Search IFSC Code of all bank branches in India. You need to use IFSC code for NEFT, RTGS & IMPS transactions. Let's Find IFSC MICR & Branch codes.
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IFSC Code, MICR code List of all banks in India is given below. Click for more information about the bank and its services. To find details of other banks, use the form below.
What is IFSC Code?
Indian Financial System Code or the IFSC Code is a unique eleven digit alphanumeric code which is assigned to each bank branch by the Reserve Bank of India (RBI) to monitor the online transfer of money. This code which is unique to every bank’s identity is used by Indian banks to participate in the NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement) payment settlements.
Structure of IFS Code:
The eleven characters IFSC Code is a combination of three components-
- The initial four characters represent the bank code.
- The fifth character is ‘0’ to allow the opportunity for expansion of the bank branch.
- The remaining six characters depict the specific bank branch code.
Features of IFSC Code:
- Tracking transactions- RBI uses the IFSC code to monitor regular banking transactions. This helps in minimizing any chances of a possible discrepancy in the fund transfer process.
- Unique Identification- IFS Code serves as a unique identification code provided to all the Indian banks and their respective branches to avoid any sort of confusion among the customers.
- Online Funds Transfer- Provision of the IFS Code allows a smooth and convenient transfer of funds between banks. It ensures a hassle-free transfer of money within very less time.
- Security- The unique IFS Code helps in carrying out the funds' transfer securely thereby eliminating any kind of fraudulent activities.
Benefits of IFSC Code:
- In this digital world, the use of IFSC Code helps in carrying out paperless money transactions.
- Usage of IFS Code facilitates a quick and instant money transfer.
- Since the code is provided to each bank and its branch, it helps in easy identification.
- IFS Code facilitates proper communication and security by notifying the receiver and sender after every transaction.
What is IFSC NEFT Transfer?
One of the prominent methods of transferring funds using the IFSC Code is the National Electronic Fund Transfer(NEFT). NEFT is a national payment system which facilitates the electronic transfer of funds from one account to another irrespective of the bank accounts and their branches. Provided both the sender and the receiver are a part of the NEFT system, any individual, firm or a corporate can transfer money to the other.
Requirements of NEFT Transfer:
- The transaction limit for any transfer is Rs. 50,000.
- The fund transfers are made on a half-hourly basis with settlement batches from 8 am to 7 pm on weekdays except the 2nd and 4th Saturdays.
- The beneficiary needs to be added to the payee’s account.
- Beneficiary account number, bank and branch name, IFS Code must be taken into consideration before making an NEFT Transfer.
- Not all banks offer the NEFT Transfer, thus it is important to check its availability beforehand.
Benefits of NEFT Transfer:
- Since it does not involve the use of a physical cheque or Demand Draft, the chances of any fraudulent behaviour is less.
- The NEFT Transfer can conveniently be made at home or anywhere without having to visit the bank.
- A confirmation mail and SMS is sent every time a transaction is made which helps in keeping a record of funds transfer.
- For businessmen and others who find it taxing to spend their time visiting the bank, funds transfer can be made just by a click in their smartphones through NEFT.
What is IFSC RTGS Transfer?
Real-Time Gross Settlement is another fund transfer method in which the money is sent in ‘real-time’ or immediately without any delays. As soon as the money transfer transaction is initiated, the money is immediately sent to the beneficiary by the remitter. The ‘gross settlement’ ensures the transfer of money on an individual basis rather than in a batch-wise system. Among all the other IFSC methods used to transfer money, RTGS Transfer is the quickest. Such transfers are typically suited for large businesses where the minimum amount to be transacted is 2 lakhs.
Requirements of an IFSC RTGS Transfer:
- Registration of the payee/beneficiary in the bank account.
- IFS Code of the payee/beneficiary.
- Name of the beneficiary bank and branch
- Account number of the beneficiary
- The minimum amount to be transferred should be Rs. 2 lakhs, however, there is no upper limit.
Benefits of RTGS Transfer:
- As it is maintained by the Reserve Bank of India (RBI), the RTGS Transfer is free of any risks and fraud.
- Since the transactions are carried out on a real-time basis, there is no delay in the transfer of funds.
- The RTGS Transfer is a highly suitable and suggestable method for carrying out large transactions.
- Funds can be transferred at the convenience of your homes or office.
