The Indian Financial System Number, or IFSC, is an 11-character alphanumeric code that identifies each individual bank and branch that accepts electronic payments.
The Reserve Bank of India (RBI) uses the IFSC Code to track electronic bank transfers. Without a valid IFSC Code, you cannot conduct electronic or online transactions for transferring money using NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement), or IMPS (Immediate Payment System).
Transferring money from one bank account to another is quick and easy with the use of an IFSC code. Every single online or electronic money transfer made via systems like NEFT, RTGS, or IMPS requires the usage of an IFSC Code.
The Reserve Bank of India (RBI) uses the IFSC code to maintain close tabs on all the financial transactions, reducing the likelihood of any mistakes occurring during the transfer of funds.
Customers may avoid making any mistakes thanks to the IFSC code, which allows for the unique identification of each bank and its individual branches.
Reducing the Likelihood of Fraud in Online Funds Transfers An IFSC code aids customers in completing the money transfer procedure safely, reducing the likelihood of any errors occurring throughout the transaction.
There are three main parts to the 11-character IFSC code:
In this case, the bank code is the first four digits.
A '0' represents the fifth digit.
The last six characters provide a unique branch code.
Check out the illustrative IFSC Code for the State Bank of India, Delhi branch, provided below.
The first four letters in the above example (SBIN0001707) denote the bank code of SBI, the fifth character is a zero, and the final six characters ('001707') denote the branch code of Azadpur, Delhi.
The Indian Financial System Code (IFSC) for one of the five largest banks in India is shown below. It's important to remember that each bank branch in India has its own unique IFSC code. Therefore, an IFSC code cannot be shared by two different bank branches.
The following are some of the many reasons why the Indian Financial System Code (IFSC) is so important:
This number is used to identify a particular bank branch, which aids clients in making error-free electronic financial transfers using NEFT, RTGS, or IMPS.
Customers who have their IFSC Codes handy may transfer money online rather than making a trip to the bank. So, it's a practical and environmentally beneficial alternative.
The IFSC code facilitates all electronic fund transfers, including bill payment.
The Reserve Bank of India uses the code to track all of an individual's internet activities, making it impossible for there to be any hiccups in the otherwise flawless process of transferring money.
When doing business internationally, why do you need an IFSC Code?
When making an online or electronic payment using NEFT, RTGS, or IMPS, the IFSC Code is required.
When making a payment online, utilising an IFSC code allows the bank and the Reserve Bank of India to keep track of your transaction in a streamlined manner.
To ensure that the correct amount is credited to the correct branch of the intended beneficiary's bank when making an international wire transfer, the IFSC code is necessary.
In order to facilitate secure online financial transfers and protect consumers from potential fraud, IFSC helps to uniquely identify each bank and its branches.
An overview of IFSC Code's many applications is shown below. It is important to remember that the IFSC code is used to direct the money transfer to the correct bank and branch.
Transferring money electronically is quick and easy with the aid of an IFSC Code. For straightforward online transactions, one must provide the beneficiary's bank account number, branch, and IFSC code.
To pay your credit card bill, you may use the IFSC code. Mobile devices, tablets, and computers are all acceptable for doing business.
The international financial system code (IFSC) is required whenever money is sent electronically or online using NEFT, RTGS, or IMPS. The Reserve Bank of India (RBI) is credited with launching the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) payment systems, while the National Payments Corporation of India (NPCI) is credited with launching the Im (National Payments Corporation of India). The three most common methods used to begin an online money transfer are the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS).
Where can I get an IFSC Code and how can I use it?
Users may look for the IFSC Code for a certain bank branch either online or at a physical location. The many options for locating the IFSC code are detailed below.
Processes Employed Via the Internet:
The Paisabazaar IFSC Code Finder
Follow these instructions to use the IFSC Code lookup website made available by Paisabazaar for its users:
Go to the site and choose your bank.
Make your selections for the state, city, and bank branch.
On the right side of the page, you'll see the IFSC Code and all the relevant information.
Users may also look for a bank using their IFSC code.
Cyberbanking and Mobile Banking
The IFSC code is available via the bank's online banking platform or the mobile banking app.
India's Central Bank, or RBI
The IFSC codes are also available on the RBI's main website (Reserve Bank of India).
Techniques That Can Be Used When No Internet Connection Is Available:
Book of Checks
The figure below shows where the IFSC code appears on the cheque leaf issued by a certain bank; the MICR no. on check (Magnetic Ink Character Recognition) appears at the bottom of the cheque.
