IFSC Code and MICR Code

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The way we perform banking transactions have changed over the years. With the evolution of various banking products and options to make various banking transactions, the banking industry has reformed and there are three types of bank accounts in India, namely Demand deposits, Term Deposits and Non-Resident Deposits.
Let’s understand Demand deposits for this article:

Demand Deposits

As the name suggests these set of accounts have the option of making payments on demand. Current and Saving accounts (CASA) are a part of this set. While the types of account may vary they work on the same option. Saving accounts are divided into three subtypes, namely:

Basic Savings Bank Deposit Accounts (BSBDA)

RBI in its guidelines of August 2012 instructed banks to convert ‘no frills’ accounts into Basic Savings Bank Deposit Accounts. ‘No Frills’ is an account type that was started by RBI in November of 2005 to provide access to banking facilities to the poor section of the society.

Basic Saving Bank Deposit Accounts Small Scheme

This set of an account can be opened by people that don’t have official valid documents. The overall usage limits are restricted with 1 Lakh yearly deposit, 10 thousand monthly withdrawal, maximum balance of 50 thousand at one time, and can be opened at Core Banking Solution linked branches. They have a validity period of 12 months, and can be extended for another 12 months on furnishing proof of having applied for an official valid document.

Normal Saving Account

This is the most used account, where the minimum balance varies from bank to bank. This is majorly used by salaried individuals, students as well as other sections of the society.

While these are part of saving accounts, there is another section of account under demand deposits called current account which is majorly used by business. There are no restrictions on the number of transactions permitted per day. The bank charges its customers for these facilities, and also offers an overdraft facility, wherein the business can withdraw more than the amount in the account, with the promise to return the remaining amount in a given timeframe.

In an attempt to provide its users with the best in class service, the banks offer a facility where users can transfer or accept financial transactions. With banking going mobile, and so many options available to make a payment, the banks need to identify the transfer and validate the same using an IFSC Code. IFSC Code works as your area pin code, confirming it to the bank that the account on which the financial transaction is being performed belongs to a specific area. This eases the transaction for the bank server as it transfers money to the respective bank account holder, and within minutes the money is transferred from anywhere worldwide. With the evolution and introduction of IFSC code, the transactions have become easier for all, and it also makes way for a peace of mind because you don’t have to worry about the money being transferred over to someone else, or to a wrong bank branch. Every IFSC code is an 11-character code where the first four alphabetic characters represent the bank name, and the last six characters (which are usually numeric, but can be alphabetic) represent the branch. The fifth character is 0(zero) and is reserved for future use. With such an easy mechanism to perform financial transactions, and a streamlined process, there is no financial transaction that goes in vein. This also ensures that you can transfer money at any time, at the click of a button, without having to worry about the bank timings.

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ifsc News & Updates As it Happens

Demonetization: Urban co-op bank's deposits arrive Rs 50,000 crore

04 October 2017:Deposits with urban cooperative banks in the state have climbed to cross Rs 50,000 crore, mainly due to the rush to deposit leftover notes of Rs 500 and Rs 1,000 with banks because of demonetization. According to Gujarat Urban Co-Operative Banks Federation (GUJFED), increasing deposits of 220 urban cooperative banks in the state arrived Rs 50,715 crore at the end of March 2017. "The deposits of urban cooperative banks touched Rs 50,000 crore for the first time ever. Deposits rose by 26 percent from Rs 40,183 crore at the end of the previous financial year," told Jyotindra Mehta, chairman of Gujarat Urban Co-Operative Banks Federation. This was followed by lakhs of people line up at banks to either deposit or to exchange the leftover notes for valid currency. As compared to 26% growth in deposits of UCBs, overall bank deposits in the state grew by just under 16% during the monetary. Bankers say that urban co-op banking sector, which passed through a difficult phase for several years through the 2001 Madhavpura Mercantile Cooperative Bank(MMCB) scam, has strongly put the scam behind it. "People's faith in UCBs was shaken after the scam. However, the growth in recent years, in all parameters, shows that we have been able to win back people's trust," said Mehta. Entire bank credit increased from Rs 4.31 lakhs crore in March 2015 to Rs 4.60 lakhs crore in March 2017.Representatives said that the number of branches of cooperative banks crossed 1,000 for the first time during the financial year, while the depositor base crossed 1 crore.

