Tag Archives: Fund Transfer

Banking Code

Banking Codes MICR,CTS, ICS, IFSC and SWIFT

What is MICR CTS? First of all, MICR Means Magnetic Ink Character Recognition code (MICR Code). It is a character-recognition technology used by the banking organizations for the processing and clearance of cheques and other documents quickly. The technology allows MICR readers to scan and read the information directly into a data-collection device. CTS – Means Cheque Truncation System. Cheque Truncation System (CTS) or ICS – Image-based Clearing System, in India, is a project of the Reserve Bank of India (RBI), to boost cheque clearing mechanism. MICR is related to Cheque Clearing System and other two codes IFSC and SWIFT Continue Reading »

sbi State Bank Of India

SBI New Service Charges Effective from 01st July 2017

State Bank of India, the largest public sector bank announced a lot of revisions in its charges on 1st June 2017. And now from 1st July 2017 Service charge applicable will be 18 % instead of 15 % on every service due to GST effect. ATM Withdrawals: 8 free ATM (5 at SBI ATMs and 3 at ATMs of other banks) transactions in metro cities and 10 (5 at SBI ATMs  and 5 at ATMs of other banks) free transactions in non-metro cities are entitled to regular savings bank account holders. For customers of Basic Savings Bank Deposit Account, only four Continue Reading »