1. What is an IFSC Code?
IFSC (Indian Financial system Code) is an eleven (11) numeric number that specifically identifies all banks and their affiliates participating in the web transfer process.
IFSC code is issued to each bank branch by the Federal Reserve System Bank of India (RBI) to identify online transfers. Electronic or online transactions of transfers via NEFT (National Electricity Transfer), RTGS (Real Time Gross Settlement) and IMPS (Modern Payment System) cannot be made without the official IFSC code. IFSC (Indian Financial system Code) is an eleven (11) numeric number that specifically identifies all banks and their affiliates participating in the web transfer process.
IFSC code is issued to each bank branch by the Federal Reserve System Bank of India (RBI) to identify online transfers. Electronic or online transactions of transfers via NEFT (National Electricity Transfer), RTGS (Real Time Gross Settlement) and IMPS (Modern Payment System) cannot be made without the official IFSC code.
2. How to find bank IFSC Code?
Few Ways to find IFSC codes
- IFSC code are often found on cheque leaf and bank passbook of the respective bank.
- Banks and respective branch list of IFSC codes are often obtained from Federal Reserve Bank of India’s website.
- IFSC code of a specific bank also can be found on the banks’ official website.
3. Benefits & Features of IFSC Code?
Benefits & Features of IFSC Code are :
- Smooth online funds transfer: IFSC code enables convenient and hassle-free transfer of funds from one checking account to a different . the utilization of IFSC Code is mandatory in facilitating all the electronic or online transfer of funds via NEFT, RTGS or IMPS.
- Monitoring transactions: IFSC code is employed by the RBI to stay a daily track of all the banking transactions, thereby minimising the possible chances of any discrepancy within the fund transfer process.
- Unique identification: IFSC code helps within the unique identification of all banks and their respective branches, hence helping customers to avoid any possible errors.
- Eliminating Errors: IFSC code helps users to hold out the fund transfer process securely, hence eliminating the possible chances of any fraudulent activity within the online funds transfer process.
4. Benefits of MICR Code
Benefits of MICR Codes are:
MICR code enables efficient, quick and error-free processing of cheques. this is often possible with magnetic ink, reading machines and technology utilized in MICR.
5. Format of IFSC Code
The eleven (11) character IFSC code is a combination of 3 essential components:
- The first 4 characters represent the bank code
- The 5th character is a ‘0’
- The remaining 6 characters signify a specific branch code
Have a look at the below mentioned example of IFSC Code of State Bank of India, Delhi branch.
|State Bank of India code||zero||State Bank of India Branch Code|
In the example above ( SBIN0001707 ), the first 4 characters' SBIN 'represents the SBI bank code, character 5' 0 'and the last 6 characters' 001707 ' represent branch code Azadpur, Delhi.
6. IFSC Code of Top 5 Banks of India
Given below is that the list of IFSC code of top 5 banks in India along side one among the branches. it's to be noted that the IFSC code stands unique for every bank branch in India. Hence, no two bank branches can have an equivalent IFSC code.
|Bank Name||Branch Name||IFSC code|
|State Bank Of India||DLF Phase IV, Gurugram||SBIN0070695|
|HDFC Bank||Chandni Chowk, Delhi||HDFC0000553|
|Bank of Baroda||Lucknow Main Branch, U.P.||BARB0HAZARA|
|Axis Bank||Dwarka, Delhi||UTIB0000278|
|Canara Bank||Avenue Road, Bangalore||CNRB0000402|
7. Importance of IFSC Code
The significance and benefits of Indian Financial System Code (IFSC) are as follows:
- The code uniquely identifies a specific bank branch, hence helping customers to avoid any possible mistakes during the online transfer of funds via NEFT, RTGS or IMPS
- The customer need not visit the branch for any financial transfer, hence can opt for online money transfer with the help of IFSC Code. It is, therefore, a rather convenient and eco-friendly option
- All the online transactions including paying bills can be easily processed with the help of the IFSC code
- The code is used by the RBI to monitor all the online transactions performed by an individual hence eliminating the chances of any discrepancy in the fund transfer process
8. Why is IFSC Code required?
- IFSC Code is used to facilitate the electronic or online transfer of funds using NEFT, RTGS and IMPS
- The code helps the respective bank with IFSC Code as well as the RBI to track and seamlessly maintain all financial transactions which are carried out using online payment services
- The IFSC code is required to make an online payment to another bank so it can recognize the specific beneficiary's branch where the amount has to be credited
- IFSC helps in the unique identification of all banks and their respective branches enabling customers to avoid any fraudulent activity while facilitating online fund transfer
9. How to use IFSC Code?
Given below are the various uses of IFSC Code. it's to be noted that IFSC code helps to route the fund transfer to the concerned banks and their branches.
