Find North East Small Finance Bank IFSC Code, MICR Code and branch details for NEFT, RTGS & IMPS transactions.
In the past years, the entire process of transferring money from one bank to another would take a lot of days. With the digitalization of the Indian banking sector, there is a massive change in the way monetary transactions take place. You only require the North East Small Finance Bank IFSC Code to process your online transfer.
The full form of the IFSC code is the Indian Financial System Code (IFSC). The code is an 11-digit alphanumeric code; that is, it includes both alphabets and digits. This IFSC code is distinctive to each bank and its various branches across India.
Note that the IFSC code will be useful in the online transferring of funds. An important thing to bear in mind here is that the IFSC code is unique for each Indian bank and its branches. Thus, the code would help you to locate the bank whenever you wish to access any service or to transfer any funds online.
In the same way, MICR (Magnetic Ink Character Recognition) is used to transfer funds between two banks. As we proceed in the article, you can find more information on North East Small Finance Bank IFSC Code and MICR code and all the other available methods for transferring money.
The North East Small Finance Bank IFSC Code is an eleven-digit alphanumeric code. This code is issued only by the Reserve Bank of India or RBI. This IFSC code is issued to all the Indian banks and their respective branches all over India.
If you wish to know what is your North East Small Finance Bank IFSC Code, simply take a look at your passbook or your cheque book page, or you can check your online bank statements too. Let us break down the IFSC code.
In the eleven-digit alphanumeric code, the first four characters signify the bank's name. The fifth digit will always be zero and will be left blank for future use. The last six digits of the North East Small Finance Bank IFSC Code represent the bank branch. Let's understand this with an example.
The North East Small Finance Bank, Tangla Branch, Assam, IFSC code is NESF0000026. So, as mentioned earlier, the first four digits represent the name of the bank, i.e., "North East Small Finance" bank. The fifth digit is zero, and the last six digits, i.e., 000165, represent the branch, i.e., the Guwahati branch (Kailash Rani branch).
The IFSC Code is essential if you wish to carry out any fund transfer from your bank to another bank via any online methods such as National Electronic Funds Transfer (NEFT), Real-time Gross Settlements (RTGS), and IMPS.
The MICR Code is also another major code that is similar to the IFSC Code. You can find your MICR code upon your bank's cheque book page or bank statements. It is printed at the lowermost part of the cheques using the MICR or the Magnetic Ink Character Recognition Technology.
Processing online payments from one bank to another becomes more quick and easy with the use of this magnetic ink. Unlike the IFSC Code, which was eleven digit alphanumeric, the MICR consists of only nine digits. It can be understood the following way:
Consider this Example:
The MICR code of the Boko branch of the North East Small Finance Bank is 781773507. In this, the first three digits stand for the city code, i.e., Boko. The next three digits signify the bank code and the last three digits represent the branch of the bank.
Thus, to summarize, the MICR Code aids a smooth and easy online funds transaction. Next time you do not know where to find your MICR number, simply look at the number which is next to your cheque number; that's your MICR code.
It's placed right at the bottom of your cheque. You can obtain your North East Small Finance Bank MICR Code even from the savings account passbook.
Suppose you wish to transfer some monetary funds immediately, then you would require the IFSC Code or the MICR code of both the sender (you) and the receiver. It will make sure that the fund reaches the correct person. In case you cannot get access or do not know how you can find your respective IFSC or MICR code, do not worry.
Here are the numerous easy ways in which you can get your codes:
Find your bank is a website that provides the information regarding IFSC Code, MICR code of most of the bank branches of India. You can also make use of their banking services from their Find your Bank Website. The procedure to find your IFSC code or MICR Code is pretty easy on this website. You just have to select:
Once you are done selecting these four boxes, you can press "Enter." You will see that you will get the IFSC Code or the MICR Code if you have added the valid information. If you are still unable to get the IFSC Code or MICR Code, then you can always download the North East Small Finance Bank Mobile banking application.
Another way you can get access to your IFSC Code or your MICR Code is from your bank documents. For example, you can find your IFSC Code is printed upon your cheque leaf. Your MICR Code of North East Small Finance Bank is printed in the lowermost part of your cheque leaf.
You can also get access to your North East Small Finance Bank IFSC Code or MICR Code from the official website of RBI.
In today's digitized times, the world is just a click away, right from food to clothes to messaging. Online monetary or fund transactions too have become easy to access thanks to mobile phones and net banking. Thus, you can log into a mobile banking app or online net banking website and browse through the section you wish to get information about.
