IFSC and MICR Codes

List of IFSC code, MICR code and addresses of all bank branches in India. Find verified IFSC codes quickly to use for NEFT, RTGS & IMPS transactions.

What is Indian Financial System Code (IFSC)

It is an eleven-digit code allocated by RBI. This code will help RBI to classify the branches of numerous banks uniquely, that are also participating in the NEFT system throughout India. This code is mainly used by the electronic payment system applications including – CFMS (Centralised Funds Management System), RTGS (Real Time Gross Settlement), and NEFT (National Electronic Funds Transfer).

Like it is mentioned that this code is of eleven characters. The initial part has four alphabet characters and they mainly represent the bank, the following character is zero (0) and this kept reserved for future usage, and the last six characters will be the brand code.

How to find IFSC code

Usually, IFSC code is conveniently printed on your cheque book for NEFT enabled banks. You can also have details related to the address of the branch, bank IFSC code, and bank details for all the banks across the nation by just following a link. Here are simple four steps you can follow in order to find both the code and the branch location –

  • Make a selection for your bank (eg - HDFC Bank).
  • Make a selection for your state.
  • Make a selection for your district.
  • Choose your branch name – This will help you to find IFSC code, MICR code, address and contact number of the bank branch.

What is RBI (Reserve Bank of India)

Being a central banking institution of India, it is the authority controlling Indian currency and also the banks. It also controls inter-bank money transfer in all the banks across India via NEFT and RTGS. Established on April 1st, 1935 and nationalized in 1949, government of India owns RBI.

What are the functions of RBI

Following are the key functions of RBI
  • Authority in monetary – RBI is responsible for both monitoring and implementing the monetary policy which helps in maintaining the price stability in different productive sectors.
  • Maintain financial system – RBI enables to maintain foreign exchange and trade FOREX (Foreign Exchange) market across the nation.
  • Role of development – In order to achieve national goals, RBI operates an extensive range of development functions.
  • Currency Issuer – Reserve Bank of India is the supreme authority to issue, exchange, and destroy currency notes & coins in India.
  • Other functions – Reserve Bank of India also maintains all merchant banking account both for state and central banks.

What is RTGS (Real Time Gross Settlement)

RTGS can be defined as a fund transfer system used to transfer the money from one bank to another. This transfer system is a real time transfer system. RTGS is a system capable of performing large value transactions and there is a set amount that can be transferred i.e. Rs.2,00,000. For this transaction, there is no maximum amount limit.

What is MICR code

Magnetic Ink Character Recognition (MICR) is an advanced printing technology and it is mainly used in the printing of the alpha-numeric details. This code can be seen on the cheques and with the help of this code, the process of the cheques is easily done.

Why IFSC code is needed

Usually, the funds are being transferred off the internet, where you have to deal with a banker face to face. You will inform how much money you need to transfer and to which bank account. But, now with the advancement in the field of technology, we have noticed a major shift to online transactions and it is undoubtedly the latest trend fast catching up.

In order to make financial online transaction, now you don’t need to deal with the banker face to face. All you need to know as from where the money is coming from and where it is transferring to. You should also have the details of both the banks, IFSC codes in particular.

What are the benefits of Indian Financial System Code

There are numerous benefits of IFSC, let us get familiar with them

Allow online transactions – You no longer have to visit your local branch, to process money transfers, and stand in the long queues, wasting your precious time & energy. With IFSC code, it does not matter where you are, you can easily make transactions in any part of the world.

Fast transfer – Now, you don’t have to wait for long hours just to transfer your money. With IFSC code, the transfer is done in a matter of minutes, making the whole process more efficient. This really comes handy when you want to transfer your money quickly (eg – emergency situation).

Reduces the odds of frauds – Every branch and bank has its own unique IFSC code, making the process safe & secure. Every transaction, both small and big, will be having a starting and ending point. This will help in easy tracking of the funds.

Open around the clock – Unlike your nearest local brand, you can easily access your online bank account anytime and anywhere.

Online banking – You get to conveniently transfer funds, check your balance, and pay your bills, the credit goes to IFSC code. Indeed, it is fast and efficient.

