emphasizing the significance of financial inclusion in the holistic economic growth of the poor and disadvantaged. ESAF was one of the first to create a formal and organized type of lending by creating mutually recognized groups at the grassroots, which not only provided financial stability but also reaffirmed the notion that "our country's needy are honest."

FAQ

1) Is ESAF Small Finance Bank safe?

Yes, ESAF is completely safe and reliable. They are bound to become India's leading social bank by offering equal opportunities to the society by means of universal access as well as financial deepening, which is promoting financial inclusion, livelihood, and economic development as a whole.

2) Which financial transactions need the use of my PAN number?

For activities such as opening the account, payments over Rs.50,000 (in cash or non-cash), and so on, the PAN number must be provided.

3) What is the purpose of the ESAF small finance bank IFSC code?

To conduct effective online money transfers through NEFT, RTGS, and other methods, we require the ESAF IFSC code.

4) What are the ESAF branch codes, and where can I get them?

The ESAF branch codes may be found on the bank's official website as well as the Reserve Bank of India's webpage. The IFSC codes for all ESAF branches are also available via Find Your Bank.

5) Is it possible to send money internationally using NEFT?

No, NEFT cannot be used to send money internationally. It is solely intended for regional transfers.