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.
or Browse IFSC codes from Banks Listed Below
IFSC, short for Indian Financial System Code, is simplifying modern banking from what was once a purely paper based system. From challans to net banking, from long queues at the teller’s to fund transfers in mere minutes, banking today is an amalgamation of various helpful technologies and accountable yet simplified procedures that is far removed from the traditional systems of old. In this regard, the concept of IFSC Codes, at least in the context of Indian banking, is absolutely the simplest, yet most path breaking update in recent times. Indian Financial System Code (IFSC) is fundamentally important when it comes to online money transfers, ergo, it plays a key role in almost every India based financial transaction happening over the limitless expanse of the World Wide Web today.
|• State Bank of India||• HDFC Bank||• Indian Bank|
|• Axis bank||• Canara bank||• ICICI Bank|
IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
In simple terms, IFSC, short for Indian Financial System Code, is an alphanumeric code that is used to identify the particular branch of a participating bank in either of the popular electronic funds settlement options in India, namely RTGS and NEFT. The standard IFSC Code is a 11 character entity, with the first four characters representing the bank’s name, the fifth character is ‘0’ (Zero) and is reserved for future use, with the final six numeric/alphabetic characters represent the specific branch of the bank. This code is crucial when monies are transferred online from one bank to another across the length of India, as it helps the proper identification of the bank branches involved and avoids costly and time consuming mistakes.
IFSC Codes play an important role when money is transferred from one account to another through methods such as IMPS, NEFT and RTGS. All these options are fundamentally concerned with inter-bank money transfer but perform this task in different ways. The common thread amongst these varied options is the bank IFSC codes system- the hypothetical plaque that identifies a bank branch as a confirmation to the incoming monies that the same has been routed to the correct destination. Compare this to a cattle rancher and his/her massive flock of cattle. Without a branding system, identifying individual members of the herd and accounting for all of them will be next to impossible.
The full form of MICR is Magnetic Ink Character Recognition technology. The primary need for this innovation is to authenticate the originality and legality of paper based documents in the banking system and is majorly used on cheques. In terms of their real-world importance, MICR stands on par with IFSC where transfer of funds using NEFT or IMPS is concerned.
MICR code imbibes the cutting-edge character recognition technology that is used by banks to authenticate the clearance of cheques and other such documents. MICR code itself can be seen placed on the bottom strip of the cheque and includes such details as the bank code, account details, cheque number and amount, alongside a control indicator. The principal advantage of this system is that unlike similar concepts like barcodes, MICR can be easily distinguished and read by humans.
Abbreviation of Indian Financial System Code, is a code that is used to identify all participating banks under the NEFT system. It is basically 11 digit alphanumeric code that is different for each bank and its affiliated branch.
Of the 11 digits in an IFS Code, the first four characters identify the bank branch, the fifth character remains a zero by default, while the remaining 6 characters represent a particular bank branch.
For example, let’s take the code: SBIN0005778. Going by the code and running a quick search on google, we can deduce that this IFSC code is addressing State Bank of India branch located in Mahatma Road, Bangalore.
MICR stands for Magnetic Ink Character Recognition. This code can be seen in all cheques and can be located at the bottom of every check. The reason for introducing MICR code was to enhance and improve security with regard to transactions. It is basically a 9 digit number.
Of the 9 digits on an MICR Code, the first three digits represent the city, the next three signifies the bank, while the last three specifies the bank branch. This code is written in magnetic ink and can be identified using magnetic scanners.
Here’s an example of what an MICR code might look like: 560002033
In this example, 560 represents the city, which, in this case is Bangalore. The next three digits 002 is the bank code, while the last three digits, 033 is the branch code.
To sum it up, we can safely say that while both IFSC and MICR codes help serve the same agenda, they also reduce the clout that can often derail a massive banking system such as the one India has.
IFSC codes are the basic unit of any online inter-bank money transfers in India and the surefire way to validate all such transactions. With the correct knowledge of IFSC codes, sending and receiving money online becomes simple and fast, as intended. Many resources are available online that help you find IFSC code for the particular requested bank. And let’s face it- you are only likely to check upon the same when affecting an online transaction. In the similar vein, BankBazaar offers a comprehensive tool to help you indulge in a speedy and accurate IFSC Code search. How to access and utilize this tool? Read on…
As has been noted before, wherever there is transfer of monies through the online media in India, the principle of bank IFSC codes is definitely part of the play. Some of the popular online money transfer systems that utilize IFSC codes at the operational level include NEFT, RTGS and IMPS.