Now days cards used more for real time, face to face shopping than online purchases: Visa

21 November 2017:Post demonetisation of Rs 500 & 1000 notes on Nov 16, consumers have transitioned from cash to digital to settle payments transactions. The usage of digital modes like cards for shopping face to face or real time is much higher than for online purchases during this year. Top cities with the highest growth in card spend for face to face spend during this year Diwali was Delhi (97%), Chandigarh(76%), Coimbatore( 73%), Pune ( 67%) and Ahmedabad (59%). These 5 cities together accounted for 57% of total face to face card spend during the festival. This days digital payment goes viral every one looking for digital payment. Spending on Jewellery was high highest and was 2.7 times the normal weekly spending by cards that is the good news for digital India, followed by spending buying electronics and apparel and accessories. While spending in Delhi, Mumbai and Bengaluru were the highest for jewellery purchases, in Chennai face to face card spend was more for apparel and accessories and in Hyderabad cars were used for electronics purchases.

Moody’s Says, No Increase Likely In Home Loan Defaults In 2018

09 December 2017:The country's auto asset-backed securities (ABS) backed by commercial vehicle loans issued in 2018 will have positive credit characteristics that, along with healthy economic growth, will support the performance of these deals," Moody's said in a report today."We expect delinquency rates for commercial vehicle loans backing outstanding auto ABS will remain stable at around 5.4 per cent for loans on new vehicles and 6.8 per cent for loans on used vehicles in 2018, supported by healthy economic growth," the report said. The majority of mortgage borrowers in the country are salaried employees with steady earnings and mainly use these loans to buy properties for self-occupation, which signifies that such borrowers have a good credit profile, it said. The report, however, said delinquency rates in ABS deals backed by loans against property (LAP) to small and medium enterprises (SMEs) would increase in 2018 because of the tougher operating environment."The introduction of the Goods and Services Tax in July this year and the government's demonetization policy have placed stress on the SME sector," the report said. However, the credit quality of new Indian ABS backed by LAP to SMEs will benefit from more stringent underwriting standards applied by lenders over the past year.

SBI slashed MCLR by 5 bps

01 November 2017:SBI on Tuesday reduced its MCLR for the first time in 10 months by 5 basis points across tenures. The one-year MCLR at the bank now stands at 7.95%. The overnight rate was reduced to 7.7%, the one-month rate to 7.8%, the three-month rate to 7.85%, the six-month rate of 7.9%, the two-year rate to 8.05% and the three-year rate to 8.1%. The revised rates will be effective from Wednesday. SBI’s one year MCLR are lowest in the system compared to HDFC and ICICI banks with 8.15% MCLR and 8.2% MCLR respectively. On July 31, SBI had reduced its savings rate for accounts with balances of up to Rs 1 crore by 50 bps to 3.5%. Allahabad Bank cuts MCLR by 15 bps Allahabad Bank said it has cut its MCLR across all tenures by 15 basis points with effect from November 1. “As a result, interest rates on home, car and other retail loans are set to become one of the finest in the market,” the bank said. The loans with two-year tenure will have a reduced MCLR at 8.5% from 8.65%.

Is it mandatory to pay GST Twice for using Credit Card? Know the facts

6 July 2017:Hasmukh Adhia, the architect of GST rollout and also the Revenue Secretary took to twitter to get rid of the myths pertaining to the new tax regime and also the belief that a person will be paying GST twice if he/she will be using the credit card to make payments.The Revenue Secretary has clarified the said belief to be completely fake and also made a request to the public to avoid circulating such unrealistic messages without confirming its authenticity. GST has been brought into practice since 1st of July 2017 and has absorbed a number central and state taxes including excise and sales tax. Even in the pre GST period the service tax was not levied on payments made by credit cards, in fact a discount was given by the utility providers if credit cards were used for the payments. Under the GST regime the 15% bracket was increased to 18% for the banking and financial services as for home, auto and personal loan EMIs will not rise. One time costs such as prepayment ,foreclosure charges along with loans taken from credit cards will rise nominally. If the payment is made on time using the credit card then there will be no service tax charged but if the payment is made on a later date then penalty will be charged by the bank which will attract 18% tax under GST and will also increase the overall credit card dues.

