IFSC CODE
List of IFSC Code, MICR Code and Addresses of all Banks in India
Find IFSC Code for Banks in India
IFSC Codes By Popular Banks
BANK OF INDIA Code
BANK OF INDIA IFSC Code
AXIS BANK IFSC Code
Axis Bank IFSC Code
What is an IFSC Code?
IFSC is an acronym for Indian Financial System Code. IFSC code is a unique eleven-digit number which is a combination of alphabets and numerals. It is used to transfer funds online for NEFT, IMPS and RTGS transactions. Usually, this code can be found on the chequebook provided by the bank. It can also be found on the front page of the accountholder's passbook.
The IFSC code of each bank branch is assigned by the Reserve Bank of India. Internet banking transactions for transferring funds, using NEFT, IMPS and RTGS, can't be initiated without a valid IFSC or Indian Financial System Code.
Generally, there isn't any change or update in the 11-digit IFSC code. Recently, the State Bank of India changed the Indian Financial System Code of its branches all over the nation after the merger with five associate banks and 1 other bank.
How to know the IFSC Code?
IFSC search is simple. If you have an account with any branch of any bank, you will automatically get to know its IFSC as it is printed on the passbook.
However, if you want to know the code without creating an account, you can do so via the Internet. There is an official website of IFSC that can be used as an IFSC code finder.
How does IFSC CODE work?
Electronic funds transfer in India is facilitated by an alpha-numeric code called the Indian Financial System Code (IFSC Code or IFSC). This code exclusively recognises each bank branch which participates in the two main settlement and payment systems in India, namely, National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS).
IFSC code is an eleven-character code that is assigned by the Reserve Bank of India (RBI). The first portion of the code is composed of four letters representing the bank. Next character is zero that is reserved for future use. The last 6 characters are the identification code of the branch.
Let's take an example:
IFS Code of State Bank of India (SBI) starts with letters 'SBI'. As there are a lot of banks with several branches, you can search bank by IFSC Code that is involved in the transaction.
IFS codes are vital while carrying out payment transactions including RTGS, NEFT transfers. Like, for SBI, the IFSC Code will be SBIN0011569 for the branch located in Sector 31, Gurugram.
The Importance of IFSC code
The points mentioned below highlight the importance of this code.
Unique Identification- It is easier to identify or search bank by IFSC code.
Elimination Errors- It helps to eliminate any discrepancy in the fund transfer process.
Electronic Payments Made Easier- This code is used in electronic payment tools such as RTGS, IMPS, and NEFT.
Format for Bank IFSC Code
In an IFSC code, the first four characters are alphabets which denote the bank name. Hence, the code of each branch of the same bank will begin with the same four letters. The fifth character is zero.
The remaining six characters are digits or numbers which denote the branch code. This is the part which makes an IFS code unique.
| A | B | C | D | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|---|---|---|---|
| Bank Code | 0 | Branch Code | ||||||||
How to search for the IFSC Code of a Bank's Branch
Abbreviated as Indian Financial System Code, IFSC is an 11-digit alphanumeric code that is used to identify the bank branches that participate in various electronic monetary transactions like NEFT or RTGS. One can find the IFSC code either in his/her bank passbook or on the chequebook.
One can do IFSC search of any bank branch by visiting the official website of a bank or by calling on their helpline number. For instance, if you want to know HDFC bank South Delhi branch code:
- You can call the branch over the phone and ask the IFSC Code.
- As said before, you can find it on the chequebook or passbook given by the bank
- You can find IFSC codes on RBI's official website as well. It is mentioned with the list of banks participating in the RTGS/NEFT network
- Apart from the above, third-party websites like PolicyBazaar.com also help you find the required information.
For instance: To get the IFSC code of HDFC Bank, visit HDFC bank IFSC page of PolicyBazaar.com.
Click on the tab 'Search HDFC Bank code by Branch':
- Make the relevant selection by clicking on the dropdown menu and enter the required details like state, district, branch.
- Once you submit this information, the entire details of that bank branch will appear in front of you.
What Is a MICR Code?
MICR is an acronym for Magnetic Ink Character Recognition. Primarily, this innovative technology authenticates the legality and credibility of paper-based document(s) in the banking database. It can be found on cheques. MICR is at par with IFSC as far as the security of a fund transfer is concerned.
