IFSC Code of Abhyudaya Co-op Bank Ltd Virar,Thane,Maharashtra

Here is the IFSC code, MICR code, Bank Code and NEFT details for the Abhyudaya Co-op Bank Ltd bank’s branch which is located at Virar in the city of Thane( Maharashtra ). I am also sharing the address details, contact details along with the customer care numbers.

Bank Name: Abhyudaya Co-op Bank Ltd
Branch Name: Virar
IFSC Code: ABHY0065055
MICR Code: 400065055
Bank Code: 0065055
Bank Center Office: Thane
Bank Address: Grnd & 1st Floor, Mataji Krupa, Opp. Mahanagarpalika Library, Phool Pada Road,virar (e), Dist Thane 401303
District: Thane
State: Maharashtra
Phone Number: 0250-2524161/4261

RTGS FAQs

Q1. What is RTGS System?

Ans. The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

Q2. How RTGS is different from National Electronics Funds Transfer System (NEFT)?

Ans. NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place with all transactions received till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. For example, currently, NEFT operates in hourly batches - there are eleven settlements from 9 am to 7 pm on week days and five settlements from 9 am to 1 pm on Saturdays. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time Contrary to this, in the RTGS transactions are processed continuously throughout the RTGS business hours.

What is RTGS?

Real Time Gross Settlement [RTGS], introduced by us as Union Bullet, is the fastest possible mode of money transfer through bank channels available in India. It's a fund transfer mechanism where transfer of money takes place from one bank to another in real time and on 'gross basis'. Presently, there are over 45000 bank branches enabled for remitting and receiving funds through RTGS. RTGS is primarily for large value remittances. The minimum amount to be remitted through RTGS is Rs.2.00 Lakh.

SALIENT FEATURES

Customers can remit any amount using RTGS. Customers intending to remit money through RTGS have to furnish the following particulars:

IFSC (Indian Financial System Code) of the beneficiary Bank/Branch.
Full account number of the beneficiary.
Name of the beneficiary.

The facility is also available through online mode for all internet banking customers.
For corporate customers, bulk upload facility is also available at branches.

NEFT FAQs

Q.1. What is NEFT?

Ans: National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme,  individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.

Q.2. Are all bank branches in the country part of the NEFT funds transfer network?

Ans: For being part of the NEFT funds transfer network, a bank branch has to be NEFT- enabled. The list of bank-wise branches which are participating in NEFT is provided in the website of Reserve Bank of India at http://www.rbi.org.in/scripts/neft.aspx

Q.3. Who can transfer funds using NEFT?

Ans: Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT. Even such individuals who do not have a bank account (walk-in customers) can also deposit cash at the NEFT-enabled branches with instructions to transfer funds using NEFT. However, such cash remittances will be restricted to a maximum of Rs.50,000/- per transaction. Such customers have to furnish full details including complete address, telephone number, etc.NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without having a bank account.

What is NEFT

National Electronic Funds Transfer (NEFT) NEFT is electronic funds transfer system, which facilitates transfer of funds to other bank accounts in over 63000 bank branches across the country. This is a simple, secure, safe, fastest and cost effective way to transfer funds especially for Retail remittances.

FEATURES & BENEFITS

Customers can remit any amount using NEFT Customer intending to remit money through NEFT has to furnish the following particulars:

IFSC (Indian Financial System Code) of the beneficiary Bank/Branch
Full account number of the beneficiary
Name of the beneficiary.
The facility is also available through online mode for all internet banking and mobile banking customers.

For corporate customers, bulk upload facility is also available at branches.

What is IFSC

The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main electronic funds settlement systems in India: the real time gross settlement (RTGS) and the national electronic funds transfer (NEFT) systems.This is an 11-character code with the first four alphabetic characters representing the bank, and the last six characters (usually numeric, but can be alphabetic) representing the branch. The fifth character is 0 (zero). IFSC is used by the NEFT & RTGS systems to route the messages to the destination banks/branches.