Narendra Modi Government releases Rs 8,698 crore as GST compensation to states

29 October 2017:The central government has released Rs 8,698 crore to states to compensate them for revenue loss post GST implementation. All states barring Rajasthan and Arunachal Pradesh have been given compensation for the first two months (July-August) after Goods and Services Tax rollout. “Rs 8,698 crore has been paid to states as compensation for July and August. This is 58 percent of the total cess revenue of Rs 15,060 crore in the two months,” Bihar Deputy Chief Minister Sushil Modi said. However, compensation was not paid to Arunachal Pradesh and Rajasthan because the states couldn’t file any claim. Under GST law, a cess is levied on top of 28 percent tax on luxury cars, demerit and sin Goods like aerated drink and tobacco to collect revenue to compensate states for any revenue loss on account of GST implementation.

IMPS, debit cards push digital payments to 75.6 million transactions in August

11 October 2017:Bank-to-bank transfers and debit card payments at the point of sales terminals push digital payments for August with a 9.5% and 3.5% month-on-month growth, respectively. According to the transaction data released by RBI, IMPS which includes UPI and BHIM reached 75.6 million transactions in August against 69 million in July and 65.8 million in June. Card swipes at ATMs and PoS terminals reached almost 1.1 billion in August. However, there was a slight fall in the transaction through mobile wallet. There was a 4.2% fall in mobile wallet payments. According to an industry observer, August shows greater transactions because of the festival and discounts offers run by merchants for various occasions including the Independence Day. The RBI data also showed the steady growth of debit cards in circulation in the country. The volumes rose from 793 million to 810 million, while credit cards hovered around 32 million from June to August. The number of PoS terminals also saw a growth post demonetisation.

Savers are as important as borrowers holding high saving accounts rates: Kotak Mahindra Bank

7 August 2017:Mumbai- The day after the top lender SBI cuts down its savings account interest rate by 0.5% due to surplus liquidity, mid-size lender Kotak Mahindra Bank (KMB) this day said it will continue with its raised offerings. The City-headquartered private lender said it will carry on with offering 5 % per annum for deposits of up to Rs.1 lac and 6% for those above it but up to Rs.1 crore. “We feel this is the right time to build a retail franchise and the higher savings bank rates have helped us significantly over the last three to four years,” president of consumer banking Shanti Ekambaram told PTI. The only alteration bank has done is a reduction in savings account by 5% between Rs.1 crore and Rs.5 crore to 5.5% but Ekambaram was fast to add the rates for 99.9% of KMB customers are remained the same.

Assured Interest free home loans Singareni workers in Telangana

24 September 2017:K Kavitha, MP of Nizamabad and president of Telangana Boggu Gani Karmika Sangham (TBGKS) said that Chief Minister K Chandrashekhar is keen on providing interest-free home loans to the singareni workers. “The State government was keen on expanding SCCL operations and provide more jobs. New mines have been proposed for opening in Yellandu area of SCCL which will provide more jobs. It can be possible only if TBGKS wins the recognised union elections,” she said. “In the present scenario, only the Chief Minister is committed to workers’ welfare and only he can deliver their wishes,” she added. Announcing the election manifesto she promised to resolve the issue of dual jobs under aliases with the one-time settlement. The TBGKS would fight for filling backlog posts of SC and ST workers, childcare leave for women, age and qualification relaxations for experienced employees in promotions, increment against fitment benefit, incentives and charge allowances for mining staff

Canara Bank slashes interest rates on saving bank accounts

02 September 2017:Public sector lender Canara Bank has reduced its interest rates on savings account by 50 basis points to 3.5 per cent on deposits of up to Rs 50 lakh. The bank will continue to pay 4 per cent interest on deposit of above Rs 50 lakh. "The bank has decided to revise the rate of interest on savings bank deposits with effect from today," Canara Bank said in a regulatory filing. On July 31, SBI slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below. Other lenders, including private ones such as HDFC and Axis bank, have followed suit. Earlier this month, Axis bank has also reduced interest rates on savings account followed by Bank of Baroda, Bank of India and Karnataka Bank.