The full form of NEFT is National Electronic Fund Transfer and quite as the name specifies, it concerns with the transfer of funds from one bank account onto another. This is a popular money transfer system in India that is equally popular amongst individuals as well as the corporate houses. Herein, IFSC codes must be suitably provided to ensure that money is accountably transferred from one bank account to another.
RTGS is acronym for Real Time Gross Settlement and as the name suggests, is a popular option for the speedy transfer of funds (also securities) from one bank to another, without subjecting the same to any waiting period. The operative words here are ‘Real Time’ (transactions happen instantaneously) and ‘Gross’ (refers to the fact that the monies aren’t subject to any deductions and/or expenditures). Herein again, IFSC codes act in a similar way as in the case of NEFT- helping to correctly identify the participating bank branches.
The Superman of the online money transfers world, IMPS, short for Immediate Payment Service is a relatively new option in India (founded, November 2010). The USP of this service is that money can be transferred instantly, 24x7 and across all popular Indian banks, through the service available on the subscriber’s mobile phone, ATM or through the internet. This system is reputed for being very safe, fast, economical and not restricted in terms of the maximum amount that can be transferred.
If you know your way around banking transactions, you are already aware that there are two main forms of fund transfer.
When you are dealing with the old-school ‘going-to-the-bank’ way, you don’t have the need to register a beneficiary. But the electronic method is a bit different and a lot more secure too.
So, how do you go about transferring funds to an individual, who has explicitly requested you to transfer funds with the help of technology?
Well, don’t fret over the details if you don’t already know it because you will learn all that you need to in this page.
To do that though, you need to meet a few requirements. They are:
Nearly every bank in India follows its own policy with regards to a third party money transfer. One thing worth noting here is that the process remains more or less the same except that they are phrased a bit differently.
For example, let’s take a look at how HDFC Bank procedure. The steps involved are:
Here’s how to register the beneficiary’s account:
Once you have submitted the details, your registration is complete. However, what you should know is different bank has different time periods after which you can make your first transfer. For instance, in HDFC Bank’s case it takes 12 hours for the details to check out and get active.
There you have it. Registering a beneficiary’s account is a cakewalk as long as you possess the basic computer literacy. Besides, registering them is highly beneficial for you as it saves a trip to your local bank branch.
Transferring money electronically with the help of IFSC code isn’t as hard as it seems. In reality, it’s quite simple once you have set it up. In this page, we will deal with transferring money through various modes with the help of IFSC Code.
Smartphone apps are literally everywhere these days. Want food, order it through an app and you will get your delivery within a few minutes. Want groceries, order them through an app and have them delivered within the same day. This way, our day-to-day life has integrated itself with apps and you can use one to transfer funds to a beneficiary.
Here’s how you can do it in a few basic steps. To do this however, you need to have your net banking system activated for your account.
That thing you thought was obsolete can actually help you transfer money if you have the IFSC code. Here’s how you can do so with an SMS.
To be able to do this though, you need to have registered your phone number for mobile banking by linking it to your bank account. If you are registering for the first time, you need to fill a form after which you will receive a starter’s kit which will include an MMID (a unique 7 digit number) and mPin. This kit you receive is similar to the one you get with your debit card.
Sending the money through this is quite simple. First you need to compose an SMS and type in IMPS, followed by the beneficiary’s account number, IFSC, and the amount you want to send. After confirming the transaction, you will receive a message wherein you have to type in your mPin. Press okay after entering the pin and you will have successfully transferred the money.
These are the two of the simplest ways through which you can electronically transfer money with the help of an IFSC code.
Unified Payment Interface (UPI) is basically a new payment architecture introduced by Reserve Bank of India under the leadership of former governor Raghuram Rajan along with support from tech scion Nandan Nilekani. In short, UPI is being referred to as a next-generation payment method which is expected to leverage the growing power of smart phone technology and the proportionate rise of smart phone users in the country. It enables making money transactions between any two bank accounts with the help of a smart phone. While the UPI payment method allows payments through online and offline, like net banking and card swipes, it is a lot more seamless and sophisticated at the same time.