Passbook
On the first page of the bank-issued passbook, you'll find the IFSC and MICR Code.
Internet banking IFSC code lookup instructions.
In order to look for the IFSC Code of a branch using internet banking, a user must first log in to the net banking site of the relevant bank using the appropriate User ID and Password. In the "Accounts" submenu, the user may locate the IFSC Code for the branch they want to do business with. It's important to remember, however, that every bank's online banking platform is somewhat different.
In order to process checks more quickly, they are often printed with a nine-digit code known as a Magnetic Ink Character Recognition Code (MICR). Every branch of a bank has its own MICR number, which is used to identify the institution and the specific location inside that institution that is part of an Electronic Clearing System (ECS). The three-part MICR Code, like the four-part IFSC, are as follows:
The first three numbers indicate the specific city.
There is a unique bank code in the middle three.
The last three numbers indicate the branch code.
The names and MICR codes of the five most prominent Indian banks are provided here. Keep in mind that, much like the IFSC, the MICR Code is a unique identifier for each Indian bank branch. The same MICR Code cannot be used by two different bank branches.
Full Name of Financial Institution ABA Number or MICR Number of Branch
Patna 800002006 SBI Bailey Road
Goa, HDFC Anjuna 403240035
Bangalore, India 56001-2001 Service Counter, Bank of Baroda
New Delhi, 110211036 Axis Bank, Defence Colony
c/o Canara Bank, Chandigarh Circle, P.O. Box 160015995
Cheque processing and document clearing in the banking business are greatly facilitated by MICR, or Magnetic Ink Character Recognition Code, a character recognition technique.
The code is mostly used on checks and other paper-based financial documents to verify their authenticity and legitimacy.
MICR Code is on par with IFSC, when the transfer of payments utilising NEFT or IMPS is involved
It allows bank employees using MICR readers to quickly and easily scan a check and have the information read electronically.
The Reserve Bank of India (RBI) assigns a unique MICR Code to each bank branch, which is used to facilitate faster clearing.
In what ways may an IFSC Code be used to determine a MICR Code?
Paisabazaar provides an IFSC Code search tool page where you can enter a bank's IFSC Code to look for the corresponding MICR Code. Here are the simple instructions the user must follow:
To find your IFSC Code, go to Paisabazaar's handy search page.
Just type in the IFSC code for the branch you're interested in, and then choose "Get Details."
Right-hand side of the page will show MICR code beside branch name, address, and phone number.
What are the IFSC and MICR codes on a check, and where can I locate them?
The bank's issued cheque book will display both the IFSC and MICR Code. Both the IFSC Code and the MICR Code are displayed on the check leaf, however the IFSC Code is at the top. The IFSC and MICR Code are printed on the first page of the passbook issued by the institution.
When comparing IFSC Code, MICR Code, and SWIFT Code, there are key distinctions.
Shortest Possible Code
A 11-character code consisting of letters and numbers.
It's a nine-digit number.
Appropriate for use with any electronic money transfer service, including but not limited to NEFT, RTGS, and IMPS.
For expedited check processing and clearance.
Instrumental in facilitating interbank transfers of credit across national borders
Created by India's Central Bank (RBI)
Created by India's Central Bank (RBI)
Developed and accepted by the International Organization for Standardization (ISO)
Bank codes are four characters long, followed by a zero, and then six more characters that designate a certain branch.
The first four numbers reflect the city code, the next three the bank code, and the final three the branch code.
The first four digits reflect the bank code, the following two the nation code, the fifth and sixth the location code, and the final three may be used as the branch code if necessary.
A CIF Number is a.
The CIF, or Customer Information File, is a one-of-a-kind document that details each and every one of a company's clients. A 11-digit code that identifies the file. The Customer Information File (CIF) is a digital or virtual file that contains the critical financial information of the account holder. Even if a client has many accounts, he or she will still only need to remember one CIF number since they are all tied to the same primary CIF.
All of the customer's banking and identification details may be retrieved from the bank after they decode the CIF number. Details on loans, demat accounts, and other financial services, as well as Know Your Customer information like name, address, and picture identification, are among the types of information collected. The CIF, or Customer Information File, is a computerised repository for all of an account holder's crucial financial data.
A guide to locating your CIF Number at SBI (State Bank of India).
Finding one's CIF Number in SBI may be done in a number of different methods. The many online and offline options for locating a CIF number are outlined below.
