Canara Bank IFSC Code Finder

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Difference Between Branch Code, IFSC Code and MICR Code

The branch code is a unique identifier that helps distinguish one branch of a bank from another within the same network. It is typically a combination of numbers or letters assigned to each branch to facilitate easy identification and communication within the banking system. This code is important for internal record-keeping, customer service, and other administrative purposes within the bank.
On the other hand, the IFSC (Indian Financial System Code) is a crucial code used for electronic fund transfers in India. It is an alphanumeric code that consists of 11 characters and is assigned by the Reserve Bank of India to each bank branch participating in the NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) systems. The IFSC code helps ensure accurate routing of funds between banks and branches, thereby minimizing errors and delays in transactions.
Additionally, the MICR (Magnetic Ink Character Recognition) code is a technology used for authenticating banks on documents like cheques. It consists of a unique combination of numbers and characters printed in magnetic ink at the bottom of cheques to facilitate automated processing.
The MICR code helps in identifying the bank and branch where the cheque is drawn, ensuring secure and efficient cheque processing.
In summary, while the branch code helps identify specific bank branches within a network, the IFSC code is essential for electronic fund transfers, and the MICR code plays a vital role in authenticating banks on cheques for efficient processing. Together, these codes play a crucial role in ensuring smooth and secure financial transactions within the banking system.

Canara Bank: IFSC code

The Indian Financial System Code (or IFSC) is an 11-digit alpha-numeric code assigned by the Reserve Bank of India to identify every bank branch participating in the payment system uniquely. This code is used by electronic payment system applications such as RTGS, and NEFT. It is mandatory for fund transfers from one bank account to another. Every bank branch will have a unique code and no two branches (even of the same bank) will ever be the same.

For Canara Bank's 11-digit IFSC code, the first four letters will be 'CNRB', and the last 6 digits will represent a specific branch code. For example, the IFSC code of the Canara Bank branch on the 6th Floor, 38 Ansal Tower, Nehru Place, New Delhi 110019, is CNRB0008304. Here, 008304 is the branch code.

According to Canara Bank's annual report for the financial year 2016-17, it had a total of 6,083 branches and 10,519 ATMs. The bank has 8 overseas branches - London and Leicester (UK), Hong Kong, Shanghai (China), Manama (Bahrain), Johannesburg (South Africa), New York (USA) and Dubai (UAE).

Timings

RTGS
Credit sent after the working hours will be rejected at RBI on the same day.

NEFT
Credit sent after the working hours will be settled in the next NEFT business day.

Charges

RTGS
Inward remittance- Free
Outward remittance
Transaction value above Rs 2 lakh and up to Rs 5 lakh

Transaction value above Rs 5 lakh

NEFT
Inward remittance- Free
Outward remittance