What is an IFSC code?

Indian Financial System Code (IFSC). It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service, an interbank electronic instant mobile money transfer service (IMPS), and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI). The code has eleven characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.

MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.

Find an IFSC code

Select one of the banks, states, district, and branch and get your IFSC code with MICR 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.

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.

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.

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 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. The image below can help you understand better

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:

  1. You can call the branch over the phone and ask the IFSC Code
  2. As said before, you can find it on the chequebook or passbook given by the bank
  3. 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
  4. 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 drop-down 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 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).

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-

BASSEIN CATHOLIC COOPERATIVE BANK LIMITED

  • MAHARASHTRA