MICR code is a product of highly advanced Character Recognition Technology (CRT) used by banks to verify cheques for clearance. MICR technology is used for other bank documents as well. A MICR code is placed at the bottom of a cheque.
It includes details such the bank code, account details, amount, and cheque number, alongside a control indicator. The biggest advantage of MICR technology is that it stands out among similar concepts, such as barcodes, as MICR can be read and distinguished by humans very easily.
Locate IFSC Code and MICR Code on a Bank Cheque
What is IFSC code and how to locate it on a cheque?
Definition: IFSC (Indian Financial System Code) is an 11-digit alphanumeric code that helps to identify different bank branches that deal with online fund transfers either via NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service) or RTGS (Real Time Gross Settlement).
The starting 4 digits of the IFSC signify the bank's name, followed by a 0 (the 5th digit) and the last 6 digits stand for the branch of a bank.
You can also find the IFSC code on the top of a cheque leaf near the bank account number.
What is MICR and how to locate it on a cheque?
Definition: MICR stands for Magnetic Ink Character Recognition and is a 9-digit code that identifies the bank branches that are taking part in an ECS (Electronic Clearing System). MICR code is especially needed if you are filling up different financial forms such as SIP forms, etc. as it helps in faster clearance of cheques.
The starting 3 digits of the code signify the city code, the next 3 digits (the middle ones) stand for the bank code and the last 3 digits represent the code of the branch.
You can easily find the MICR number at the bottom of your cheque leaf, printed adjacent the cheque number (on the right-hand side).
Pro Tip: Always verify both IFSC and MICR codes before initiating any banking transaction to ensure smooth processing and avoid any delays.
Difference between IFSC Code, MICR Code and Swift Code
As monetary transactions are not limited to financial institutions like banks, thorough verification is necessary before processing a transaction. To make the process faster, simpler and automatic, banks and other financial institutions rely on certain codes. These codes, namely, MICR, IFSC, and Swift Code play a significant role in verifying the authenticity of a transaction. However, there is a difference between the usage of all these codes.
Let's gather a clear understanding of all 3 and learn how they differ from each other:
| IFSC Code | MICR Code | Swift Code |
|---|---|---|
| It is used to facilitate electronic money transfer between the banks in India. | MICR code is initiated to make cheque processing simpler and faster. | This code is used to provide the facility of international fund transfer between 2 banks. |
| IFSC is an 11-digit alpha-numeric code | MICR is a 9-digit code | Swift code has 8 to 11 characters. |
| The first four characters indicate the name of the bank. | The first three digits represents the city code where the bank branch is located. | The first four characters of this code represent the bank code. |
| Last 6 digits represent the bank location. | Last three digits indicate the bank branch code. | The last three characters are optional and represent the branch code. |
| This code is developed by the RBI (Reserve Bank of India). | This code is also developed by RBI (Reserve Bank of India). | This code is approved by ISO (International Organization for Standardization). |
What is Customer Information File (CIF) Number?
CIF is Customer Information File number that contains the account holder's valuable banking information in a digital format. CIF is a unique 11-digit number that provides the bank all the information about a bank customer such as KYC details, Loans, Demat etc. This unique number is assigned to every file of every bank customer.
Offline Method
- You can check it on the first page of your chequebook
- If you have SBI Bank Account, then CIF number may be given on your bank's passbook
- You can also visit the nearest branch to know your CIF number by providing your bank account number
- You can also call at their customer service number and ask the same
- You can also get it through SMS services
Online through Net Banking
- Log in to the State Bank of India's website
- Select the account statement option and enter the dates
- Select "view"
- Click on "Go"
- It will take you to your Account Summary page where you can check your CIF number, MICR Code, and IFS code
- You can check the same on view PAN details and nomination details
- You can also check it through SBI Anywhere App
How to Register a Third-party Beneficiary?
Process of Registering a Third-Party Beneficiary:
Majorly, every bank in India has its policy regarding a third-party fund transfer. However, the method of third-party fund transfer remains the same for every bank, except they are presented a bit differently.
Let's look at the process to register a third-party beneficiary:
Enter your customer ID and PIN and log-in to the online banking service of the bank.
