The Indian Financial System Code, known through its acronym IFSC, is a unique 11-digit alphanumeric code that is required for carrying out online fund transfer via National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), and Immediate Payment Services (IMPS).
The Citibank IFSC code number has the same prefix alphabets but is unique for each particular branch. The IFSC code is made up of a combination of three components: the first four letters are alphabets that identify Citibank, then there is a zero which is followed by 6 digits which are based on the address of the bank’s branch. Let’s understand with the help of an example using the branches of Citibank - the Citibank IFSC code for the Jayanagar branch is CITI0000042. The first four letters of the code 'CITI' are used to represent the bank, the fifth digit is 'zero’, and, lastly, the last six numbers, '000042,' are used to identify the unique Citibank branch in Bengaluru. The Reserve Bank of India (RBI) assigns Citibank IFSC. It is not possible to have the same IFSC code for two Citibank branches.
The IFSC is a very important facet of the banking system and prevents any mistakes from occurring during fund transfers. If you wish to conduct fund transfers successfully, make sure to use the right Citibank IFSC code, as banks will never authenticate the transaction if the correct code is not used.
Citibank was founded in the year 1812 as the City Bank of New York. It is a multinational bank headquartered in the city of New York. With its remarkable journey, it has a global presence with over 4600 branches all over the world and caters to customers in every segment. It is dedicated to achieving excellence by adopting the best industry practices from around the world. It provides varied services from insurance, loans, corporate & NRI Banking, wealth management, investment services, and credit cards to Automated Teller Machines (ATMs) to make funds accessible to customers at any time of the day or night.
Finding the Citibank MICR (Magnetic Ink Character Recognition Code) code and IFSC code is a very simple process, especially if you are an existing account holder. To obtain the Citibank IFSC code and MICR code, you are required to go to the official website of the bank and enter your branch information. Furthermore, you can also make use of third-party search engines to find out the same information.
You can also procure the information about your Citibank IFSC code and Citibank MICR code from the first page of the passbook. The IFSC code is also visible on the top left-hand side of the cheque and the MICR code is on the bottom of the cheque.
NEFT or National Electronic Funds Transfer is a financial service that allows you to be able to send money digitally from one account to another without any hassle or having to visit the branch. The main requirement is for you to have an active Citibank account and net banking login credentials. The NEFT transactions are performed in groups and have an explicit timing within which the bank transfers the funds. Apart from Sundays, NEFT transactions can be processed on all weekdays during the official working hours from 9 am to 6 pm and 9 am to 1 pm on Saturdays.
Real-Time Gross Settlement is the abbreviation for RTGS. It is one of the most secure modes of transferring a substantial amount of money in real-time. This procedure is used for transactions amounting to Rs. 2 Lakhs, and there is no maximum limit mentioned by the bank to use this service. The money is usually credited immediately or within an hour to the beneficiary/payee's account when a remitter sends money. To perform an RTGS, the information required is the name of the customer, his/her bank and branch details, IFSC code, account number, and the remittance amount.
IMPS (Immediate Payment Service) is a round-the-clock facility that enables a quick and convenient transfer of money from one Citibank account to the other. It is possible to conduct the transactions using the Internet, mobile, as well as ATM. IMPS gives you the liberty to send money directly to a person’s account number using the Citibank IFSC code. You can also send money using the mobile number and MMID of the beneficiary.
Citibank’s IFSC code will be an 11-digit alphanumeric code - the first four letters will be 'CITI', and the last 6 digits will identify the branch code. The 5th digit is zero.
There are various methods to find the Citibank credit card IFSC code such as the website of the bank or third-party websites. Additionally, the Citibank credit card IFSC code can be procured by calling customer service or visiting the nearest Citibank branch.
The branch is denoted by the last six digits of the IFSC code.
Citibank is a global bank with branches across all cities in the country as well as the world.