CNRB0003462 is the IFSC code of Canara Bank, that is assigned by the Reserve Bank of India (RBI). This code helps the Indian financial system to transfer funds from bank account numbers in India and internationally like NEFT/RTGS/IMPS
The details above validate that the Canara Bank has its operations in the Msme Sulabh, Tamil Nadu branch located at the No.1, Muthiah Tower, Royal Road, Cantonment, Trichy- 620001. This confirms that if you plan on doing a financial transfer, you must be sure of the Canara Bank IFSC code to ensure that the transfer happens without any hassles.
While all of us understand IFSC codes by now, let’s understand MICR code as well. This is termed as Magnetic Ink Character Recognition which is a character recognition technology that helps in processing cheques faster. Canara Bank bank branch has a unique MICR code which helps RBI identify the Canara Bank branch, and speed up the cheque clearing process.
While Canara Bank IFSC is an 11 digit code, MICR is a 9 digit code, and the basic difference between these two codes is that IFSC code is used for Canara Bank online transactions, while MICR is used for Canara Bank offline transactions, like Cheque.
These two aspects are of great importance for Canara Bank financial transaction in both Canara Bank online transactions and Canara Bank offline transactions, and you can choose the one that works well for you.
Uses of Msme Sulabh IFSC Code:
NEFT - National Electronic Fund Transfer. Enables you to electronically transfer funds from your bank account to any other account of the same bank or different bank.
RTGS - Real Time Gross Settlement. Transfer a minimum limit of Rs. 2 lakh.
IMPS - Immediate payment service. Bank account holder can transfer funds 24 x 7 365 days
Online Fund Transfer via NEFT, RTGS and IMPS.