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IFSC stands for Indian Financial System Code. It is a unique combination of 11-digits including alphabets and numbers. These codes are assigned by the Reserve Bank of India (RBI). You are obligated to provide IFSC code in order to successfully complete NEFT, RTGS or IMPS transactions.

Corporation Bank IFSC code is used to identify the branch easily. For example, the IFSC code for the Karnataka branch is CORP0000837.

  • The first four characters ‘CORP’ represent the bank name.

  • The zero comes in the middle.

  • The last six characters ‘000837’ denote the branch code.

However, the branch codes vary from branch to branch.

About Corporation Bank

Corporation Bank is an Indian public sector bank that was founded on March 12, 1906. Its headquarter is in Mangalore. It offers a wide range of financial services to its customers, including savings accounts, fixed deposits, recurring deposits, loans, among others.

On 1st April 2020, the bank merged with Union Bank of India after which new IFSC codes were provided to each branch. The Corporation Bank's new IFSC code consists of UBIN instead of CORP.

For example, earlier the IFSC code for the Vellore branch was CORP0000014, but after the merger, it is written as UBIN0900141.

How to Find the Corporation Bank IFSC Code and MICR Code Online?

You can easily find the Corporation Bank IFSC and MICR codes by following the steps:

 

Step 1: You can know your codes by accessing the bank’s official website unionbankofindia.co.in and providing your branch’s information.

Step 2: You may also visit the RBI page to discover the same.

Step 3: Another option is to use any third-party search engine to find the codes.

How to Find Corporation Bank IFSC Code and MICR Code Offline?

  • Both codes are available on the bank passbook and cheque book. However, your old passbook will have the details about old IFSC and MICR codes.

  • Therefore, to know the new IFSC code of Corporation Bank after the merger, you must obtain new bank documents from the bank.

How to Transfer Money via Corporation Bank through NEFT?

NEFT is one of the safest modes to do online transactions. If you transfer money during banking hours, the amount will be transferred to the beneficiary’s account the same day.

Below are the steps to follow for transferring money through NEFT:

 

Step 1: Log in to your net banking account.

 

Step 2: Go to the ‘Fund Transfer’ menu and select ‘NEFT’ payment option.

 

Step 3: Next, add a beneficiary by providing his/her details, bank details, and Corporation IFSC code.

 

Step 4: Enter the amount and OTP received on the registered mobile number to complete the transaction.

 

Step 5: Once the transaction is completed, you will receive a confirmation.

Charges for using NEFT medium for moving cash are given below:

Amount

Service Charges

Up to Rs. 10,000

Rs. 2.5

Between Rs. 10,000 to Rs. 1 Lakh

Rs. 5

Between Rs. 1 Lakh to Rs. 2 Lakhs

Rs. 15

More than Rs. 2 Lakhs

Rs. 25

*Fees and charges are subject to the bank’s discretion

How to Transfer Money via Corporation Bank through RTGS?

RTGS is one of the fastest ways to send money to any person. By using this method, you can transfer cash in just 30 minutes. This online service is used to send a large sum of cash amounting to Rs. 2 Lakhs or above.

The steps for transferring money via RTGS are as follows:

 

Step 1: Go to your net banking account

 

Step 2: Pick the 'RTGS' payment method from the 'Fund Transfer' tab.

 

Step 3: Then, provide the beneficiary's personal information, bank information, and IFSC code.

 

Step 4: To release the funds, enter the amount and OTP received on the registered mobile number.

 

Step 5: Lastly, you will receive a notification once the transaction has been completed.

 

Here is the table showing RTGS transaction fees:

Amount

Service Charges

Between Rs. 2 Lakhs to Rs. 5 Lakhs

Rs. 25

Above Rs. 5 Lakhs

Rs. 50

*Fees and charges are subject to the bank’s discretion

How to Transfer Money via Corporation Bank through IMPS?

IMPS is used to send or receive instant money. This service is available 24*7 to use. By using this method, you can send cash up to Rs. 2 Lakhs.

Following are the steps to follow for an IMPS transaction:

 

Step 1: Log in to your net banking account using your credentials.

 

Step 2: Go to the ‘Fund Transfer’ menu and choose ‘IMPS’ as a payment option.

 

Step 3: Provide bank and personal details of the person to add him/her as a payee.

 

Step 4: Next, enter IFSC code to complete the adding procedure.

 

Step 5: Specify the amount you wish to transfer and complete the transaction.

Information Required for Transferring Funds with Corporation Bank

Here are the important details required to transfer funds:

  • Payee’s account details

  • Amount information

  • Corporation Bank IFSC code of the payee

  • Bank and personal details of payee

  • One-time password

FAQs on Corporation Bank IFSC Code

  • ✔️What is MICR in Corporation Bank?

    MICR, also known as Magnetic Ink Character Recognition, has 9 digits. It's used to identify and process cheques speedily.

  • ✔️Have Corporation Bank IFSC codes changed after the merger?

    RBI has assigned new IFSC codes to the bank after the merger with UBI.

  • ✔️What is the new IFSC code of Corporation Bank after the merger?

    The old IFSC code was CORP but the new IFSC code consists of UBIN.

    For example, earlier the IFSC code for the Vellore branch was CORP0000014, but after the merger, it is written as UBIN0900141.

  • ✔️Is Corporation Bank merged with Union Bank?

    Yes. On 1st April 2020, the bank merged with Union Bank of India.

  • ✔️How can I know my IFSC code of Corporation Bank?

    You can find your IFSC code by visiting the bank’s official website or using any third-party search engine.

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