IFSC Code – Search Bank IFSC Code, All Bank Branches in India for RTGS, IMPS, NEFT, ECS Transactions. ifsccode.co is the best Bank IFSC Code Finder Portal.
Bank IFSC Code
Bank 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.
Difference Between IFSC and MICR Code?
In the banking sector, IFSC and MICR are common terms used for financial transactions such as transferring funds through NEFT, RTGS. However, many are still confused about the concept and relevance of these terms. Let’s attempt to make the distinction and the significance of both terms clear and comprehend.
🏦 IFSC Code
IFSC code represents the code of the Indian Banking system. This code normally defines all branches of the NEFT participating bank. Applications such as RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), CFMS (Centralised Funds Management System) use this code.
IFSC code used mainly for online money transfers and real-time gross settlement schemes aka RTGS, NEFT, and IMPS. IFSC code is each branch of a bank’s distinctive identity. Just as we used to have distinctive roll numbers in college, there are distinctive IFSC (Indian Financial System Code) codes for bank branches across the nation. IFSC code contains 11 unique alphanumeric characters and is assigned to the bank branch by RBI to identify each branch in India. NOTE that not all bank branches provide net banking facilities such as Gramin Bank, Sahkari Bank, and Micro Banks.
IFSC code can be used for online money transfer systems like RTGS, NEFT, and IMPS. IFSC or Indian Financial System Code is a unique identification number that is used to identify each branch of a Bank. The code is used by all the Indian banks that participate in the NEFT, RTGS, IMPS payment settlement systems. Bank name has many branches in State Name but it is very difficult to visit the bank each time. Bank Name like SBI Bank IFSC codes consists of eleven digit code which comprises of first four letters like ‘AAAA’, the fifth digit is 0 followed by the last 6 digits which represent the specific Bank and branch code. Here’s an example, the IFSC code of the Bank branch at 11, Ganesh House, MG Road, STATE (Only Test), is AAAA0007587.
MICR Code stands for Magnetic Ink Character Recognition. This can be discovered in all the upper white line checks known as the MICR band. This code can also be used for global operations. This is used to enhance transaction safety.
MICR is a very old technology used to ensure the safety and security of negotiable instruments to facilitate check processing. MICR code includes checking information such as serial number, 9 digit number. The first three digits represent the town, the next three constitute the bank, and the last three digits indicate the branch. RBI created the code to make NEFT (National Electronic Fund Transfer) quick and effective. As MICR code is written with a unique magnetic ink, fraud instances can be readily determined by the magnetic scanner check.
A typical MICR code is as: 120249053 wherein the first 3 numbers serve to identify the city code, center three identify the bank code and the last digits its branch code. 120 City Code 249 Bank code 053 Branch Code.
Search IFSC Codes
ifsccode.co team is work for help search Ifsc Code easily with branch address, Bank Phone Number and all Bank Details.
How to find IFSC Code?
- ➡️ IFSC code can be found on the cheque leaf and bank passbook of the Bank.
- ➡️ All Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s official website.
- ➡️ The IFSC code of “Bank Name” can also be found on the banks’ official website.
- ➡️ If you have access to the internet (which you surely do, if you are asking this on ifsccode.co) simply find your IFSC code on Google just by entering your bank name and branch name. For example the IFSC code of “Axis bank, Kalyani Nagar branch, Pune” at ifsccode.co
Benefits of IFSC Code
Mentioned below are some benefits of the IFS code. Have a glance.
- ➡️ It Makes money Transactions smoother – you would not need to take the trip of your agitated schedule to go to your bank or change long queues to induce the money transferred. With the assistance of IFSC, transactions are often processed worldwide and in an exceedingly few steps.
- ➡️ It races the Funds Transferring method – currently, cash transfer may be a matter of some minutes. because of on-line banking, you’ll do banking from the comfort of your home. it’s terribly useful, particularly after you have to be compelled to transfer cash on AN imperative basis.
- ➡️ It Curbs Potential Frauds – With every bank and its individual branches assigned a singular IFS code, an additional layer of security is supplemental to your transactions. because of this code, each group action gets a beginning ANd an ending purpose. Hence, it simplifies fund pursuit.
- ➡️ Fund Transfer created Easier – you’ll access your internet banking account simply at any time, anywhere.
Online Banking created potential – Paying bills, paying for AN order, or be it recharging your phone, transferring funds on-line is feasibly attributable to IFSC code. Now, you’ll embrace technology and find the most effective out of it.
What is RTGS, NEFT and IMPS Code
The IFSC code is often referred to as RTGS code or NEFT code since it is used to transfer money using RTGS. Ans. IFSC code is not the same as the branch code. IFSC (Indian Financial System Code) consists of eleven characters and is used to identify the bank and its branch. The Bank IFSC code can be used both by its RTGS and NEFT fund transfer systems. IFSC stands for Indian Financial System Code. The Payment System Software like RTGS, CFMS, and NEFT developed by its Reserve Bank of India utilize these codes. The code includes 11 Characters – First 4 figures represent the entity, the Fifth position has defaulted with a 0 for future usage, and the Last 6 character refers to the branch individuality.
This is its fastest possible bank money transfer computer system throughout the banking channel. The settlement at real-time means – payment transaction isn’t subjected to any waiting period. The transactions are – regulated as soon as they’re processed. The gross settlement means its transaction can be – settled on one to one basis without regrouping with any other transaction. Considering – which money transfer takes place in its books of its Reserve Bank of India, its – payment can be taken as final and irrevocable. Under normal circumstances, its beneficiary branches are expected to receive its – funds in real-time as soon as funds have been transferred by its remitting bank.