What is IFSC Code?
Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code used for online fund transfer transactions done through NEFT, RTGS and IMPS. You can find the IFSC code on the check page provided by the bank. The Reserve Bank of India (RBI) assigns IFSC codes to banks. Apart from check leaf, you can also find IFSC code on the official website of bank and RBI.
Features of the IFSC Code
IFSC Format for Banks:
Magnetic Ink Character Recognition Code (MICR)
What is the MICR Code?
Format for MICR Code
What differentiates IFSC code from MICR code?
List of Top Banks' Credit Card IFSC, MICR, and SWIFT Codes:
IFSC Code Lookup with GetIFSCcode:
- Scroll to the top of this page as you are already there while reading these instructions.
- ‘IFSC & MICR Code Directory’ is a straightforward tool that can be used to locate IFSC codes as required. The tool has four fields: 1) Select Bank, 2) Select State, 3) Select District, and 4) Select Branch.
- Please choose the name of the bank, the Indian state where the bank has its branch, the particular district of the state and finally the concerned branch carefully.
- The page that appears in response to your inquiry provides the bank’s IFSC code, MICR code, official address and phone number. In less than 30 seconds from your original question, everything happened.
How does the IFSC operate?
- Canara Bank is the name of the bank presented here by CNBR.
- The fifth character, zero (0), is reserved for later use.
- The remaining six characters—specifically 01995—help the RBI correctly identify the bank branch.
How to find the IFSC and MICR codes on a bank cheque
Locate the IFSC Code on a bank cheque:
Finding the Cheque Number
Discover the MICR code on a bank cheque:
India's Financial System Code is necessary
Using the IFSC Code to transfer money online:
- NEFT: National Electronic Funds Transfer is the full name of this abbreviation. As the name suggests, it deals with the transfer of funds from one bank account to another. This type of money transfer is widely used in India. To ensure that money is transferred from one bank account to another in a secure manner, the appropriate IFSC code should be provided here. Apart from IFSC code, beneficiary name, account number and account type should also be provided. The settlement process for NEFT transactions is batch-based.
- RTGS: Real Time Gross Settlement is briefly called RTGS. As the name suggests, it is a popular option for quick transfers of money (and assets) between banks without the need for waiting periods. “Real-time” (transactions occur instantly) and “gross” (refers to the fact that no additional fees will be assessed) are the key phrases here. Similar to how NEFT works, IFSC codes help in accurately identifying participating bank branches. The use of RTGS fund transfers, which are cleared instantly, is often reserved for high-value transactions. Recipient name, IFSC code, account number and transaction amount are the required details for RTGS funds.
- IMPS: Immediate Payment Service, or IMPS, is the most widely used. It was founded in November 2010 in India, thus it is a relatively new option. Money can be transferred instantly to all renowned Indian banks using this service, which is available on the customer’s mobile phone, at ATMs and online. The maximum amount that can be sent is unrestricted, and the technology is considered extremely secure, quick and affordable. Without providing IFSC code, IMPS fund transfer cannot be initiated.
How Do I Transfer Money Using My Bank's IFSC Code?
- The person needs to sign up for the bank’s online banking service.
- To engage in third-party transactions, you must register. (Remember that a beneficiary of a bank other than your bank is referred to as a third party in this context.)
- the beneficiary’s account, into which payments will be transferred, must be registered.
Making an Online Money Transfer: The Process
- using the customer ID and password, access the bank’s online banking facility.
- Then, adhere to the simple directions by selecting the “Third Party Transfer” tab.
- Once the information is filled out and submitted, the OTP will be sent to the registered mobile number.
How Do I Register the Account of the Beneficiary?
- Beneficiary name, account number, IFSC code of the beneficiary’s bank and bank branch name all must be provided to register the beneficiary.
- Registration has ended after sending the notification. However, the time frame after which you can make your initial transfer varies between institutions. For example, in the case of HDFC Bank, it takes 12 hours for the information to be verified and activated.
A Third-Party Beneficiary: How Do I Register Them?
- Enter your user ID and password to get into your bank’s online banking service.
- To make a fund transfer, select the option. You’ll be taken to a different page.
- Select the ‘Add Beneficiary’ option under the ‘Request’ tab.