- Electronic Funds Transfer: With the help of IFSC Code, the user can transfer funds online instantly and conveniently. One needs to mention the beneficiary’s bank account number, bank branch, and IFSC code to carry out convenient online transactions
- Credit Card Bill Payments: IFSC code can also be used to make credit card bill payments. The transactions can be performed using mobile phones, tablets or laptops
10. Details & Methods to transfer money by using IFSC Code
The use of IFSC Code is mandatory within the electronic or online transfer of funds using NEFT, RTGS and IMPS. it's to be noted that the NEFT and RTGS payment services were introduced by the Federal Reserve Bank of India (RBI), while the IMPS service was introduced by NPCI (National Payments Corporation of India). the three main payment service through which online transfer of funds is initiated include NEFT, RTGS & IMPS.
|Process||Process is based on Deferred Net Settlement (DNS) and the transfer of funds will be carried out in half-hourly batches starting from 12:30 am to 12:00 am||Payment process in which the money is credited in the beneficiary’s bank branch in real-time and on gross basis||Real-time and instant interbank fund transfer process, IMPS is considered a secure & faster mode of fund transfer|
|Minimum Transfer Limit||Rs.1||Rs.2 lakh||Rs.1|
|Maximum Transfer Limit||No limit||No limit||Rs.2 lakh|
|Operational Timings||Available 24x7, 365 days (including bank holidays)||7 am to 6 pm on all working days||Available 24x7, 365 days (including bank holidays)|
|Inward Transaction Charges||No charges||No charges||Decided by individual member banks and PPIs|
* The Cases Mentioned Above Show Only The Type. Each Bank Has Its Own Costs Within These Limits. Check The Costs From The Appropriate Bank Website.
NEFT – 8 A.M – 7 P.M (Weekdays)
RTGS – 9 AM – 4:30 P.M (Weekdays)
IMPS – 24 hours 365 days
11. Offline Methods:
The IFSC code is often found on the highest of the cheque leaf provided by the actual bank (as shown within the below image), while the MICR no. on the cheque (Magnetic Ink Character Recognition) is printed at rock bottom.
Both the IFSC and MICR Code are often found on the primary page of the passbook provided by the bank.
12. How to search IFSC Code from Internet Banking?
To search for the IFSC Code of a specific bank branch via internet banking, the user must login into internet banking portal of the actual bank using the User ID and password. The user can find the IFSC Code of his or her particular branch within the “Accounts” section given within the menu. However, it's to be noted that internet banking portal of each bank functions differently.
13. What is MICR Code?
MICR or ink Character Recognition Code may be a 9 digit code used for faster processing of cheques. MICR number is additionally unique for each bank branch, hence it helps in uniquely identifying the bank and branch participating in an Electronic Clearing System (ECS). MICR Code like IFSC may be a combination of three essential components:
- The first 3 digits represent the city code.
- The middle 3 represent the particular bank code.
- The last 3 digits represent the specific branch code
14. Examples of MICR Code
Given below is that the list of MICR codes of banks (top 5) in India along side their branch name. it's to be noted that the MICR Code like IFSC stands unique for every bank branch in India. Hence, no 2 bank branches can have an equivalent MICR Code.
|Bank Name||Branch Name||IFSC code|
|State Bank Of India||DLF Phase IV, Gurugram||403240035|
|HDFC Bank||Chandni Chowk, Delhi||560012001|
|Bank of Baroda||Lucknow Main Branch, U.P.||800002006|
|Axis Bank||Dwarka, Delhi||110211036|
|Canara Bank||Avenue Road, Bangalore||160015995|
15. For what purpose MICR Code is used for?
- MICR or ink Character Recognition Code may be a character recognition technology employed by the banking system to streamline the processing and clearance of cheques and other documents.
- The primary need of the code is to authenticate the originality and legality of paper based documents within the banking industry and is majorly used on cheques.
- MICR Code stands on par with IFSC, where the transfer of funds using NEFT or IMPS cares The technology help the banking officials who are MICR readers to scan cheques and skim the knowledge directly through the system.
- Each bank branch has unique MICR Code given by RBI, which helps to spot the actual bank branch and speed up the clearing process.
16. How to find MICR Code from IFSC Code?
It is possible to try MICR Code search from IFSC Code by visiting the IFSC Code search tool page provided by Paisabazaar. The user must just follow the below listed steps:
- Visit the IFSC Code search tool page by Myitronline
- Enter the IFSC Code of the specific bank branch and Click on “Get Details”.
- The MICR Code along with branch name, address and contact number will be displayed on the right hand side of the page..
17. Where to find IFSC Code & MICR Code on a cheque?
Both the IFSC and MICR Code are often found on the cheque book provided by the bank. The IFSC Code are often seen printed on the highest of the cheque leaf, while the MICR Code are often seen printed on rock bottom side. Also, the IFSC also because the MICR Code also can be found on the primary page of the pass book provided by the respective bank branch.
