Everything to know about use of BIC codes
Transferring money is one of the crucial things in our banking system. It is important as it helps to transfer the money from one bank account to another in case of need. There are several forms of inter-bank transfer take place. When we get out pass book there is a BIC code mentioned in them. This code is needed at the time when you will want to transfer money between accounts for any reason. During offline or online transaction of exchange of money the code has to be provided.
What is this BIC Code?
The full form of the BIC code is the Indian Financial System Code. This code is alphanumeric in nature and helps in electronic fund transfer in the country of India.
- The format of the BIC code is unique and it contains 11 characters. The first four characters state the bank code and they are in alphabets. The last six characters are mostly numeric or alphabetic in nature stating the branch of the bank that the account belongs two. 0 is the fifth character of the BIC code.
- The BIC code is stated by the Reserve Bank of India and the code can be utilised in transactions of NEFT and RTGS.
- RTGS stands for Real Time Gross Settlement and the money is transferred in real time. Large amount of money can be transferred through this service and the minimum amount of transaction is Rs. 2,00,000 and no maximum amount has been specified. The things needed to process this is the account number, beneficiary credentials and the BIC code.
- NEFT stands for National Electronic Fund Transfer and it helps everyone to transfer funds throughout the nation. One can transfer a small to medium fund through thee process of NEFT. NEFT is done in shift to help in proper transferring of the funds. On a weekday it is valid from 9 AM to 7PM and on Saturdays it is valid from 9 AM to 1 PM. The fund is credited to the beneficiary account when it reaches the beneficiary branch. To process a NEFT transfer one has to provide the beneficiary account number, beneficiary name, BIC code, amount to be transferred and the account type.
How to find BIC code of any bank?
Often people may forget to add their BIC Codes when a transfer has to be done or it can be lost due to misplacing of passbook. The RBI has made it available as a list but most of the time it is hard to get through all the sections in their website. BIC code is also written on individual cheques. The best way to get BIC codes is by using Bankcodez.com as they have made BIC code available in a very easy way. All a user needs to do is enter their bank name, state that they belong from, the district and the branch. If all information is given correctly, they are greeted with an BIC code that they can use for RTGS or NEFT transfer at any moment.