The IFSC code, also known as the Indian Financial System Code, is an eleven-character alphanumeric code. It was introduced to the Indian banking system by the Reserve Bank of India to initiate seamless online fund transfers. The MUFG Bank IFSC code also falls under the same category and does similar functions.
IFSC codes help in the identification of bank branches irrespective of the location. Therefore, each branch of MUFG bank comes with its individual IFSC codes for clear demarcation.
The MICR code also plays an important part when it comes to cheque clearance. The MICR code is required to pass paper-based documents as against the IFSC code, which is needed for digital fund transfers.
You will get to know about both the IFSC code and MICR code of MUFG bank here in the blog. In addition to that, you'll get familiar with different fund transfer modes like NEFT, RTGS, and IMPS here in this blog.
The standard pattern of Indian IFSC codes is- the first four letters will represent the bank name, the middle character will be zero, and the last six characters will represent the branch name or location.
The MUFG Bank IFSC code also follows the same pattern. For example, the MUFG Bank Chennai branch IFSC code is BOTM0CN3615. Here the first four letters BOTM are for the bank's name, the mid character, as you can see, is zero, and the last six characters are for the Chennai branch.
The IFSC code is a must for making online fund transfers like NEFT and RTGS. It identifies the branch location and ensures that money is transferred to the right account. Therefore, while sending money, you need to make sure that you are entering the correct IFSC code along with the correct account number to avoid any discrepancies.
You can easily find the MUFG Bank IFSC code on the Findyourbank website. Here are the steps to find the respective codes-
Other means to know the IFSC and MICR codes
Bank passbooks and cheque books are easily accessible sources to find these codes. The IFSC code is usually written at the top of the cheque book and in the middle of the passbook leaves.
The Reserve Bank of India website is another option to source the IFSC code. The Reserve Bank of India keeps the IFSC code of each bank. Hence, it is a trustworthy site to collect the code.
You can find the mentioned code on the MUFG bank's official website and also through its mobile app. You can contact the bank's customer care service to enquire about the IFSC code.
Digital fund transfer modes like NEFT and RTGS have made it easy for people to transfer money within minutes. It is easily accessible, and anyone with a smartphone can take advantage of the fast fund transfers. Let's have a look at the MUFG bank's NEFT and RTGS modes-
NEFT is a DNS based system where money is sent in batches. Here is the information you will need to send money via NEFT
|Upto Rs. 10,000||Rs. 2.5 per transaction|
|Rs. 10,000 to Rs. 1 Lakh||Rs.5 per transaction|
|Rs.1 lakh to 2 lakhs||Rs. 15 per transaction|
|Above Rs. 2 lakhs||Rs. 25 per transaction|
You will require the same information as NEFT to send money via RTGS payment mode. RTGS is primarily used to make high-value fund transfers.
|From Rs. 2 lakhs to than 5 lakhs||Rs. 25 per transaction|
|Above Rs.5 lakhs||Rs. 50 per transaction|
MUFG is the largest bank in Japan, established on 1st January 2006. This Japanese megabank is considered systemically important by the Financial Stability Board. The bank operates internationally, and it has 772 offices in Japan and 76 offices overseas.
In India, MUFG has five branches in the cities- Mumbai, New Delhi, Bengaluru, Chennai and Rajasthan's Neemrana. There are about 400 employees that are working on different Indian branches of the MUFG bank.
MUFG Bank stands for Mitsubishi UFJ Financial Group.
MUFG is a commercial bank that offers asset-based and commercial financing to customers.
Yes, MUFG is the largest bank in Japan and the fourth largest in the world as of June 2019.
It is owned by the Mitsubishi UFJ Financial Group.