Union Bank IFSC code & MICR code

Role and Importance of IFSC Codes 

The Indian Financial System Code (IFSC) is critical for various electronic payment systems such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), and the Centralized Funds Management System (CFMS) created by the Reserve Bank of India (RBI). These codes are instrumental in accurately tracking cash inflows and outflows. 

Structure of IFSC Codes 

The Reserve Bank of India mandates the use of IFSC codes for all online money transactions, assigning unique codes to each bank branch. An IFSC code comprises three segments: 

1. The first four alphabets represent the bank's name. 

1. A zero follows, reserved for future use as a control character. 

1. The final six digits uniquely identify a specific branch. 

Example of a Union Bank IFSC Code 

Consider the IFSC code 'UBIN0567434': 

1. 'UBIN' represents the Union Bank of India. 

1. '0' is a control character for future use. 

1. '567434' signifies the specific branch (e.g., the Indira Nagar branch of Union Bank of India). 

By using these codes, users can ensure their funds are accurately transferred to the correct recipient, enhancing the reliability and efficiency of the banking system. 

How to Search Union Bank IFSC and MICR Codes

You can find the IFSC and MICR codes for any Union Bank of India branch printed on the chequebooks issued by the bank. Each chequebook includes the IFSC code of the issuing branch.

Additionally, you can easily locate the IFSC or MICR code for any Union Bank of India branch on the bank’s website. Simply provide the bank name, state, district, and specific branch you're looking for. Once you input this information, the page will display the IFSC and MICR codes, along with other relevant details like the branch address and contact information.

IFSC codes and MICR codes can be easily procured if the bank's full name and the branch area are known to you. Users can conveniently find MICR codes and IFSC codes printed on cheque books/ leaves issued by Union Bank of India. The Reserve Bank of India website also offers the complete list of IFSC codes required for customers. Apart from the bank's official website, the other sources available for getting IFSC codes are either third-party financial websites or fiscal comparison websites.

BankBazaar, which is a popular financial comparison site, provides  a comprehensive table that contains IFSC codes for Union Bank's branches within India. Any user visiting the BankBazaar website has to select the Bank IFSC code link present at the bottom of the main page. Customers clicking on this link will be taken to a second page carrying four dropdowns. Customers have to enter certain details like state, bank, branch and district in order to get IFSC codes or MICR codes for Union Bank of India. The generated table also contains the phone number, address of the branch, name, branch code etc.

How to Transfer Funds Using Union Bank of India Limited RTGS & NEFT 

Union Bank of India offers its customers multiple platforms to transfer funds, including National Electronic Funds Transfer (NEFT), Real Time Gross Settlement System (RTGS), and Immediate Payment Service (IMPS). These services enable customers to send money across different banks, accounts, states, and cities. 

Real Time Gross Settlement System (RTGS) 

1. Usage: RTGS is for transferring amounts of Rs. 1 lakh and above. 

1. Methods: You can transfer funds via net banking or by visiting any Union Bank branch. 

1. Procedure: Fill out the Fund Transfer Instruction form available at the bank, providing: 

Recipient’s name 

Recipient’s account number and account type 

Recipient’s bank name, branch, and IFSC code 

Transfer amount 

Remarks for the receiver 

1. Availability: RTGS is available on weekdays and Saturdays, excluding Sundays and national holidays. 

1. Fees & Charges: 

National Electronic Funds Transfer (NEFT) 

1. Usage: NEFT is used for transferring smaller amounts, up to Rs. 99,999. 

1. Methods: The process is similar to RTGS. Fill out the Fund Transfer Instruction form available at the bank. 

1. Procedure: Provide: 

Recipient’s name 

Recipient’s account number and account type 

Recipient’s bank name, branch, and IFSC code 

Transfer amount 

Remarks for the receiver

1. Fees & Charges: 

1. Transaction Timings: All days except Sundays, second Saturdays and fourth Saturdays, from 8:00 a.m. to 6:30 p.m. 

Information Required for Funds Transfer using any payment mode:

While making a NEFT or RTGS transaction with Union Bank of India, customers need to provide the below information:

1. Remittance Amount
2. Union Bank customer's account number
3. Beneficiary's bank name
4. Beneficiary's name
5. Beneficiary's Account number
6. Sender to receiver information
7. IFSC code of the beneficiary's bank branch

About Union Bank of India:

Union Bank of India (UBI) is one of the premier banks owned by the Govt. of India (with 60.13%) and was established in the year 1919. Headquartered in Mumbai, financial capital of the country, it was officially inaugurated by Mahatma Gandhi in 1921. A popular banking brand in India, Union bank has a pan-India network of more than 4000 branches supported by around 6400 ATMs. Having achieved a significant name on the Forbes 2000 with a whopping asset of 13.45 billion USD, it has a strong international presence too. Union Bank has always played a pre-emptive role in country's economic progression and continues to do so. It never failed to extend credit for the necessities of various segments of economy.