A lot of the above discussions have centered on the common bank cheque. This mainstay of the banking world is an amalgamation of a number of components that help to authenticate its genuinity and allow us to attach our complete faith in its applicability. The primary components of a typical bank cheque are illustrated as follows,
Find IFSC Code in a Bank Cheque: On a typical bank cheque, the IFSC code is compulsorily listed though the location of the same on the cheque leaf will differ from bank to bank.
In our example image: we are displaying the location of the IFSC code on a HDFC Cheque.
Locating Cheque Number: Displayed in a typewritten font at the bottom of the cheque in special font style. This is primarily used for tracking the cheque and for other administrative purposes.
Find MICR Code in a Bank Cheque: This is displayed next to the cheque number on cheques offered by all banks in India.
Both Cheque number and MICR Code are displayed in a unique font and ink, and the latter can only be picked up by a Magnetic Character Ink Reader.
The full form of IFSC is Indian Financial System Code.
IFSC or Indian Financial System Code is an alphanumeric code that is used to identify a bank branch. It is required to transfer money from one bank account to another using electronic fund transfer modes such as NEFT, IMPS and RTGS.
No, it is not possible for anyone to misuse your bank account just through the bank account number.
It is very easy to find the bank name using IFSC code. The first four characters of IFSC code represents the bank name. So, if the bank name is ICICI, then the IFSC code will look something like ICIC0001420.
MICR stands for Magnetic Ink Character Recognition. It is a special ink that is sensitive to magnetic fields. It is printed on the bottom of a cheque.
MICR is a technology that helps in verifying the originality of cheques or other paper documents. It is used mainly by banks to process cheques faster. The MICR code helps RBI in identifying the bank branch.
You can transfer money from one bank to another online in the following ways:
NEFT – You can login to your net banking account or bank’s mobile application and transfer funds to another bank account using NEFT (National Electronic Funds Transfer). NEFT transfers take place in hourly batches. To transfer funds using NEFT, you have to first add the receiver as a payee in your account. You can do so using the ‘Add Payee’ option. To add a payee, you need to know the name and bank account number of the receiver. You have to also know the IFSC code of the receiver’s bank.
RTGS – It stands for Real Time Gross Settlement. You can use this facility in the same way you transfer money using NEFT, but here the money will be transferred on a real time and gross basis. After logging in to your net banking account or bank mobile application, select RTGS instead of NEFT while transferring funds. The minimum amount of money that you can transfer using RTGS is Rs.2 Lakhs and the maximum amount that you can transfer is Rs.10 Lakhs per day.
IMPS – It stands for Immediate Payment Service. Using this service, you can transfer funds instantly from one account to another using mobile phone. You can also use this service via net banking. Here, you can transfer money using MMID/ Bank Account number and IFSC code of the receiver.
UPI – UPI stands for Unified Payment Interface. It allows you to transfer money using a Virtual Payment Address (VPA). To transfer money using UPI, you need a smartphone with the UPI enabled mobile application of your bank or BHIM app downloaded on it. You do not need to know the bank details of the receiver. You will only need his/her VPA or mobile number. If the receiver has a non-UPI account, then you can transfer money on the BHIM app using his/her bank account number and IFSC code.
No, IFSC and SWIFT code are not the same. IFSC is used for transferring funds within India while SWIFT code is used for transferring funds at an international level. IFSC stands for Indian Financial System Code and SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. SWIFT is a bank identifier code and IFSC is used to identify a specific bank branch. IFSC code consists of 11 characters and SWIFT code consists of 8/11 characters. 8 character SWIFT code is used for identifying the primary office.
No, if the location of a bank’s branch is changed, then the IFSC code will not change. If the bank account is shifted from one branch of the bank to another, then yes the IFSC code will change.
No, IFSC code is not the same as branch code. IFSC code has 11 characters out of which the last 6 characters is the branch code. A branch code is a number that is a part of the IFSC code and is used for identify a bank branch. IFSC code can be used to transfer money using various electronic payment modes. You cannot transfer funds using just the branch code.
If you enter the wrong IFSC code while transferring funds, then it is very likely that the transaction will fail and the money will be credited bank into your account.
IFSC code is generally present on the top part of every cheque leaf or near the branch address.