- The RTGS Transfer of funds is not restricted to any geographical boundaries in India.
What is IFSC IMPS Transfer?
Immediate Payment Service is a money transfer mechanism using the IFS codes. It offers a 24*7 real-time service with a transfer of funds on an immediate basis. Launched in 2010, the IMPS Transfer has gradually become a widely-used bank service owing to its benefits. Through this interbank payment system, transactions can be initiated either by online net banking or mobile banking. The National Payments Corporation of India (NPCI) manages the IMPS fund transfer. The immediate transfer of funds using RTGS is because of the following modes of payment:
- IMPS Transfer through a bank account using IFSC Code
- IMPS Transfer through SMS
- IMPS Transfer via ATMs
- IMPS Transfer through registered mobile numbers
Prerequisites for IMPS Transfer:
- Registration of mobile banking or net banking from your bank account
- The beneficiary’s Mobile Money Identifier and your Mobile Pin should be available for the RTGS Transfer through mobile banking.
- The beneficiary’s account details need to be noted down in case the RTGS Transfer is made through net banking.
Benefits of IMPS Transfer:
- It provides 24*7 services to its users, which is helpful during an emergency.
- It provides both mobile banking and net banking services which are secure and safe.
- The minimum transaction value is Rs. 1.
- The IMPS Transfer ensures instant money transfer.
- After the transfer, notifications are sent to both parties.
How can I find the IFSC Code for a Bank?
The Indian Financial System Code (IFSC Code) is a unique identification code allotted by the Reserve Bank of India to all the banks in the country. It is highly used to transfer funds through RTGS, IMPS and NEFT. Owing to its importance in every fund transfer, IFSC Code plays a very essential role in transferring money from one account to another. The availability of an IFSC Code aids the RBI in monitoring and keeping a record of the financial transactions.
How does IFSC Code work?
Whenever a bank transfer is initiated, one has to provide the account details and the IFSC Code to make the payment. The Reserve Bank of India’s (RBI) National Clearing Cell keeps a track of all the transactions made using the IFSC Code and ensures an error-free transfer. Not just the fund transfer, the IFSC Code also helps in purchasing mutual funds and insurance.
Where to find the IFSC Code?
Today almost all the electronic transfers are facilitated by the alphanumeric code or the IFSC Code. Thus it is important to know the right place to look for your bank’s IFSC Code. The correct and accurate knowledge of the IFSC Code leads to a fast, easy and convenient transaction. There are various tools available online which help in assessing the IFSC Code. In response to filling certain fields in the IFSC Code Directory such as the concerned bank, state, district and branch, a list of the banks’ IFSC Codes will be available. Besides this, a more reliable and validated way to find the IFSC Code is simply checking one’s passbook and cheque book. Lastly, one can search the IFSC Code by visiting the official website of the concerned bank and enquire about it or simply contact the bank’s helpline number.
Locate IFSC and MICR Code on a Bank Cheque:
Finding IFSC Code on a Bank Cheque:
Every bank cheque has a compulsory listing of the IFSC Code, though its location might differ from bank to bank. Most of the time, the IFSC Code is found to be printed next to the bank account number.
What is MICR Code?
MICR or Magnetic Ink Character Recognition is an innovative technology which authenticates the credibility and originality of a paper-based document in the banking database. It is most commonly found on cheques. In terms of its importance and security for funds transfer, it is at par with the IFSC Code. The MICR Code is placed at the bottom of the cheques and includes details such as the bank code, account details, cheque number and amount, alongside a control indicator.
Finding MICR Code on a Bank Cheque:
One of the primary advantages of a MICR Code is its easy accessibility. Unlike other features such as the barcodes which need to be scanned to infer about them, MICR Codes can be easily distinguished and read by humans. MICR is a nine-digit code where the first three digits depict the city code, the next three signify the bank code and the last three digits stand for the code of a particular branch. This code is easily accessible near the cheque number at the bottom in every cheque.
Difference between IFSC Code and MICR Code:
Every monetary transaction conducted is unique and essential in its own way. This stresses upon the high need of a thorough verification before any transaction is made. Thus for a safe and sound transfer of funds, the banking institutions rely upon certain codes such as the MICR Code and the IFSC Code. Both play a very important role in authenticating the legality of the banking transactions and documents. Still, there are certain distinctions between the two:
- IFSC Code is an eleven digit alphanumeric code, whereas MICR Code is a nine-digit numeric code.
