What is IFSC Code?

Indian Bank IFSC Code - IFSC Code Search - MICR Code, All Bank IFSC Code Finder

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.

If you are using net banking to transfer money, it is mandatory to enter the IFSC to initiate the transfer. Unless there is a merger, banks do not change or amend the IFSC code.
If you want to transfer money from your account to another account, all you need is the beneficiary name, bank branch, their account number and IFSC code. You should keep in mind that IFSC code is different for every bank branch and hence you should enter the correct code so that the possibility of your funds going to someone else’s branch is eliminated.
Having the account number and IFSC code ensures that you can transfer funds from your account to another account at any time in a hassle-free manner.

Features of the IFSC Code

•  helps to specifically identify a particular bank branch
• Reduces errors during the money transfer process

•  Used with all electronic payment methods including NEFT, RTGS and IMPS

IFSC Format for Banks:

IFSC Format for Banks:

Magnetic Ink Character Recognition Code (MICR)

What is the MICR Code?

A specific bank branch that is a part of the Electronic Clearing System (ECS) can be identified by the use of a 9-digit identifier called Magnetic Ink Character Recognition (MICR). This code is often printed on the passbook given to the account holder and can be found on the check page issued by the bank.
Clearing checks deposited in machines is the main goal of MICR codes. Also helps in troubleshooting coding errors.

Format for MICR Code

The first three digits of the nine-digit number are used to specify the city, the following three digits are used to specify the bank, and the last three digits are used to specify the bank branch. Is.
For example, “700002021” is the MICR code of SBI branch in Kolkata. Here, the first three digits (‘700’) are used to define the city, the next three digits (‘002’) the bank code and the last three digits (‘021’) the bank branch code. Checks are usually processed and cleared by machines using MICR codes. The 9-digit number helps reduce errors in the clearing process, speed up the process and improve the security of processing checks.

What differentiates IFSC code from MICR code?

The differences between the IFSC Code and the MICR Code are listed in the table below.
What differentiates IFSC code from MICR code?

List of Top Banks' Credit Card IFSC, MICR, and SWIFT Codes:

In this scenario the IFSC code of the bank varies from branch to branch. However, the IFSC code of a credit card of a specific bank will be the same across the country.
In the table below, some of the banks’ credit card IFSC codes are listed:
List of Top Banks' Credit Card IFSC, MICR, and SWIFT Codes:

IFSC Code Lookup with GetIFSCcode:

The basic component of every online interbank money transfer in India is the IFSC code, which also serves as a reliable way of verifying all such transactions. As intended, sending and receiving money online has become simple and quick with proper understanding of IFSC codes.
You can search IFSC code for specific specified bank using various web resources. And let’s face it, you’ll only double-check it when shopping online. Similarly, BankBazaar provides a comprehensive tool to help you do a quick and accurate IFSC code search.
The step-by-step process to find the IFSC code on GetIFSCcode is given below:
  • 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?

Indian Bank IFSC Code – IFSC Code Search.
To better understand what IFSC code is and how it functions in banking transactions, let’s use Canara Bank’s IFSC code as an example. The IFSC Code of Chandigarh branch of Canara Bank is CNRB00001995.
  • 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.
Let us now see how IFSC works. A specific payee must enter the account number and branch-specific IFSC code while initiating a fund transfer. The money is sent to the account holder after the remitter submits these details, and IFSC helps prevent any errors in such transactions.
In addition to financial transfers, IFSC codes can be used to use online banking to buy mutual funds and insurance. The National Clearing Cell of the Reserve Bank of India (RBI) keeps track of all transactions, and the IFSC code enables error-free fund transfers to be carried out by the RBI.
You can also find the IFSC code on your chequebook or bank passbook. The monthly account statement contains the IFSC code for the bank branch as well. Each bank and branch has a different IFSC code.

How to find the IFSC and MICR codes on a bank cheque

Ordinary bank checks have been the subject of discussion in many of the sections above. This pillar of the banking industry is made up of many elements that work together to validate its validity and give us complete confidence in its applicability.
Here are some examples of the main parts of a normal bank cheque:

Locate the IFSC Code on a bank cheque:

Indian Bank IFSC Code – IFSC Code Search, MICR Code.
It is required to list the IFSC code on a normal bank cheque. Different banks will have different IFSC codes. We are showing the placement of the IFSC code on an HDFC Cheque in our sample image.

Finding the Cheque Number

Printed at the bottom of the cheque in a unique font style using a typewritten typeface. This is mostly utilised for administrative and check tracking purposes.

Discover the MICR code on a bank cheque:

The number for the cheque is displayed next to this. The typeface and ink used to display the MICR Code, which is only readable by a Magnetic Character Ink Reader, are both distinct from those used to display the cheque number.

India's Financial System Code is necessary

We require an IFSC number because it enables the RBI to accurately track all financial activities. The RBI can easily trace, monitor, and maintain all financial transactions made through NEFT, RTGS, and IMPS with the help of a straightforward IFSC code.
Because most electronic cash transfers cannot be started without the beneficiary’s or payee’s IFSC code being supplied together with the bank account number, IFSC codes are crucial for bank customers.
When money is moved between accounts using techniques like IMPS, NEFT, and RTGS, the IFSC code is crucial. Although each of these choices handles inter-bank money transfer in a different manner, they are all basically concerned with it. The system of bank IFSC codes serves as a unifying factor among these various possibilities.

Using the IFSC Code to transfer money online:

Three electronic fund transfer methods, NEFT, RTGS and IMPS, can be used to send money using IFSC code. Customers can transfer money between accounts quickly and easily with these electronic funds transfers.
Using electronic transfer systems reduces the chance of error in transactions as fund transfers can only be permitted with accurate information, such as the recipient’s bank’s IFSC code and bank account number.
  • 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 two primary methods of fund transmission are already known to someone who is familiar with financial activities. One is the traditional method, which involves physically walking into the bank and depositing the cheque. The second approach is done electronically via IMPS, NEFT, or RTGS.
One does not need to register a beneficiary when using the traditional “bank-to-bank” method. However, electronic systems are quite different and far more secure.
To transfer money through technology one must meet the following requirements:
  • 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

In India, almost all banks follow their own third-party money transfer policies. It is important to note that despite the somewhat modified wording, the method is essentially unchanged in this case.
Let’s look at the process used by HDFC Bank as an example. The steps are as follows:
  • 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?

The steps you need to take to register a third party beneficiary for transfer of funds are listed below:
  • 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:

The steps for transferring money using online banking are listed below:
  • 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.)

 (You can double-check it with your bank or on the RBI website.)

 (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.)

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