18. Difference: IFSC Code vs MICR Code vs SWIFT Code
|IFSC code||MICR code||Swift code|
|It is an 11-digit alphanumeric code||It is a 9-digit numerical code||SWIFT Code consists of 8 or 11 characters|
|Used in the online funds transfer via NEFT, RTGS or IMPS||Used in the faster processing or clearing of cheques||Used to facilitate international credit transfer between two banks|
|Developed by Reserve Bank of India (RBI)||Developed by Reserve Bank of India (RBI)||Approved by International Organization for Standardization (ISO)|
|First 4 characters indicate bank code, 5th character is ‘0’ & last 6 characters represent branch code||First 4 digits signify city code, middle 3 indicate bank code & the last 3 represent branch code||First 4 characters indicate the bank code, next 2 represent country code, 5th & 6th character represent location code, last 3 are optional that represent branch code|
19. What is CIF Number?
CIF stands for Customer Information File and is exclusive for each customer. it's an 11 digit number representing the file. CIF is essentially a digital or virtual file containing all the important banking details of the account holder. All the customer’s accounts are linked to at least one CIF no provided to the customer, so albeit the customer holds quite one account, he / she is going to be having just one CIF number.
The CIF no. is decoded by the bank to retrieve all the financial and private information of the customer. the knowledge generally includes details regarding loans, demat etc. and other KYC details like identity, address and photo ID. Customer Information enter short contains all the precious banking information of an account holder in digital format.
20. How to find CIF Number in State Bank of India (SBI)?
There are many ways in which a user can find the CIF Number in SBI. Below mentioned are the different online as well as offline methods to find CIF no.
For finding CIF Number SBI online the users can opt for any of the below mentioned ways:
- Net Banking
- State Bank of India Mobile app
The users can find the CIF Number offline by choosing any of the below mentioned ways:
- Cheque Book (On the first page of the cheque book)
- Pass Book
- CIF Number via SMS
- By calling SBI Customer Care- The user can also get to know the CIF Number by calling on the SBI Customer Care Number. The SBI Customer Support numbers are given below:
Frequently Asked Questions
What is the IFSC code of a bank?
IFSC which means Indian Financial System Code is an eleven-digit alpha-numeric code. It is used to identify any bank branch under the (RBI) Reserve Bank of India regulated funds transfer system.
How do I know my IFSC code?
You can find the IFSC code on the first page of the passbook or cheque book because the full address of the branch is given along with the 11-digit IFSC code. Moreover, you can visit the website of the reserve bank of India.
Are the IFSC code and Swift code the same?
No. Both codes are different from each other. IFSC code is used to transfer the money within the country but when it comes to sending or receiving money out of the country then we need a swift code.
What is an IFSC code example?
Suppose my bank name is (SBI) state bank of India and the branch IFSC code is SBIN000038 then the Foremost 4 numbers of the IFSC code represent the bank. The middle five numbers are usually zero and the last six numbers (000038) specify the branch of the bank.
Is IFSC code safe to share?
Yes. IFSC code is entirely safe and secure for transferring money. This is a unique code offered to banks for a safe transaction process. IFSC code made the process under the lock and key.
What is MICR code?
MICR stands for magnetic ink character recognition which is a nine-digit number code. MICR codes are used to process the cheques without any delay. This code enables to determine the bank branch and is part of ECS.
Is the IFSC code the same as the branch code?
No. the IFSC code is very different from the branch code. Both of the codes have disparate purposes too.
Why do we use IFSC code?
The IFSC codes are provided by the Reserve Bank of India. It has an immense role in the transaction process. Any individual can identify a bank and branch by the first four digits of the IFSC code. Moreover, The first 4 number of IFSC shows the bank and the last six numbers describes the branch.
Can I transfer money without an IFSC code?
It depends on the transaction you are making such as If You are transferring the money between two different banks then the IFSC code is a must. But in the case of transactions between the same bank, you don't need any IFSC code. You can transfer money between the same banks without the IFSC code.
How can I know my HDFC IFSC code?
All the banks nowadays have their own website where you can find almost all the details about that specific bank. You can explore the bank website and find a tool named Branch locator. You need to press on the tool and you will get the IFSC code or your branch.
What is the Difference between IFSC and MICR code?
MICR stands for magnetic ink character recognition which is a nine-digit number code. MICR codes are used to process the cheques without any delay. This code enables to determine the bank branch and is part of ECS. IFSC which means Indian Financial System Code is an eleven-digit alpha-numeric code. It is used to identify any bank branch under the (RBI) Reserve Bank of India regulated funds transfer system.
What happens if we enter the wrong IFSC code?
If you enter the wrong IFSC code, your transaction will not be successful. It will be cancelled so make sure you enter the correct IFSC code.