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.
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.
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.
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.
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.
Three provisionally licensed small banks, Capital Local Area Bank, Suryodaya and Equitas, have met regulatory requirements and are all set to roll out operations in the next few months. The banks have received their final license from the RBI and are expected to expand the competition for deposits in smaller towns against the developed ones.
The banks had to meet numerous eligibility criteria such as foreign investment limit, lending to priority sector and ticket size. The RBI had also stated that half of the loan portfolio of small finance banks should constitute loans of Rs. 25 lakh.
Increase in the number of small finance banks and payment banks is set to intensify the competition in the banking sector. Although public sector banks held more than 70% of the market as of March 31, 2016, there could be a 5-10% decline in their market share by March 2021. This is attributed to significant capital constraints, weak asset quality profile and the rise in private sector banks.
2nd September, 2016
The new set of norms formulated by the Reserve Bank of India on exposure of banks to large corporate entities has not received a favourable response. These new rules are predicted to have a definite impact on large infrastructure projects, particularly greenfield projects.
According to the new RBI norms, the incremental exposure of a bank to a specified borrower beyond the NPLL will carry higher risk, which will translate into additional provisioning and higher risk weight.
A borrower with an ASCL of more than Rs.25,000 crore during the 2017-18 banking system can only lend up to 50% of the incremental fund requirements. The remaining will have to be raised from the market or equity. For large infrastructure projects, the ability to raise funds from the market before completion of the project might not be viable due to unavailability of credit rating.
27th August 2016
The Kerala government is gearing up to launch Kerala Bank in the cooperative sector by the end of 2017. This bank will be formed after amalgamating various district and state co-operative banks with a view to take on banking companies in the private sector. To chalk out a detailed plan, the government has roped in former RBI (Reserve Bank of India) executive to head a committee.
It must be noted that the cooperative banks in the country are directly under the control of NABARD. It is estimated that there is nearly 1.35K crore NRI deposits in the state of Kerala.
22nd July 2016
The Cyber Crime department in the country has released warning to stop issuing money transfer orders via emails. This is specifically targeted towards big corporates and MNCs which generally issue money transfer orders over emails. The order comes in the backdrop of recent instances where employees got emails asking them to transfer huge amounts and which when investigated later were found to be fraud.
A Mumbai police official said that lots of people had lost their money this way where Financial Officers got emails from the CEO of their company asking for release of payment to a specific bank account.
1st July 2016
National Payments Corporation of India (NPCI), the entity that regulates and controls IMPS (Immediate Payment Services) fund transactions in our country, publicized documents that points to the ever-escalating use of IMPS (by entering IFSC Code) by the masses. The sheer number of IMPS transactions done in April and May alone this year went up by 5.34 percent, making it a net transactions of 31.09 million. Similarly Mobile Money IDs (MMID) also rose by 6.92 percent during these months.
18th June 2016
On the occasion of International Labour Day, the Employees’ Provident Fund Organisation (EPFO) launched a new facility to help employees, consolidate monies held in previous EPF account(s) by moving them to the current EPF account linked to the UAN (Universal Account Number). This facility is aimed at helping subscribers with multiple accounts to transact under one roof.
At present, there are over 90 million dormant accounts out of the massive base of 150 million EPF accounts in the country. This system facilitates transfer of balances to the new account without merging them into one. If you wish to withdraw the balance in the EPF account from the previous employer, the employee is required to provide the relevant forms (available with the employer) accompanied by a cancelled cheque, bank account number and the IFSC of the branch where the account is held.
20th May 2016
With the launch of the United Payments Interface (UPI) on the horizon, e-wallet groups are becoming wary of the challenges they may face in the near future. With UPI set to ease the transfer of money with its extensive reach and advanced technology, e-wallet players fear that they may soon become redundant if customers latch onto the UPI wave. While transferring money was possible before either through mobile wallets on smartphones or through online means by using bank IFSC codes and branch details, the National Payments Corporation of India is looking to make the UPI exclusive only to banks, leaving the e-wallet players by the wayside. With the UPI set to become available from June, customers will soon be able to transfer money as easily as sending a text message.
11th May 2016
Fewer customers are availing services from physical bank branches and the popularity of digital banking platforms is on the rise. The convenience and the quick turnaround time offered by digital or branchless banking is exceptional when compared to traditional banking at physical branches of banks. This holds true for both public as well as private sector banks.
Digital banking has several advantages to its name; few of these are enhanced efficiency, quick turnaround time, cost effectiveness, fewer banking staff and better customer satisfaction. India still has a long way to go in terms of online banking since large areas of the country remain devoid of internet connectivity. This, however, offers an even higher possibility of growth in the digital banking domain, IFSC code needed.
27th April 2016
Convenience fee, service charge and user charge levied by online payment gateways and for card payments by mercantile will be taken away after certain steps accepted by the Cabinet come into effect. Also, above a point, you have to do online payment or by cash cards. This step would bring down hard cash payment and aid tax officials get a lead on elusion. The Cabinet sanctioned numerous steps in this regard to be taken in a couple of years to increase these payment modes. Service charge is presently imposed by payment gateways and given directly to the government. The wholesaler making use of a payment gateway also recompenses a convenience fee though it is unsure if they will do the same for online money transaction using IFSC Code. All these will hopefully decrease transaction price and boost electronic payment, enabling the fiscal inclusion agenda of the current government.
4th April 2016
Business administrators and connoisseurs debated over the trials and tribulations of digital banking for organizations and regulators at Mint’s 9th Yearly Banking Conclave. The talk focused on much-needed standardization of documentation, digital security and glitches regarding connectivity. The talk was presided over by Mr. Tamal Bandyopadhyay, Mint’s Consulting Editor cum Adviser of Bandhan Bank. They also stressed on the importance and usefulness of IFSC Code in regulating electronic money transactions. One unanimous point was the need to go totally paperless to bring down expenses as well as to make banking more convenient and enjoyable for the end user. Yes, it seems we are well on the way to cashless and paperless economy.
8th March 2016