IFSC code is required for IMPS only if you are transferring money using bank account number and IFSC code and not through MMID. If you do not have the receiver’s MMID, then you have to add him/her as a payee, for which you will need his/her details such as bank account number, name and IFSC.
MICR code is printed on the bottom part of every cheque leaf.
Yes, IFSC code is a unique alphanumeric code.
As per RBI, NEFT is available from Monday to Friday from 8 AM to 7 PM. On Saturdays, the service is available from 8 AM to 1 PM. It is not available on the 2nd and 4th Saturday.
No. The usually 15 digits long savings bank account number doesn’t include the bank’s IFSC code. This code can easily be obtained from a cheque leaf (refer the image in an earlier section), or checking out the BankBazaar IFSC Code Finder from top of this page.
Don’t worry. In order for a NEFT transaction to go through and benefit the intended recipient, you need the latter’s account number and the corresponding bank’s IFSC code. However, if you err and supply the wrong IFSC code, the system with tally against the recipient's name and account number to identify the mistake and refund back your money. The refund should safely arrive in your account in a couple of hours at the maximum.
Yes. And this is a directive from the Reserve Bank of India (RBI) actually. It is a must that banks print the associated MICR and IFSC codes prominently on the pass books, account statements and cheques as issued by them. You can easily find these details, printed prominently, in the aforementioned documents.
In order to open a bank or post office account, quoting Permanent Account Number or providing details in Form 60 has been made compulsory. This is applicable for all accounts regardless of whether it falls into a no/frills category or a Jan Dhan account, said the Income Tax Department.
In the meantime, banks will have to provide details of deposits in accounts between 1 April, 2016 and 31 December, 2016. Details of all financial statements including Form 60 of the account holders or Permanent Account Number will have to be submitted by 31 January, 2017.
As per recent amendments in the Income Tax Rules, for any new account PAN number will have to be provided. In case the individual does not have a PAN number, he/she will have to submit a filled up Form 60 and provide that to the bank. Individuals who have not submitted either should furnish the same within the 28th of February, 2017.
17th January 2017
Paytm, the leading Digital payments provider, has been granted the final approval of the Reserve Bank of India to formally initiate its payments bank. It is expected to kickstart operations in a period of month. The parent company of Paytm, One 97 Communications, said it’s preparing to fuse its wallet service with the payments bank.
Any PayTM money will be transferred to the Paytm Payments Bank Limited even as the mobile wallet business will turn into a part of the new company. The process is automatic, and the user doesn’t need to do anything. This is applicable for other banks too, who shall have their wallet businesses aside from their conventional banking operations.
There will be no change in the structure and functioning of the PayTM app itself. The user experience will remain the same. Users can continue to use it to pay for taxi, fuel, food, utilities etc. the exact same way. What will change is the wallet business, that is poised to get transferred to the new company – which the latter will keep running as it does today.
Users can opt to open an account with the new payments bank of the company – which will give them a bank account number, cheque book, debit card etc. If the user opts not to open an account, the Wallet will keep working as it is. The company provides and prompts the option to open an individual account. Users will earn an interest amount on their money if they choose to open this new payments bank account.
Payments Bank differ from a conventional bank in a number of ways. For starters, a payments bank is not allowed to lend or provide advance to its customers. It is able to issue cheque books and debit cards, but not credit cards. Unlike in the case of usual banks, there is a limitation on the money users can deposit in their account. For instance, users cannot keep over Rs 1 lakh in the Paytm payments bank as of now. These banks aim at providing fast and basic banking services to the people at the bottom of the economic ladder. In other news, Airtel is reportedly launching its own payments bank.
16th January 2017
The demonetization of higher value currency has forced the government to introduce multiple digital payment methods. The finance ministry has directed public sector banks to restrict fee on payments made through IMPS and UPI for NEFT fund transfer of over Rs.1000. The RBI’s new norms have directed banks to charge an additional fee and service tax for EFTs, while USSD transaction of Rs.1000 and above will receive discounts of Rs.0.50. The banks shall not charge fees for transactions settled on IMPS and UPI compared to the rates charged for National Electronic Funds Transfer (NEFT) for transactions for Rs.1000 and above.