Online
Users may utilise any of the following options to locate their CIF Number SBI on the internet:
Using the Internet for Financial Transactions
Use the State Bank of India's Mobile App
Offline
In the absence of an online database, users may locate their CIF Number in one of the following ways:
Book of Checks (On the first page of the cheque book)
Ticket Book
The CIF Number Via Short Message Service
The consumer may also get the CIF Number from the SBI Customer Care Number. You may reach SBI's customer service at the numbers listed below:
The free numbers to call are: 1800-11-2211, 1800-425-3800, and 080-26599990.
When you stop by an SBI Branch
A. IFSC stands for "Indian Financial System Number," and it is an 11-character alphanumeric code used for facilitating electronic or online transfers of payments between bank accounts through NEFT, RTGS, or IMPS.
A. The MICR Code consists of 9 numbers, whereas the IFSC Code is a unique combination of 11 characters.
If a person sees the first four characters of an IFSC Code, they immediately know what bank it belongs to. The first four digits of the IFSC Code "ICIC0002634" identify it as an example of an ICICI Bank IFSC Code.
A. The RBI assigns a seven-digit identifier known as the Basic Statistical Return Code to each Indian bank that is officially recognised. While both IFSC and BSR are used to identify individual bank branches, the latter cannot be derived from the former.
A common question we hear is whether or not a CIF number and an IFSC code are the same thing.
A. The CIF number and the IFSC Code both have 11 digits, however they are used for different things. When transferring money electronically, an IFSC code is required; a CIF number, on the other hand, is a digital or virtual file comprising all the key banking data of the account holder and is used to facilitate electronic or online funds transfer through NEFT, RTGS, or IMPS.
A. An IFSC Code will lead the user to all the relevant banking information. The user only has to go to the Paisabazaar-provided IFSC Code lookup tool website and follow the outlined procedures:
Pay a visit to Paisabazaar's IFSC Code Lookup website.
Simply type in the IFSC code for the branch you're interested in and hit "Get Details."
Page Q will provide the branch's physical location, name, MICR code, and phone number. If an incorrect IFSC code is entered, what are the repercussions?
A. If the sender inputs an inaccurate IFSC code while initiating a wire transfer, the funds will be deducted from the sender's account but not credited to the beneficiary's account. If the beneficiary's account is at SBI but the wrong IFSC code was entered, the bank will do an internal settlement and credit the funds directly to the beneficiary's account. In the event that the sender's bank's IFSC code turns out to be the wrong one, the sender should fill out an application at his bank branch, providing the right IFSC number and his bank credentials and transaction ID.
The IFSC Code of a branch may be found easily on the internet. The final six digits of the 11-character IFSC Code indicate the branch code. Check out the HDFC Bank, Delhi IFSC Code as an example below.
HDFC0001563
The Connaught Place, Delhi branch code is represented by the final six digits ('001563) of the aforementioned eleven-character IFSC Code. Each Indian bank branch has its own unique branch code; no two Indian banks may share the same code.
In this FAQ, we'll show you how to look up your IFSC Code using your account number.
After the introduction of core banking, the customer's account number may stay the same even if they switch banks. Accordingly, looking up an IFSC code with an account number is now impossible. But by using the IFSC Code, customers may quickly locate the appropriate financial institution.
While an MMID (Mobile Money Identifier) is a 7-digit unique number that permits the user to conduct IMPS transactions, an IFSC (International Financial Service Code) is an 11-character unique alphanumeric code used in the electronic or online transfer of money through NEFT, RTGS, or IMPS. When opening an account, the bank will provide the MMID.
To get the IFSC Code for India Post Payments Bank, please refer to the following question and answer.
An individual may utilise any of the following methods to get the India Post Payments Bank IFSC Code:
Access the Paisabazaar Cheque Book / Passbook IFSC Code Lookup Tool
Bank on the Go/Banking Online
Can the IFSC Code ever be updated?
A. In the event of a merger between banks, yes, the IFSC Code of the surviving bank will be different.
The answer is no; the two sets of codes are not interchangeable. In international wire transfers, the SWIFT Code is utilised, whereas the IFSC Code is used domestically.
Using an IFSC Code in place of a SWIFT Code is not possible, since both codes serve distinct functions.
A. No, they can't do any damage in such instance since the primary purpose of the account number and IFSC code is to make deposits, not withdrawals.
A. Yes, in order to do an IMPS online transfer in India, you would need the bank's IFSC Code. Furthermore, IMPS allows for two distinct methods of sending funds: (1) using the account number and IFSC, and (2) using the registered mobile number and MMID. Each of IMPS's two methods for handling money transfers is available to users.