If you are still unable to find your IFSC Code or your MICR code, then you can get in touch with your bank representative or contact the customer service or online service staff to help you get the necessary information.
If you had ever transferred money back in the past, you would know just how exhausting the entire process could get, right from standing in long queues of the bank, counting, recounting money, and then waiting many days until the transfer is complete.
This is where online fund transferring gives breathing space to their customers. You can thus transfer funds via NEFT, RTGS, and IMPS. Let's discuss each of these methods in the upcoming sections:
The full form of NEFT is National Electronic Fund Transfer. It was introduced by the RBI. With the help of NEFT, you can transfer funds effectively without any delay.
This is one of the greatest advantages of NEFT over the traditional fund transfer methods. Hence, it is time and cost-efficient. The service of NEFT is available across all banks and their branches in India.
NEFT service is available on both net banking and mobile banking; thus, you can easily transfer funds irrespective of your location. Now an important aspect is that there are some charges that you will have to pay for every NEFT transaction that takes place in North East Small Finance Bank. It is mentioned as below :
|Up to Rs. 10,000||Rs. 2.5 + tax|
|Rs. 10,000 to Rs. 1 lakh||Rs. 5 + tax|
|Rs. 1 lakh to Rs. 2 lakh||Rs. 15 + tax|
|Rs. 2 lakhs to Rs. 5 lakh||Rs. 25 + tax|
|Rs. 5 lakh to Rs. 10 lakh||Rs. 25 + tax|
Remember that you can only use the NEFT service of the North East Small Finance Bank during the working hours of the bank. The transfer takes place in hourly batches, and thus at times, you can expect a delay in the transferring of funds.
Irrespective of that, you can always make use of the NEFT service on working days or on holidays as well. The North East Small Finance Bank has not set any minimum or maximum limit upon the usage of this service.
RTGS stands for Real-Time Gross Settlement. As its name suggests, the RTGS allows instant transfer of funds or money in real-time. Thus, RTGS is a type of continuous process wherein one's funds transfer would not be delayed, or one would not have to wait to make these transactions.
However, to make use of this easy and fast transaction, the minimum money that you can transfer starts from 2 lakhs. There is no maximum limit. Below are the charges that the North East Small Finance Bank has put up for every transaction.
|Rs. 2 lakh to Rs. 5 lakh||Rs. 25 + tax|
|Rs. 5 lakh to Rs. 10 lakh||Rs. 50 + tax|
The important thing to keep in mind before making use of this RTGS service is that once the transfer is completed, you cannot undo it. This is because these transactions will occur in the books of RBI.
Thus, even the timings to avail of this service will differ. The timings of RTGS are from 9 a.m. to 4:30 p.m. on Weekdays. On weekends, the timings are from 9 a.m. to 2 p.m. This excludes second and fourth Saturdays.
IMPS stands for Immediate Payment service. It was launched by the National Payment Corporation (NPC) of India. It's quick interbank money transferring service.
With the use of the North East Small Finance IMPS service, you can access your account to transfer funds online quickly. It is a secure way of money transfer.
The transfer of funds is almost immediate, almost takes less than five or ten seconds. The maximum delay, if due to some issues, is by a few minutes only. The minimum limit of transfer via the IMPS service of NESF is Rupee 1. The maximum limit of transfer via the IMPS service of the North East Small Finance Bank is. 2 lakh.
The essential details you must know while using any of the above services of the North East Small Finance Bank are:
The North East Small Finance Bank (NESFB) commenced its work in India on 25th July 2016. Their mission is to be able to provide appropriate and timely banking services which can be accessed easily by anyone and from anywhere. They make utmost use of technology in aiding their financial service to the local population, i.e., rural population.
Their aim is, thus, to become the most trusted and easily accessible Financial service institution in the North East. The North East Small Finance Bank currently has a total of 173 branches all over India. The principal branch is the one located in Guwahati, Assam.
An individual, who is either a resident of India or is a non Resident Indian or even belongs to the Hindu Undivided Family (HUF) or is a person of Foreign national, is eligible to open a bank account. They have to submit their proof of address and proof of identity. They should also submit a self-attested copy of their Pan card.
You need to submit your identity proof, which includes, photocopy of your aadhar card, pan card, your PAN card, your passport, driving license, voter ID card. You can either submit one of these (in case they include both your address and identity), or you can submit a photocopy of all of them.
The headquarter of the North East Small Finance Bank is located in Assam, Guwahati.