Bihar Gramin Bank Chakosan IFSC Code

Welcome to Chakosan, a vibrant locality in the Vaishali district of Bihar. When managing your finances here, especially for digital transactions, understanding certain banking codes is crucial. The Indian Financial System Code, or IFSC, is a unique identifier that ensures your money transfers reach the correct bank and branch. Whether you’re sending funds through NEFT, RTGS, or IMPS, this 11-character code is essential for smooth and secure transactions, preventing misdirection of funds.

Branch Details

Here are the key details for the Bihar Gramin Bank, Chakosan branch:

Bank Name	Bihar Gramin Bank
Branch Name	Chakosan
IFSC Code	PUNB0MBGB06
MICR Code	800811002
Branch Code	100138
Branch Address	Chakosan, VAISHALI, 844503, 9297954972
Contact Number	9297954972
City	VAISHALI
District	VAISHALI
Region	HAJIPUR
Pincode	844503
State	Bihar

Merger Update for Bihar Gramin Bank

The bank currently known as Bihar Gramin Bank is a result of significant mergers in the regional rural banking sector. Specifically, Uttar Bihar Gramin Bank (UBGB) and Dakshin Bihar Gramin Bank (DBGB) were part of these consolidations. Following these mergers, all operations are now unified under the Bihar Gramin Bank, which is sponsored by Punjab National Bank.

Due to these changes, the bank now operates with a standardized set of IFSC codes. For the Chakosan branch, the valid IFSC code is PUNB0MBGB06. It’s crucial to understand that any old IFSC codes previously associated with UBGB or DBGB for this region have been revoked. For any electronic fund transfers to or from the Chakosan branch, only the new IFSC code, PUNB0MBGB06, is valid. Using an outdated code will lead to transaction failures.

What is an IFSC Code?

An IFSC code is an 11-character alphanumeric code uniquely identifying each bank branch participating in electronic funds transfer. It’s like a unique postal code for your bank branch in the digital world. The structure of the code is specific:

• The first four characters represent the bank name. For PUNB0MBGB06, “PUNB” signifies Punjab National Bank, the sponsoring bank for Bihar Gramin Bank.
• The fifth character is always ‘0’ (zero). This is a control character reserved for future use.
• The last six characters identify the specific branch. In this case, “MBGB06” points to the Chakosan branch of Bihar Gramin Bank.

This standardized format ensures that every transaction is accurately routed to its intended destination branch.

How to Use the IFSC Code

Using the IFSC code is straightforward when initiating an electronic fund transfer. Here’s how it typically works for different types of transactions:

NEFT (National Electronic Funds Transfer)

NEFT is a nation-wide electronic fund transfer system. It facilitates one-to-one transfers. Here’s how you use the IFSC:

1. Log in to your internet banking portal or mobile banking app.
2. Select the ‘Fund Transfer’ or ‘NEFT’ option.
3. Add a new beneficiary. You will need the beneficiary’s name, account number, account type, and the bank’s IFSC code (PUNB0MBGB06 for Chakosan).
4. Once the beneficiary is added and approved (this might take a few hours for new beneficiaries), you can initiate the transfer.
5. Enter the amount and confirm the transaction. Funds are processed in batches during specific banking hours.

RTGS (Real Time Gross Settlement)

RTGS is designed for large-value transactions, where funds are transferred in real-time on a gross (one-to-one) basis. The minimum amount for RTGS is usually INR 2 lakhs.

1. Access your bank’s online platform.
2. Choose the ‘RTGS’ option under fund transfers.
3. Provide the beneficiary details: name, account number, account type, and the IFSC code (PUNB0MBGB06).
4. Enter the amount. Transfers are processed immediately, making it suitable for urgent, high-value payments.

IMPS (Immediate Payment Service)

IMPS offers instant, 24/7 fund transfers, even on holidays. It’s suitable for smaller, immediate payments.

1. Open your mobile banking app or use internet banking.
2. Select the ‘IMPS’ transfer option.
3. You can transfer funds using the beneficiary’s mobile number and MMID (Mobile Money Identifier) or by providing their account number and IFSC code (PUNB0MBGB06).
4. Input the amount and confirm. The money is transferred almost instantly.

Always double-check the IFSC code and other beneficiary details before confirming any transaction to avoid errors.

Benefits of Knowing the IFSC Code

Understanding and using the correct IFSC code offers several key advantages for your banking needs:

• Ensures Accuracy: The unique 11-character code guarantees that your money reaches the exact intended branch, minimizing errors in transfers.
• Facilitates Fast Transfers: It is vital for electronic payment systems like NEFT, RTGS, and IMPS, which enable quick and efficient fund movement across the country.
• Enhances Security: By precisely routing funds, the IFSC code adds a layer of security, reducing the chances of fraudulent transactions or misdirection.
• Enables Digital Banking: It is a fundamental requirement for most online and mobile banking fund transfer services, promoting convenient digital transactions from anywhere.
• Standardization: Provides a uniform system for identifying bank branches nationwide, making interbank transactions seamless.

Contact Information

For inquiries related to the Chakosan branch or Bihar Gramin Bank, you can use the following contact details:

• Branch Phone Number: 9297954972
• Branch Address: Chakosan, VAISHALI, 844503, Bihar
• Head Office Address: SHRI VISHNU COMMERCIAL COMPLEX, ASOCHAK, PATNA-800030, BIHAR
• Toll-Free Number: 18001807777

Frequently Asked Questions (FAQs)

Here are answers to some common questions about IFSC codes and Bihar Gramin Bank:

Q1: What is the full name of the bank associated with the IFSC code PUNB0MBGB06?

A1: The IFSC code PUNB0MBGB06 belongs to Bihar Gramin Bank. The “PUNB” indicates that it is sponsored by Punjab National Bank.

Q2: Is the IFSC code PUNB0MBGB06 valid for all branches of Bihar Gramin Bank?

A2: No, this specific IFSC code, PUNB0MBGB06, is unique to the Chakosan branch of Bihar Gramin Bank. Each branch of the bank will have its own distinct IFSC code, with the last six characters changing to identify that specific branch.

Q3: What will happen if I use an old IFSC code for a merged bank?

A3: If you use an old or incorrect IFSC code for a merged bank, your electronic fund transfer (NEFT, RTGS, IMPS) will most likely fail. The banking system will not recognize the old code as valid, and the transaction will be rejected, requiring you to re-initiate it with the correct, updated IFSC code.

Q4: Can I use the IFSC code for international money transfers?

A4: Generally, no. IFSC codes are used specifically for domestic electronic fund transfers within India. For international money transfers, you typically need a SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as a BIC (Bank Identifier Code).

Q5: Is the IFSC code required for cash deposits or withdrawals at the bank branch?

A5: No, the IFSC code is primarily required for electronic fund transfers (NEFT, RTGS, IMPS). When making a cash deposit or withdrawal directly at a bank branch, you only need the account number and the account holder’s details.