Click on 'fund transfer' option. You will be directed to a new page.
Go to request tab, you will see an option to add a beneficiary. Click on that option.
Enter the recipient's account details:
- Name of the Beneficiary
- Account number
- Beneficiary Bank's IFSC Code
- Bank Branch
After filling all these details, click on the 'submit' button.
Once the registration is complete, it takes a certain amount of time for the service to activate. Once done, you can then transfer funds.
After the beneficiary is added to your account, you will have to enter the description and amount that you want to transfer to the beneficiary's account.
Once you are done with that, select the option of communication detail i.e either mobile or email.
Based on the option you choose, you will receive an OTP either on your registered mobile number or on the email ID.
After the verification of the OTP is completed, your funds will be transferred to the beneficiary's account.
Modes of Online Money Transfer Using IFSC Code (Detailed Info About NEFT, RTGS, IMPS)
There is no denying the fact that almost everyone in our circle is dependent on online payment modes and most certainly, you too are no exception. This online trend is supported by a plethora of options – thanks to the digitization of monetary transactions.
The convenience of transferring funds online has certainly made our lives much easier. Almost, every other bank provides multiple payment options such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), etc.
Based on different parameters, such as the speed of transfer, the transaction value, service availability, etc. each of the above-stated payment transfer methods will offer a diverse range of features and flexibility. Although these payment methods have their own set of benefits, yet they come with their varied flexibility and convenience for the customers.
Method of Online Transfer
- →Login to your net banking
- →Add beneficiary details
- →Select transfer mode
- →Enter amount and remarks
- →Verify and confirm transfer
The RTGS Option (Real Time Gross Settlement)
RTGS transfer is meant for high-value funds transactions. The minimum amount that can be transferred through RTGS is Rs 2 Lakh. There isn't any cap on maximum transfer. As this transfer takes place on a real-time basis, the individual to whom the amount is being transferred to will receive the amount in approximately 30 minutes.
The RTGS service works from 9:00 am to 4:30 pm on weekdays and 9 am to 2 pm on Saturdays.
The procedure to use RTGS Service is same as NEFT. You simply need to make sure that you as well as the beneficiary's bank accounts are RTGS-enabled, and you have the IFSC code of his/her bank branch.
RTGS is a bit costlier than NEFT, wherein a transfer of Rs 2 Lakh to Rs 5 Lakh may have a fee of Rs 30, whereas the transactions above Rs 5 Lakh may cost you Rs 55.
The Immediate Payment Service (IMPS)
IMPS is an instant fund service and works 24*7. It can be used 365 days a year to transfer funds to any other bank account. This service was introduced in 2010 by National Payments Corporation of India.
You don't have to register separately for IMPS service – once you are logged into your net banking account, you will get the option of transferring your funds either by NEFT, RTGS or IMPS. You can choose the IMPS option to avail the service.
Once again, you will need the beneficiary's full name, her/his bank account number and IFS code to complete the transfer. In case you are transferring funds through the mobile app of your bank, you would also need MMID (Mobile Money Identifier) code for IMPS.
MMID is a 7-digit number issued by the bank for IMPS service if the individual is using mobile banking as a beneficiary. Also, while conducting IMPS through mobile, there isn't any need of the beneficiary to get registered.
The charges for using IMPS is decided by the banks. However, usually, the charge for fund transfer up to Rs 1 Lakh is Rs 5, and for a transfer between Rs 1 Lakh and Rs 2 Lakh is up to Rs 15.
Comparison of Transfer Methods
NEFT
- • No minimum limit
- • Bank-specific maximum limit
- • Batch processing
- • Lower transaction fees
RTGS
- • Minimum ₹2 Lakh
- • No maximum limit
- • Real-time settlement
- • Higher transaction fees
IMPS
- • No minimum limit
- • Bank-specific maximum limit
- • Instant transfer
- • Available 24x7
How can one Transfer Money with IFSC Code of the Bank?
With IFSC Code, online money transfer has become easier and hassle-free. RBI has assigned these codes to the bank branches to perform NEFT, RTGS and IMPS fund transfer easily. To know how IFSC works while transferring money, let's take an example here. The IFSC code of HDFC saket, New Delhi branch is HDFC0000043.