- IFSC Code facilitates electronic money transfer between banks. On the other hand, MICR Code authenticates the credibility of the cheques only, making the cheque processing simpler.
- The four characters at the beginning of the IFSC Code signify the name of the bank. Whereas, the first three digits in the MICR Code depict the city code.
- The last six digits in the IFSC Code represent the bank location. On the other hand, the three digits at the end of the MICR code represent the bank branch code.
Difference modes of transferring money with the help of IFSC Code:
Gone are the days when transferring money or conducting any banking transaction required you to visit the bank. In today’s digital world carrying out a monetary transaction is as simple as clicking a button. Similarly, transferring money online using the IFSC Code is no more a difficult or time-consuming task. With the help of the different methods involving the IFSC Code such as RTGS, NEFT and IMPS, money transfer has become a faster and easier process. The various modes involved in transferring money with the help of IFSC Code are
Net Banking(through an application)- The foremost step involved in transferring money with the help of IFSC Code involves the use of net banking. Everyone possesses a smartphone nowadays, simply downloading the net banking application in it would ease the money transferring process. After downloading the application from Play Store, one has to login by providing his credentials such as the customer ID and the password. This would provide access to one’s bank account. Next by choosing the ‘ Transfer funds through NEFT’ option, payment can be made to the beneficiary’s account.
Mobile Banking(through SMS)- Mobile banking is another mode of transferring money from one bank account to another using the IFSC Code. The first step in such a transfer involves getting one’s 10 digit mobile number registered and linked to one’s bank account. In order to get oneself registered, a form has to be filled after which a Mobile Money Identifier and a Mobile Pin will be provided. Once registered, the user needs to create an SMS by typing ‘IMPS’ and adding the beneficiary’s account details such as the account number, beneficiary name, IFSC Code and the bank branch name. After confirming the transaction, the user is supposed to enter his mobile pin at the confirmation message which will complete the transaction.
What is the Differences between NEFT, RTGS and IMPS:
Different payment systems and money transfer methods in India have offered the people a variety of options to choose from for a speedy and easier money transfer. All the electronic fund transfer are carried out using the IFSC Codes through RTGS, NEFT and IMPS systems. With the suitability of such digital payment systems, now there is hardly a need to visit the bank when everything can be done at the comfort of your homes or offices. These payment methods are also superior in case of their reliability and security. Although all the three methods of electronic money transfer are equally beneficial and useful, there are certain distinctions among them.
- Minimum Transfer Value- The minimum transfer value for NEFT and IMPS is Re. 1 while for money transfer through RTGS, the minimum amount needs to be Rs. 2 lakhs.
- Launched by- The National Electronics Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) is launched by the Reserve Bank of India (RBI). Whereas, Immediate Payment Services (IMPS) was launched by the National Payment Corporation of India (NPCI).
- Payment Options- Payment by NEFT or RTGS can be done by both online mode or by visiting the bank. Whereas, money transfer by IMPS can be done online, by mobile banking or by visiting the ATM.
- Suitability- NEFT and IMPS are suitable for small value transfers as its minimum limit is Re. 1. RTGS is suitable for large value transfers with a minimum limit of Rs. 2 lakhs.
- Settlement Type- The online money transfer through NEFT is done on a half-hourly basis. On the other hand, RTGS and IMPS settle the money transfers on a ‘real-time’ or immediate basis.
- Time is taken for credit- Owing to the kind of services it provides, NEFT transfer takes up to two hours to credit the money in the beneficiary account. Through RTGS, money is credited within 30 minutes of the initiated order. Money transfer through IMPS is instant and quick.
- Service Timings- The service timings for an NEFT transfer range from 8 am to 7 pm on all working days, except 2nd and 4th Saturdays. RTGS has its timings from 8 am to 6 pm on all working days. IMPS services are available 24*7 throughout the year.
Currently India has a various range of money transferring options, but the most commonly used are NEFT, RTGS and IMPS. Besides their differences, all three offer convenience and flexibility to the bank account holders. These payment options have helped in reducing the gap between the banks and their customers by making money transfer easy and simple. People have been enjoying the RTGS and NEFT services for 20 years, whereas IMPS was introduced just 10 years before. In spite of such a short span, these services have been availed and benefitted by many.