Canara Bank IFSC code & MICR code

IFSC code is a very important code and it is very crucial to get this code right.

How to Search Canara Bank IFSC and MICR Code?

Canara Bank IFSC and MICR code can be found on the cheque book issued by the bank or on the bank website. Apart from this, this 11-digit key can also be found on a number of third-party financial websites. Magnetic Ink Character Recognition code, also known as MICR, is used for faster clearing of cheques.

BankBazaar is also one such platform through which IFSC codes can be found along with the bank address, MICR code and phone number. This can be done through the IFSC code finder tool. Given below is the process involved in searching for IFSC and MICR code of Canara Bank:

Step 1: Log on to the BankBazaar website and click on the 'Bank IFSC Code' option that is seen at the bottom of the page.

Step 2: This will redirect you to the IFSC main page where you will see four drop down arrows.

Step 3: Proceed to now select the relevant options in each of the drop down menus such as name of bank, state, district and branch.

Step 4: After choosing the options, you will automatically get the IFSC code along with MICR code, address and phone number of the branch concerned.

How to Transfer Money Using Canara Bank NEFT & RTGS Service?

To facilitate secure and hassle free transfer of funds, Canara Bank offers inter-bank facility of fund transfer via CANSPEED using NEFT and RTGS. Both these services make use of an IFSC code which must be provided by the sender and the receiver of the funds.

NEFT

NEFT of National Electronic Fund Transfer is another mode of making electronic payments where the payment instructions between banks are exchanged at pre-specified times on a Deferred Net Settlement (DNS) basis. These transactions do not have a minimum or maximum limit and allows customers to transfer money on all days except national holidays and Sundays. In order to initiate an NEFT transaction, a customer must furnish the following details:

1. Details of the Payee / beneficiary receiving the payment.
2. Beneficiary’s bank name, account number and account type.
3. Beneficiary’ bank branch name and branch IFSC code.

Following is the schedule of charges for all outward NEFT payments:

RTGS

RTGS or Real Time Gross Settlement is an electronic payment service which functions on the real time basis. Here all payment instructions are processed on a real time basis i.e. instructions are carried out as soon as they are received and one at a time. Hence, there is no delay or waiting period, making this process a much faster one. The minimum transaction limit for RTGS transactions is Rs 2 lakh. Customers can use this facility on all days except national holidays and Sundays. In order to initiate an NEFT transaction, a customer must furnish the following details:

1. Details of the Payee / beneficiary receiving the payment.
2. Beneficiary’s bank name, account number and account type.
3. Beneficiary’ bank branch name and branch IFSC code.

Following is the schedule of charges for RTGS transactions:

About Canara Bank

Established in the year 1906, Canara Bank is one of the oldest yet leading financial institutions of India. Having celebrated its 100 years of glorious existence, the bank has only grown by leaps and bounds over the years. With its focus on customer satisfaction, the bank currently operates via a network of over 5000 branches and over 7000 ATMs located across the country. The bank offers a well-appointed suite of financial products and services which include retail banking, asset management, investment banking, commercial banking, pensions, mortgages, credit cards, among others.