Karnataka Bank

Karnataka Bank IFSC and MICR Codes


Karnataka Bank

IFSC code, MICR code and Bank Branches in India

Karnataka Bank IFSC Code

IFSC means Indian financial system code. An IFSC code is an alphanumeric 11 character code. The first four characters will be Karnataka bank’s name. The fifth digit is always a zero. The last six characters will give you the bank’s branch code which is unique for every branch.
So, when you do a NEFT or RTGS transaction, you will need an IFSC code. It is also required for buying insurance and mutual funds or transferring funds to any other bank account.

How is NEFT different from RTGS
National electronic fund transfer (NEFT) started in 2005. It is the most trusted online fund transfer facility used commonly in India. Funds transferred through the facility do not happen instantly. It occurs with a time lag in batches. . There are 12 hourly settlements between 8 am to 7 pm on all weekdays and till 1 pm on Saturdays.
For every transaction of less thn Rs 1 lakh, Rs 5 per transaction will be charged and Rs 25 will charged per transaction if the transaction amount is more than Rs 1 lakh.
RTGS means Real time gross settlement. As the name suggests the fund transfers happen instantly. The transfer of funds has to occur within 30 minutes of doing the RTGS. The minimum limit for fund transfer in case of RTGS is Rs 2 lakh while the maximum limit is Rs 10 lakh per day.

About Karnataka Bank

The bank was established in February 1924 in Mangaluru. The bank has a national presence of 684 network branches spread across 20 states and 2 union territories. The bank has over 6,084 employees.