Federal Bank IFSC code & MICR code
State wise list of Federal Bank IFSC code & MICR code.
The Federal Bank IFSC Code can vary depending on the specific branch location. Each branch of federal Bank has a unique IFSC code that is used for electronic fund transfers, including NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement).
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Federal Bank IFSC Code
With the advent of wireless money transfers, sending cash electronically can be done at the click of a few buttons. Customers can avail of the NEFT (National Electronic Funds Transfer) or the RTGS (Real Time Gross Settlement) services provided by Federal Bank to send cash through a secure and hassle-free medium. When using either of these services, customers would have to enter an unique code known as IFSC code, of the receiver's bank for the payment to be processed. A service introduced by the Reserve Bank of India, this code is issued to all banks in the NEFT network. The purpose of the code is to regulate transfer of funds and identify both the source as well as the destination banks in the transactions.
IFSC codes are alphanumeric, which means they consist of both alphabets as well as numbers. They have 11 characters, the first four of which are the bank's name. The next character is always zero, and it is left for later use. The last six characters denote the specific branch, with these characters being numeric. Each bank branch has its own unique IFSC code. For example, the IFSC code for a Federal Bank branch in Indiranagar in Bangalore city is FDRL0001535. Here, the first four characters 'FDRL' represent the name of the bank, the fifth character is zero, while the last six characters '001535' represent the Indiranagar branch, which is located in Bangalore, Karnataka.
How do I Search For Federal Bank IFSC & MICR Codes?
You can find a bank branch's IFSC code on the Federal Bank website. The code will also be printed on the cheque books issued by the particular bank branch. You can also find the IFSC code on websites like BankBazaar. Simply go to the BankBazaar homepage, click on 'IFSC Code' at the bottom of the page, and input the bank name, district, state and branch in the columns provided. The particular branch's IFSC and MICR codes would be generated instantly, along with other contact information like the branch's address and phone number.
How do I Transfer Funds Using Federal Bank NEFT & RTGS?
It is extremely easy and convenient to transfer funds using NEFT & RGTS. These services make transfer of funds a quick and seamless process. Given below are the ways you can use these services.
NEFT (National Electronic Funds Transfer)
The NEFT facility is available at Federal Bank from Monday to Saturday on an hourly basis during business hours. You can also use this facility through FedNet, Federal Bank's online banking service from 8:00 am to 6:30 pm. However, this service will not be available on the second and fourth Saturdays of every month.
NEFT is an efficient and safe way to transfer funds with the added advantage of the transfers being cleared on the same day. In case of a bank holiday, the funds would be transferred on the next working day. There is also no limit on the amount of money you can transfer at a given time. This makes NEFT a favoured method of fund transfer nowadays.
Federal Bank charges a fixed amount for this service, with the details mentioned below:
- For amounts up to Rs.10,000, the NEFT charge is Rs.2.50 for each transaction.
- For amounts between Rs.10,001 and Rs.1, 00,000, the NEFT charge is Rs.5 for each transaction.
- For amounts between Rs.1, 00,001 and Rs.2, 00,000 the NEFT charge is Rs.15 for each transaction.
- For amounts of Rs,2, 00,001 and above, the NEFT charge is Rs.25 for each transaction.
The above rates are not inclusive of service tax.
RTGS (Real Time Gross Settlement)
The RTGS service allows fund transfers from one bank to another electronically. This facility allows for quick and safe online money transfer to the receiver's account. Transfers made using this facility are irrevocable and final. RTGS transfers are made in 'real time', which implies the money is transferred immediately. In case of multiple transactions, each transaction will be processed separately.
Electronic fund transfers through RTGS have a minimum transfer amount of Rs.2 lakh and no maximum amount. Federal Bank provides RTGS services from Monday to Saturday during banking hours at its branches. You can also avail this facility using FedNet from 8:00 am to 4:30 pm. Given below are the charges for this facility:
- For amounts between Rs. 2 lakh to Rs. 5 lakh, the bank charges Rs. 25 for each transaction.
- For amounts above Rs.5 lakh, the bank charges Rs.50 for each transaction.
The above rates are exclusive of service tax.
About Federal Bank
The Federal Bank, originally known as the Travancore Federal Bank, is a private commercial bank headquartered in Kochi, Kerala. The bank was established in the year 1931 as the Travancore Federal Bank. In 1947 the bank became known as Federal Bank and it currently has over 1250 branches spread across a majority of states in India. It has recently started operations in the United Arab Emirates. The bank offers its customers the best banking services by providing loans, lockers, deposits, and fund transfer facilities, in addition to many other services. Federal Bank was the first Indian bank to offer an electronic passbook to its customers, which was accessible through their mobile app, FedBook. They are pioneers in digital banking services in India, launching an app for account opening as well as a chat facility for its customers.
FAQs on Federal Bank IFSC Code & MICR Code
- How to find the IFSC code of Federal Bank offline?
You can find the IFSC code of Federal Bank offline at the cheque book and on the front page of your Federal Bank passbook.
- Where can I find IFSC code of Federal Bank of the Fed mobile app?
You can find the IFSC code of Federal Bank on the Fed mobile app at the ‘Find IFSC’ section.
- What happens if the IFSC code is wrong?
The transaction is typically cancelled when the IFSC is incorrect because the details don't match. However, if another customer of the bank branch with the incorrectly entered IFSC has the same account number, the online transaction would still go through.
- Can we transfer money without IFSC code?
Bank accounts cannot be identified without the IFSC code, making it impossible to transfer money between banks. Money can still be transferred without using an IFSC code inside the same bank, though.
- Is IFSC code and SWIFT code are same?
No. IFSC code and SWIFT code are different. The key distinction between the two terminologies is that IFSC is required for domestic fund transfers while SWIFT code is required for international fund transfers. Companies intending to invest abroad may run into the term Swift Code as a result of globalisation and the rising number of individuals living abroad.
- What is the format of IFSC code?
The IFSC is an 11 digit alpha numeric code, the first four of which identify the bank, the fifth of which is a numeric (kept at 0), and the last six of which identify the bank branch.
- How can I get my Federal Bank account details offline?
You can get your Federal Bank details at your bank passbook.
- Is Federal Bank a private bank?
No. Federal Bank is one of the major private sector banks headquartered in Kerala.
News about Federal Bank IFSC Code & MICR Code
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Federal Bank has introduced UPI Lite for small value digital transactions across the country. It is a simplified version of UPI which helps in catering to the increasing demand for efficient as well as faster small value payments.
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