21st December 2016
The state government wants all transactions to be made cashless in the Public Distribution System (PDS). There are 1.48 crores ration card holders and 51,363 PDS shops. The customer should have an MMID, mPIN, mobile number, IFSC code, and a bank account number connected to the Aadhaar number for cashless transactions. The announcement that transactions as less as Rs.50 will turn cashless, has caused alarm among the less privileged, most of whom barely know how to use a cellphone. Faced with strong opposition from both customers and shopkeepers, Nilima Dhayagude, Deputy Commissioner of Pune division’s PDS department, hopes that training people to handle the new system will subdue the opposition. There are 14 lakh cardholders, out of which 10 lakh cardholders regularly purchase food from PDS shops. However, going cashless for PDS beneficiaries can make it more complex.
9th December 2016
Following demonetisation, Paytm has registered an increase in number of users and transactions. In keeping with the regulatory requirements, One97 Communications, the parent company of Paytm has separated its e-commerce business from its payments business. Paytm is preparing to merge its wallet service with the Payments bank once Vijay Sharma, founder of the Payments bank, receives regulatory approval. The central bank has granted an 'in-principle Payments bank license’ to Sharma, who holds a 51% share in the Payments bank, with the rest owned by One97 Communications.
A spokeswoman for Paytm said that as per the directions of RBI, the company will transfer its wallet business to Paytm Payments Bank Limited after receiving regulatory approvals. Paytm recently came under scrutiny due to the speculation that Chinese e-commerce giant, Alibaba will make an entry into Indian e-commerce sector through the Paytm marketplace.
5th December 2016
The Reserve Bank of India (RBI) has directed all banks to stop the exchange of the demonetized Rs.500 and Rs.1,000 currency notes for the new Rs.500 and Rs.2,000 currency notes. These exchanges will only be possible at counters of the RBI. Earlier individuals could exchange up to Rs.2,000 in old currency notes at banks for the new ones. Individuals may still deposit the old currency notes into their bank accounts till the 30th of December and withdraw their money through ATMs. The current withdrawal limit remains unchanged at Rs.24,000 per week per bank account. ATMs will dispense a maximum of Rs.2,500 per day per card, but many of the ATMs have not been recalibrated to dispense the new Rs.500 and Rs.2,000 currency notes. Utility bill may be paid with the old currency notes till December 15th, 2016. The RBI has doubled the limit of digital transactions to Rs.20,000 p.m.
25th November 2016
With the recent demonetizing of the Rs.500 and Rs.1000 notes banks will be working around the clock to ensure that customers can exchange these notes for the new Rs.500 and Rs.2000 at the earliest. Arundhati Bhattacharya, the Chairman of India’s largest lender State Bank of India (SBI) said that it is unfazed by this decision as it has dealt with a similar situation earlier and is familiar with the procedures involved. The Reserve Bank of India (RBI) has ramped up production of the new notes and is making efforts to provide ample amounts of these new notes to banks by 10th of November. Banks remain closed on Wednesday to withdraw the old Rs.500 and Rs.1000 notes from their counters and ATMs.
9th November 2016
The Reserve Bank of India (RBI) has directed all banks to dedicate 10% of their ATMs to dispensing Rs.100 note denomination in light of the requirement by customers for this denomination. This project comes after a review by RBI to check the steps taken by banks to install lower denomination dispensing ATMs, in this review the RBI uncovered that very few banks were taking steps to set up ATMs to dispense lower denomination notes, including Rs.100 notes.
2nd November 2016
A little over a week ago, Reserve Bank of India, under the helm of new governor Urjit Patel introduced a repo rate cut of 25 basis points to help the slowing markets. This move is expected to highly beneficial for real estate developers because a lower repo rate means that banks can borrow from the RBI at a much lesser cost. Also, as long as the banks decide to pass on the rate cut benefit, prospective home buyers are likely to get a relatively lesser interest rate on their new home loans.
Another important advantageous development for builders is that the rate cut happened when a massive festive season is approaching. This has enabled them to come up with clever offers to complement the rate cut so as to attract more customers to their offerings.
14th October 2016
Experts in VISA believe that Indians could make savings of upto Rs 70,000 crore by 2021 by decreasing the some logical reasoning to support the claim. Firstly the cost of cash is quite high due to time consumed, resources and effort. Also the cash infrastructure, increasing cost of cash withdrawals, logistics are to be saved on if people are more open to digital transactions.
5th October 2016