Here, the first four digits identify the bank, which is HDFC Bank.
The 5th digit is always 'Zero'.
The remaining 6 characters 000043, helps Reserve Bank of India (RBI) identify the branch of the bank.
Let's know how IFSC works during a transaction. When a fund transfer is initiated, one must provide the bank account number and the IFS code of the payee. Once the remitter provides all the necessary information, the fund is transferred to the account of the beneficiary with the help of IFSC Code in a smooth way. Fund transfer with IFSC code takes only a few minutes from the time of initiation.
IFSC also can be used at the time of purchasing mutual funds or insurance through Net Banking. As the National Clearing Cell of Reserve Bank of India monitors all transactions, IFS Code helps RBI to keep a track of various transactions and execute fund transfer without any hassle.
How to e-transfer Funds?
Nowadays, most of the people opt for some or the other online process to transfer fund from one account to another. The process of e-transfer of funds is not only simple but it is also hassle-free. Moreover, it saves you from the trouble of going to the bank and standing in a queue to transfer funds. You just need to follow a few simple steps to successfully transfer your money from one account to another. Let's look at these steps.
First and foremost, to avail the online services offered by your bank, it is important that you get yourself registered for the bank's net banking services.
You will need to register the recipient account as a beneficiary for third-party transactions. (Note that, beneficiary refers to the third party from a different bank than yours)
You will be required to add the beneficiary account and the recipient bank's IFSC code.
Different Methods of Fund Transfer with the Help of IFSC Code
The online process of fund transfer with the help of IFSC code is not that difficult as it seems. To the contrary, it is simpler and hassle-free. While processing fund transfer from one account to another, IFSC code is key information that facilitates the transfer. However, there are different methods of transferring funds with the help of IFSC code. Let's look at these methods.
Through App:
Almost every smartphone has apps these days. You can make the most of your bank's apps available in google play/Appstore. Moreover, you can also initiate fund transfer through an app. Here are a few basic steps that you need to follow to transfer fund through a particular bank app.
First and foremost, you need to have an activated net banking system for your account.
Download the net banking app of your bank.
Open the app; enter the login PIN or credentials, like the customer ID and password to open your account.
Choose the option of fund transfer; you will see various options of third-party fund transfer like:
- • Between My Accounts
- • Within Bank
- • Instant Transfer to Other Bank-IMPS
- • To Other Bank- NEFT
- • Via Visa Card
- • Via Special Payment
Choose the NEFT option of fund transfer.
In case, you have not added the beneficiary, then first them by entering the name of the beneficiary, bank account number, and the IFSC code of the respective bank branch.
Once you completed the process of registration, it will take around 5 minutes- 12 hours to activate the beneficiary account for money transfer. This time to link the accounts generally depends upon the bank policy.
Once the beneficiary account is linked to your account, you can easily initiate an instant money transfer to the beneficiary's account.
Through SMS:
You can also transfer money through the SMS process with the help of an IFSC code. Let's look at how you can transfer fund through SMS.
To transfer money through the process of SMS, first, you will need to link your mobile number to your bank account by registering your phone number for mobile banking.
In order to register, you will be required to fill a form, after which a starter kit will be sent to you which will include a unique 7-digit number i.e. MMID and mPin.
Once you get yourself registered, you will be required to create an SMS and type IMPS along with the beneficiary details like beneficiary name, account number, IFSC of the beneficiary bank and the sum amount you want to transfer.
Once you confirm the transaction, you will receive a confirmation message when you will have to enter your mPin.
Press ok after entering the mPin, and the fund will be transferred to the beneficiary account.
So, with these methods, you can easily transfer funds to the beneficiary account with the help of an IFS code.
What is Funds Transfer Through UPI?
An RBI regulated entity, National Payment Corporation of India (NPCI), has developed an instant payment system known as the Unified Payment Interface (UPI). UPI operates over IMPS infrastructure and allows instant transfer of money between any two bank accounts. In case you are registering with the service for the first time, you'll need to create a 4-6 digit UPI PIN (Personal Identification Number).
You will have to enter the UPI PIN to perform all UPI transactions. UPI payment method allows fund transfer offline and online. Moreover, irrespective of the bank's working hours, an individual can instantly transfer funds anytime.