Swift & Simple Funds Transfer

The banking sector in India has undergone its share of ups and downs and the facet of banking that we see today is its direct outcome.  Today’s banking is has gone far ahead than the mere branch based banking system which was once prevalent.  Multi-channel banking has not only increased the business size of the banks but also provided greater convenience to the customers. Most of the customers now prefer to use internet banking or mobile App based banking instead of going to the branch.  Anytime, anywhere banking has indeed made a convincing impact, and the leading public sector banks are ensuring that banking services are available in every nook and corner of this country.  Bank of Baroda is one such banking institution of our nation. Bank of Baroda ifsc code enables easy transfer of funds instantly through electronic means.

Bank of Baroda ifsc code allows inter-bank funds to transfer electronically from the bank account of the remitter in a particular Bank to the bank account of the receiver maintained in any other Bank.  The remittance of funds between banks is done in two ways. One is RTGS and the other one NEFT. Both the systems are maintained by the Reserve Bank of India.  RTGS stands for Real Time Gross Settlement. In this process the fund's transfer instructions are executed in real time i.e. instant fund transfer takes place.  It is the fastest interbank money transfer mechanism available in India and is the most secured as well.  On the other hand NEFT, which is an acronym for National Electronic Fund Transfer. It works on a deferred net settlement basis. The settlement of money transfer executes in batches instead of the single execution as in the case of RTGS.  The operation of NEFT is on an hourly basis.  Bank of Baroda ifsc code supports both the types of fund transfers.

The Bank of Baroda ifsc code can be found out from the official website of the bank which is www.bankofbaroda.co.in.  Also, each and every cheque in the customer’s cheque book has the code printed on it. It is a great assistance for clients of net banking to ensure online fund transfer. 

This rapid progress of the Indian banking system was not possible without the use of updated technology in the use of various functions of the bank.  It has resulted n saving a lot of time and effort to the customers as well as the bank employees.  It is important that the customers are acutely aware of their bank’s code, as it is crucial to initiate the fund's transfer.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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