What is IFSC Code?
The Indian Financial System Code (IFSC) is a unique 11-character alphanumeric code used for online fund transfers via NEFT, RTGS, and IMPS. This code is assigned by the Reserve Bank of India (RBI) and is essential for ensuring accurate and smooth electronic fund transfers.
Where to Find the IFSC Code?
- On the cheque leaf provided by the bank.
- On the official website of the bank.
- On the Reserve Bank of India (RBI) website.
Why is IFSC Code Important?
When transferring money online, you must enter the correct IFSC code. It is mandatory for initiating fund transfers and ensures that your money reaches the correct branch of the beneficiary's bank account.
How to Transfer Funds Using IFSC Code?
To transfer money from one bank account to another, you need the following details:
- Name of the beneficiary.
- Bank branch.
- Account number.
- Correct IFSC Code.
Since every bank branch has a unique IFSC code, it is important to enter the correct code to avoid errors or delays in the transfer.
Key Features of IFSC Code
- It uniquely identifies a bank branch.
- It reduces errors during fund transfers.
- It is used for all electronic payments like NEFT, RTGS, and IMPS.
With the IFSC code and account number, you can securely transfer funds anytime without any hassle.
Bank IFSC Code Format
|
A |
B |
C |
D |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
Code for Bank Name |
0 |
Code for Branch Name |
||||||||
MICR Code (Magnetic Ink Character Recognition Code)
Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps identify a particular bank branch that is part of the Electronic Clearing System (ECS). This code can be found on the cheque leaf that is issued by the bank and is generally printed on the passbook that is issued to the account holder.
The main purpose of the MICR code is to clear cheques that are deposited in machines. The code helps in avoiding errors as well.
MICR Code Format
Of the nine digits, the first three digits identify the specific city, the next three digits identify the specific bank code and the final three digits represent the bank branch code.
For example the MICR code for the SBI branch in Kolkata is '700002021. Here, the first 3 digits '700' is used to identify the specific city, the next three digits '002' represent the specific bank code and the last 3 digits '021' specify the bank branch code. The MICR code is primarily used to process and clear cheques, which is done by machines. The 9-digit code helps eliminate errors in the clearing process, helps in speeding up the process things as well as makes cheque processing more safe and secure.
Difference Between IFSC Code & MICR Code
Given in the table below are the differences between the IFSC Code and the MICR Code:
|
IFSC Code |
MICR Code |
|
IFSC is a 11-digit alphanumeric number. |
MICR is a 9-digit code. |
|
IFSC is used to facilitate electronic money transfer between banks that operate in the country. |
MICR is used to make cheque processing simpler and faster. |
|
In an IFSC code, the first four characters indicate the name of the bank. |
In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code. |
|
In IFSC, the last six characters represent the branch code. |
In the MICR code, the last three digits indicate the bank branch code. |
List of Credit Card IFSC Code, MICR Code & SWIFT Code for Top Banks
In the case of the bank IFSC code, it varies from branch to branch. However, the credit card IFSC code for a particular bank will remain the same across the country.
The credit card IFSC code for some of the banks are mentioned in the table below:
|
Bank |
IFSC |
MICR |
Swift |
|
HDFC Bank |
HDFC0000128 |
560240065 |
HDFCINBBBNG |
|
Citibank |
CITI0000003 |
560037002 |
CITIINBI |
|
Axis Bank |
UTIB0000400 |
560211061 |
AXISINBB194 |
|
HSBC Bank |
HSBC0400002 |
NA |
NA |
|
Punjab National Bank |
PUNB0112000 |
560024029 |
PUNBINBBBCY |
|
IDBI Bank |
IBKL0NEFT01 |
560259006 |
IBKLINBB008 |
|
Yes Bank |
YESB0CMSNOC |
561532028 |
YESBINBB |
|
IndusInd Bank |
INDB0000018 |
560234021 |
INDBINBBBGM |
|
State Bank of India |
SBIN00CARDS |
560002021 |
SBININBB112 |
Details of Fund Transfers Using IFSC
Here are the details fund transfers using IFSC:
|
Transaction Charges |
|||
|
Amount |
NEFT |
RTGS |
IMPS |
|
Up to Rs.10,000 |
Rs.2.50 |
Minimum: Rs.2 Lakh |
Rs.5.00 |
|
Rs.10,000 – Rs.2 Lakh |
Rs.15.00 |
Rs.26 |
Rs.10.00 |
|
Above Rs.2 Lakh |
Rs.25.00 |
Rs.51 |
Rs.15.00 |
Note: Customers must check the bank’s website to charge.
Here is the operating time of various fund transfer modes:
NEFT: 8 A.M to 7 P.M (Weekdays)
RTGS: 9 AM to 4:30 P.M (Weekdays)
IMPS: 24 hours 365 days
How to Find IFSC code?
The following are the ways to find IFSC code:
- Can be found on bank passbook and cheque leaf of the respective bank.
- From Reserve Bank of India’s website, the list of IFSC codes of banks and their respective branches can be obtained.
- Bank customers can also visit the banks’ official website to find the IFSC code of a particular bank.
Benefits of IFSC Code
The following is the list of benefits of IFSC Code are:
- Identification of a Bank and its respective branch
- In the process of fund transfer, eliminates the errors
- Transfers can be done accurately with IFSC through various online payment modes such as NEFT, RTGS and IMPS.
The National Payments Corporation of India (NPCI) will allow up to Rs.5 lakh to be transferred via IMPS. No beneficiary will need to be added to transfer the amount as well. Validation of the beneficiary's name will be done in real-time. Individuals can transfer the money by providing the bank account name and mobile number. The main aim of the move is to facilitate transfers that are hassle-free.