About RTGS Coverage

This popular payment system was launched on 26th March, 2004 by RBI. At that time, it involved only four banks and currently there are over 100 banks in more than thousand branches and more than 500 clearing centers.

What is IMPS

IMPS means (Immediate Inter Bank Fund Transfer) and for this transfer you need to pay Rs.5/- per transaction via online banking or mobile banking.

How to transfer money using IMPS

If your mobile number is registered with the bank, then you receive a MMID i.e. Mobile Money Identification Number. For instance, if you are having your account with SBI bank, you will need to send an SMS – ‘MMID SBI’ to a given number from your mobile phone. You will be given a seven-digit MMID number of your SBI A/C. Every account holder will be given a unique number.

How to send money by IMPS to any inter bank account

Person to account

It is easy to transfer money to all inter bank account holder via mobile banking or online banking who are added by you as beneficiaries by making a choice for IMPS as your transfer option. The money will be immediately credit to their account.

Person to person inter bank fund transfer

In this system, you will have to share MMID of your bank and also the registered mobile number to the individual who is sending the amount to you from any bank. The money will be transferred by him to your account via IMPS. You just need two details – your registered mobile number and MMID and the amount will be transferred to your account immediately.

Is it possible to e-transfer funds

Yes, it can be done and for that you need to fulfill certain requirements. They are

It is important you have activated your bank’s net banking service.

Make sure you are registered for the third-party transactions.

You also need to register the account of the beneficiary to which you need to transfer the funds.

How to register a Third Party Beneficiary

For a third party money transfer, every bank has its own set of policies. One key thing that matters here is that the process is pretty much the same, its just that they are phrased a bit differently. For instance, let us have a look at HDFC’s procedure. Following are the steps involved –

  • You need to log in to the net banking service of the bank with the help of your ID and PIN.
  • Now, you need to make a click on Third Party Transfer tab and just follow the mentioned instructions.
  • Once you have filled out the details, get an OTP. You will receive OTP on your mobile.

Following is the process of registering the account of the beneficiary –

You need to mention the name of the beneficiary.

You need to mention the account number.

You need to mention the IFSC code of the beneficiary’s bank.

You need to mention the name of the branch.

The moment you have submitted all the above-mentioned details; you have completed the registration. Make sure you are aware of the fact that every bank has its own set time period following which you can initiate a transfer. Let us again take the example of HDFC – it takes 12 hours in order to check out the details and getting active.

What are the varied methods of transferring money using IFSC code

If you are looking to transfer money electronically using IFSC code, then you don’t have to go through perplexed steps, in fact they are quite easy. All you need is to set up first and then it is just a piece of cake. Let us discuss through different methods using IFSC code –

Via SMS – If you have the IFSC code, then you can transfer money with the help of a simple SMS. Let us see how you can do that –

First thing you need is a registered mobile number for mobile banking and it should be linked with your bank account. Let us assume if you are registering for the first time, you will have to fill up a form and you will receive a starter’s kit which will be having MMID, a 7-digit number, and a mPin. This kit is no different from the one you have received with your debit card.

First, you will have to compose an SMS and type in IMPS. Then entering the account number of the beneficiary, IFSC, and the amount you wish to send. Once you have confirmed the transaction, you will be receiving a message and this is where you need to type the mPin. When you have done this, press OK and you have successfully transferred the money.

Via App – Today, you can do everything on your smartphones. You can order food, order groceries without going to the shop, and all this can be done conveniently using their official app. Pretty much the same way, you can also transfer money to the beneficiary. In order to do this, make sure you have followed the below-mentioned steps. Make sure you have activated your net banking in order to do this.

First and foremost, you need to download the official app of your bank. You can download it easily from Google Play Store or iOS store.

The second involves entering all your details such as customer ID and password through which you will gain access to your account.

Now, you need to select Transfer funds through NEFT. If you have not already added the beneficiary, make sure you go ahead and register them for future transactions.

In order to do this, you will need to enter three things – the bank branch, IFSC code, and bank account number. Once you have submitted the form, it may take 5 minutes to 12 hours. This time varies as per the policies of the different banks. Once you have waited for the stipulated time, you are free to transfer the funds to a different account.