34 sick PSUs suggested for strategic divestment: Niti Aayog CEO Amitabh Kant

28 October 2017:Niti Aayog which is considered as the think tank of the central government has recommended strategic disinvestment of 34 sick public sector units so far, CEO Amitabh Kant said today. The Prime Minister's Office had asked the think- tank to look into the viability of sick state-run companies. "We have recommended 34 sick PSUs for strategic disinvestment," Kant said at Crisil India Infrastructure Conclave here. In the current fiscal, the government has aimed to raise Rs 72,000 crore through stake sale in the PSUs. This includes Rs 46,500 crore from minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from a listing of PSU insurance companies.

SBI Launches Unnati Credit Card at no cost

12 September 2017:It was reported that the government owned corporation State Bank of India (SBI), has introduced a new credit card-Unnati Credit Card. SBI has stated that Unnati Credit Card will be free and no annual fees will be charged from its customers for first four years. It will also offer rewards point only on purchase made through the SBI and many milestone rewards like Rs.500 cash back will be offered to the SBI’s Unnati credit card holder on spends of Rs. 50,000 or more in a year. SBI’s Unnati credit card is a secured credit card. It will be issued with a security on cardholder’s fixed deposit. The State Bank of India has announced that the amount of fixed deposit with has been fixed to a minimum of Rs 25,000.The SBI also tweeted on Twitter that "Everyone can now avail of a free credit card! Presenting 'Unnati' from SBI". It was reported that 1 reward point will be added to the consumer’s account on per Rs. 100 spent on the credit card. Additionally, The SBI Unnati credit card holder will be able to transfer the reward points against a wide array of gifts mentioned in the reward record.

Bank of India slashes lending rates by 0.05-0.10%

08 September 2017:Bank of India has cut MCLR rates by 0.05-0.10 per cent. The new rates will come will be effective from September 10. "Bank of India has reduced its marginal cost based lending rates (MCLRs). The revised marginal cost based lending rate for one-year now stands at 8.30 per cent," the bank said in a statement. Among others, the overnight and 1-month MCLR have been cut by 0.10 per cent each to 7.90 per cent and 8 per cent, respectively. While loan of 3-month tenor will bear an interest rate of 8.10 per cent, down 0.05 percent from current MCLR. The RBI in its last monetary policy said that that it will review the MCLR method as banks were not passing on the benefit of repo rate reduction to the customer.

Axis Bank RevisesMCLR by 0.15%-0.20%

28th November 2016: Axis Bank, one of the most active private sector lender has cut its MCLR(Marginal cost of fund based lending rate) by 0.15% to 0.20%. It reduces MCLR by 0.15% for any tenure between 1 years and 20 years.

After Paytm, PhonePe Partners With SafeGold to Sell Digital Gold

13 December 2017:Flipkart-owned digital payments platform PhonePe has forged a partnership with SafeGold to launch a digital gold product. As per the official statement, users will now be able to buy and sell certified 24-karat gold via the PhonePe app. commenting on the development, Subrat Udgata, Vice-President of IDBI Trusteeship Services stated “Gold has always been a prized possession in India. We are delighted that an innovative company like PhonePe in partnership with Safe Gold, is offering customers a convenient and secure way to buy or accumulate the best quality Gold. It is noteworthy that there are independent entities in this partnership protecting the customer’s interest at all stages. We are actively supporting such innovative digital business models as Trustees and the SafeGold-PhonePe partnership is an example of that effort.” Gold purchased on PhonePe is physically deposited in a high-security Brink’s vault and is fully insured at all times. If a customer needs the physical gold, she/he can ask for it to be delivered to their doorstep.

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