Following are the IFSC Code Details of Sompeta Branch Andhra Pradesh Grameena Vikas Bank Srikakulam APGV0001162

Which Bank IFSC Code is APGV0001162?

IFSC Code APGV0001162 belongs to Branch Name: Sompeta of Andhra Pradesh Grameena Vikas Bank located at Sompeta, Rajugaripeta Street, Sompeta, Sompeta, 532284

What is IFSC Code?

IFSC stands for Indian Financial System Code. It’s an 11-digit alphanumeric code that uniquely identifies every bank branch in India that participates in online money transfer systems. It works as a crucial address for ensuring smooth and accurate electronic fund transfers. It acts as a crucial address for ensuring accurate electronic fund transfers.

Structure of an IFSC Code:

First 4 characters: Bank’s name (e.g., HDFC, SBI, ICICI)
5th character: Always 0 (zero)
Last 6 characters: Specific branch of the bank

Uses of IFSC Codes:

Online money transfers: NEFT, RTGS, and IMPS all require IFSC codes to specify the recipient’s bank branch.
Cheque clearance: Used for faster cheque clearance processes.
Linking bank accounts: Linking accounts for mutual funds, loan repayments, etc., often involves IFSC codes.

How to Find Your IFSC Code:

Cheque book: Printed at the top of the cheque leaf.

Bank passbook: Printed on the front page.

Bank website/app: Available in your account information.

Third-party websites: Several websites offer IFSC code search features.

Bank branch: Visit your branch for assistance.

Common Questions:

Do all bank branches have IFSC codes?

No, only those participating in online money transfer systems have IFSC codes.

Can I use the same IFSC code for all transfer types?

Yes, the IFSC code remains constant for NEFT, RTGS, and IMPS.

What happens if I enter an incorrect IFSC code?

The transfer may be delayed or returned, so double-check the code before initiating a transaction.

Can I find IFSC codes for international banks?

No, IFSC codes are specific to Indian banks. For international transfers, you’ll need SWIFT codes.

Additional Information:

IFSC codes are issued by the Reserve Bank of India (RBI).
They are essential for smooth and secure electronic fund transfers in India.
Always verify the IFSC code with the recipient before initiating a transfer to avoid errors or delays.

About Andhra Pradesh Grameena Vikas Bank:

Andhra Pradesh Grameena Vikas Bank (APGVB) is a regional rural bank established in 2006 through the amalgamation of five other rural banks in Andhra Pradesh.

Here are some of the key features of Andhra Pradesh Grameena Vikas Bank (APGVB):

• Extensive network of 772 branches and 2804 Bank Mitra points across their operational area.
  Over 7 lakh satisfied customers as of December 2023.
• Total deposits exceeding Rs. 50,235 crore and advances surpassing Rs. 38,578 crore as of March 31, 2023.
• Significant contribution to rural development through loans: agricultural loans (44%), MSMEs loans (17%), and housing loans (11%).
• Focus on financial inclusion: 68% of customers belong to weaker sections and over 2 lakh accounts belong to rural women.
• Active participant in government schemes: facilitates implementation of PM Kisan Samman Nidhi, Svanidhi, and other key programs.
• Award-winning performance: recognized for excellence in digital initiatives and customer service.