Find IFSC Code: IFSC, MICR Codes & Addresses of All Banks in India

Find IFSC Code – IFSC stands for Indian Financial System Code, which is a unique code composed of 11 characters includes alphabet numeric characters Find IFSC, MICR Codes, Addresses all Bank Branches in India for NEFT, RTGS, ECS

Find IFSC Code of All Banks
Find IFSC Codes of all banks

Find IFSC Code: Discover IFSC, MICR Codes, and Bank Branch Details in India

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Understanding How to Find IFSC Code

The Indian Financial System Code (IFSC) is an intricate 11-character alphanumeric identifier assigned to bank branches by the Reserve Bank of India (RBI). Essential for electronic fund transfers via NEFT, IMPS, and RTGS, this unique code is typically found in the accountholder’s chequebook or passbook.

Find IFSC Code on Cheque Book

The Anatomy of an IFSC Code

The IFSC code is carefully constructed: the first four alphabetic characters represent the bank, the fifth is always a zero (reserved for future use), and the last six characters signify the specific branch.

Significance of IFSC Code

  • Unique Identification: Simplifies the identification of specific bank branches.
  • Error Elimination: Reduces discrepancies during fund transfers.
  • Streamlined Electronic Payments: Integral to tools like RTGS, IMPS, and NEFT.

Format of Bank IFSC Code

For instance, in the SBI IFSC Code “SBIN0011569”, “SBIN” denotes the State Bank of India, “0” is the fifth character, and “011569” indicates the branch code.

Mechanism of IFSC Code

Each participating bank branch in NEFT and RTGS systems has a unique IFSC code. For example, Find IFSC code for SBI’s Sector 31, Gurugram branch is SBIN0011569, where “SBIN” is the bank code, “0” is a placeholder, and “011569” is the branch code.

Finding IFSC Code

Find IFSC Code Accountholders can find their branch’s IFSC code on their passbook or chequebook. For those without an account, the IFSC code can be located via the bank’s official website or third-party websites like PolicyBazaar.

Understanding MICR Code

Magnetic Ink Character Recognition (MICR) code, another essential banking identifier, consists of 9 digits that verify the legitimacy of cheques and other documents. Found at the bottom of cheques, this code accelerates cheque processing and ensures security in fund transfers.

Difference Between IFSC, MICR, and SWIFT Codes

While Finding IFSC code facilitates domestic electronic transfers, the MICR code simplifies cheque processing, and the SWIFT code, an international standard, enables global fund transfers.

Customer Information File (CIF) Number

The CIF number is an 11-digit identifier storing all pertinent details of a bank customer, such as KYC information and loan records, in a digital format.

Registering a Third-party Beneficiary

To register a beneficiary for third-party fund transfers, customers must log into their bank’s online portal, provide beneficiary details including the IFSC code, and confirm with an OTP received via mobile or email.

Modes of Online Money Transfer Using IFSC Code

  1. NEFT (National Electronic Funds Transfer): Transfers funds in batches, with 12 settlements between 8 am and 7 pm on weekdays, and 6 settlements on Saturdays. The transfer limit may vary by bank.
  2. RTGS (Real Time Gross Settlement): For high-value transactions, with a minimum amount of ₹2 lakh. Funds are transferred in real-time, usually within 30 minutes.
  3. IMPS (Immediate Payment Service): An instant fund transfer service operational 24/7, requiring the beneficiary’s bank details and MMID code for mobile transactions.

Steps for NEFT Transfer

  1. Ensure your bank branch is NEFT-enabled.
  2. Register for net banking and add the beneficiary’s details.
  3. Initiate the fund transfer after the beneficiary is approved.
  4. Confirm the transfer with an OTP.

Advantages of IFSC Code in Fund Transfer

With the IFSC code, online transfers become swift and secure, simplifying processes like purchasing mutual funds or insurance online.

E-Transfer of Funds

Modern banking has made e-transfers hassle-free. Register for net banking, add the beneficiary’s details, including the IFSC code, and initiate transfers either via a banking app or SMS.

Unified Payment Interface (UPI)

UPI, developed by NPCI, enables instant fund transfers via IMPS infrastructure. Users create a UPI PIN for secure transactions, operable online and offline, beyond banking hours.

Find IFSC CODE BY BANK

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Find IFSC Code FAQs

  • RTGS code? It’s part of the IFSC code for real-time settlements.
  • Is IFSC code the same as branch code? No, IFSC includes the branch code but also other identifiers.
  • Difference between NEFT and RTGS? NEFT is batch-processed; RTGS is real-time.
  • Cheque needed for NEFT? Not necessarily; details can be provided online.

In conclusion, understanding and utilizing IFSC, MICR, and CIF numbers effectively can enhance the ease and security of financial transactions in India.

IFSC Codes FAQs:

Q1. Are IFSC codes the same for all branches of a bank?

A1. No, each branch of a bank has a unique IFSC code.

Q2. Can I find the IFSC code on my checkbook?

A2. Yes, the IFSC code is typically printed on the checkbook, along with other essential details.

Q3. How long does it take for an NEFT transaction using the IFSC code to be processed?

A3. NEFT transactions are typically processed in batches, with settlement occurring every half-hour.