- Type in the beneficiary’s name, bank branch, IFSC code, and account number.
- Click “Submit” once all the information has been entered.
- You will be able to transfer money with ease after the service has had time to activate.
- You can then add the amount and a comment after you’ve added the beneficiary.
- In the following step you will be asked to select a communication method, after which a one-time password (OTP) will be sent to your email or SMS account depending on your choice.
- The beneficiary’s account will be transferred after you enter the OTP.
How to Transfer Money Using Mobile and Internet Banking?
Once this is configured, sending money electronically with the use of an IFSC code is a straightforward process. Below are the details of transferring money using mobile and internet banking:
By using Net-banking:
- Check out the bank’s official webpage.
- Visit the online banking site.
- Use your username and password to log in.
- Then, pick ‘Transfer funds with NEFT’ to send the money to the beneficiary’s account. The person should add the beneficiary if they haven’t already in order to register them for future transactions. The bank branch, bank account number, and IFSC code must be given in order to complete this. Depending on your bank’s policies, it may take anywhere from 5 minutes to 12 hours for the beneficiary account to be authorised after the details have been successfully submitted. Money can be promptly transferred to the beneficiary’s account with a buffer of less than an hour after waiting the predetermined number of hours.
By using mobile banking:
Using mobile banking and IFSC codes, the following steps can be taken to transfer money between bank accounts:
- To register for mobile banking, a person must first link his 10-digit mobile number to his bank account. After completing the registration form, the individual receives a startup kit with MMID (a special seven-digit number) and MPIN. The kit that comes with a debit card can be compared to this.
- After completing registration, transferring money by SMS is a simple process. The person must first choose ‘IMPS’. The sender must next enter the beneficiary’s account number, IFSC code, and the amount they wish to send. The individual is required to key in the mPin after confirming the transaction. Therefore, the funds are successfully moved from the account and put into the beneficiary’s account.
What exactly is Unified Payment Interface (UPI)?
It is essentially a new payments architecture that was set up by the Reserve Bank of India under the direction of former governor Raghuram Rajan with the help of tech veteran Nandan Nilekani. In short, UPI is touted as the next generation payment system, which is expected to harness the growing power of smart phone technology and the corresponding increase in smart phone users in the country. It enables one to use a smart phone to conduct financial transactions between any two bank accounts. Even though UPI payment system supports online and offline transactions like net banking and card swipe, it is more intuitive and intelligent at the same time.
How Can I Send Money Online?
What you need to do to e-Transfer money from one account to another is described below:
- To send money from one account to another by e-transfer, you need to sign up for the bank’s online banking services.
- To be able to transfer money to the recipient’s account whenever and as often as you want, you need to add the beneficiary by providing their information including their name, bank account, IFSC code and bank branch.
FAQs about the IFSC and MICR codes
(IFSC code is a unique code used in electronic fund transfers.)
(You can find it on your bank’s website or on a check.)
(IFSC stands for Indian Financial System Code.)
(They are needed for identifying bank branches in electronic transactions.)
(It’s an 11-character code with a combination of letters and numbers.)
(No, each branch has a unique IFSC code.)
(MICR is used for paper-based clearing while IFSC is for electronic transfers.)
(MICR stands for Magnetic Ink Character Recognition.)
(You can find it on a check next to the account number.)
(No, they are primarily for domestic transactions.)
(You need to provide the recipient’s account number and IFSC code.)
(Banks may charge a nominal fee for some transactions.)
(No, it’s assigned to the branch and cannot be changed by the account holder.)
(RBI assigns IFSC codes to banks.)
(You can double-check it with your bank or on the RBI website.)
(They represent the bank’s name.)
(It’s usually a zero and is reserved for future use.)
(Double-check with your bank and the recipient.)
(They ensure secure and accurate fund transfers.)
(No, they are not case-sensitive.)
(It’s usually done within a few hours to one working day.)
(No, MICR is for paper checks.)
(It identifies the specific branch.)
(They are meant for authorized financial transactions.)
(In some cases, yes, you can use them for bill payments.)
(It’s safe to share it for receiving payments.)
(MICR codes consist of 9 digits.)
(Keep your code confidential to prevent fraud.)
(Yes, foreign banks operating in India have these codes.)