CITI IFSC code & MICR code

How to Search for Citibank IFSC and MICR Code

The IFSC code of the specific bank branch is printed on the cheque leaf. This is done by all banks and customers will be issued cheque books when they open a bank account. Magnetic Ink Character Recognition Code (MICR) helps banks clear cheques is a more faster and error-free manner. MICR and IFSC codes can be found online and on a number of third party financial websites.

BankBazaar is one such website where users can find information about all bank IFSC and MICR codes. To look for this information:

1. Log on to the BankBazaar website and navigate to the bottom part of the page
2. Proceed to click on 'Bank IFSC Code', which will redirect the user to the IFSC main page
3. Proceed to fill in the 4 drop down options which are: Name of Bank, state, district and branch
4. Once all the options are chosen, the website will display the IFSC code along with the MICR code, bank address and phone number

Information required for Citibank NEFT, IMPS RTGS transfers:

1. Beneficiary/payee account number and bank name
2. Branch name and IFSC code
3. Name of account holder and type of account held

How to Transfer Money using Citibank NEFT, RTGS and IMPS

Funds can be send through internet banking at the click of a button using NEFT, RTGS or IMPS.

National Electronic Funds Transfer (NEFT)

All NEFT transactions are processed in hourly batches and money can be sent only during the working hours of the bank. This usually extends from 9 a.m. to 6 p.m. on weekdays and 9 a.m. to 1 p.m. on Saturdays. NEFT services are not available on Sundays and other bank holidays.

Real Time Gross Settlement (RTGS)

As the name denotes, all RTGS transactions are settled in 'real time'. This means that when a remitter sends money, it is typically credited immediately or within an hour into the beneficiary/payee account.

Immediate Payment Service (IMPS)

IMPS, is a comparatively faster, easier and more convenient method to send money because it is available on a 24/7 basis and on all days in a year, including bank holidays and Sundays. Here, funds are also credited to the payee's account immediately.

How To Transfer Funds Using the Citibank NEFT and RTGS Processes?

Making online fund transfers is a very simple process with the NEFT and RTGS facilities. These are both secure gateways to transfer funds in a quick and hassle-free manner. The information given below will help you utilise these services so you can send money worry-free.

NEFT

Citibank provides its customers with the NEFT facility, through which they can conduct wireless money transfers by means of a quick and secure medium. There is no minimum amount that has to be transferred using NEFT, which makes it a convenient means of online money transfer. Customers can go to a Citibank branch and make such transactions, or they can use Citibank Online to do so. They can also use Citi Mobile, however there is a restriction on the amount that can be transferred using the app.

Citibank customers can avail NEFT facility from Monday to Friday, with money being credited on the same day for requests made by 5:30 pm. On Saturdays, this facility is available till 11:30 am. NEFT services would not be available on second and fourth Saturdays. Any transactions made after these hours would be credited on the next business day. This would also apply for those transactions that are made on holidays.

Citibank does not charge its customers for transfers made using NEFT. Since it is providing this service free of charge, there is a limit on the amount that can be transferred by an individual in one day.

Citigold and CPC customers can make transactions amounting to Rs. 50 lakhs in one day.

Citibanking customers can use the NEFT service to transfer amounts up to Rs. 15 lakhs per day.

In case of customers using Citi Mobile, Citibank's banking app, customers can make transfers up to Rs. 2 lakhs per day.

RTGS

RTGS is a facility that can be used to transfer money from one bank account to another using the quickest method of fund transfer in the country. RTGS transactions take place in real time, meaning that the transfers take place as soon as the payee's bank clears the transaction. This makes RTGS transactions final and irrevocable which means once the request has been made, it cannot be cancelled.

RTGS services have a minimum amount of Rs. 2 lakh per transaction.

Citibank offers its customers RTGS facility, with those requests made by 3:30 pm from Monday to Friday cleared and processed on the same day. Transfer requests made by 12:30 pm on Saturdays except for second and fourth Saturdays would be processed on the same day. In case of transaction requests made after these hours on both weekdays and weekends, the transactions would be processed on the next business day.

Citibank provides its customers with RTGS facility free of cost. However it has a ceiling on the amount that can be transferred per day. For CPC and Citigold customers, RTGS transactions can be made up to Rs. 50 lakhs per day. Citibanking customers can make transactions amounting to Rs. 15 lakhs in one day.

RTGS services can be availed through Citibank bank branches or through Citi Online.

About Citibank

Citibank is a global banking conglomerate with its headquarters in New York. Established in 1812, it was known as the City Bank of New York and played a leading role in developing financial systems in America. It has a presence in every continent with over 4,600 branches worldwide and provides its customers with top of the line banking services from insurance, loans and credit cards. It was among the first banks to adopt automated teller machines in America in order to provide its customers with round the clock access to their money, living up to their slogan "Citi never sleeps".