Fincare Small Finance Bank IFSC code & MICR code

BankBazaar is one such website where information about bank IFSC and MICR codes can be found. This information can be found on the IFSC main page, where the user will have to fill in data in the drop down menus that are displayed.

How to Send Money using Fincare Small Finance Bank IFSC Code

Money can be sent using IFSC code without any hassle through IMPS, RTGS and NEFT. To initiate a money transfer request, the following information will be required:

1. Account number of the beneficiary/payee
2. IFSC code
3. Bank branch
4. Type of account held and name of payee as mentioned in the bank account

Immediate Payment Service (IMPS)

IMPS is one of the most preferred forms of money transfer because the funds reach the payee in a matter of minutes. Apart from this, the other advantage is that this service can be availed on all 365 days in a year, including holidays.

Real Time Gross Settlement (RTGS)

RTGS is a type of fund transfer system where the money reaches the payee in 'real time'. This mode of payment is prefered generally because of the speedy nature of settlement when compared to NEFT.

National Electronic Fund Transfer (NEFT)

NEFT is also a country-wide system of sending and receiving money. Here, money transfers are settled in certain hourly batches by banks. The service will not be available outside working hours and bank holidays.

What do you mean by an IFSC Code?

The Indian Financial System Code (IFSC) is a unique alphanumeric code assigned to each bank branch participating in the electronic fund transfer system. This eleven-character code is essential for uniquely identifying the bank branch during electronic transactions such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service).

Example of a Fincare Bank IFSC Code:

FSFB0000001 - IFSC Code for a Fincare Bank branch in Bengaluru, Karnataka.

This code can be used for online fund transfers via NEFT, RTGS, and IMPS to any Bank of Baroda account. 

The first four letters, FSFB, represent the bank's name, i.e., Fincare Bank.

The fifth character, ‘0’, is reserved for future use.

The last six characters, identify the specific Fincare bank’s branch

What do you mean by an MICR Code?

The Magnetic Ink Character Recognition (MICR) code is a distinct set of nine numbers printed at the bottom of a bank's cheque. This number enables the streamlining of cheque processing through automation. Every MICR code is unique to a specific bank branch, ensuring rapid and precise recognition for the sorting and clearing of cheques. These codes are created with magnetic ink and are designed to be read by machines, allowing for quick processing using the high-speed MICR scanners. 

Example of a Fincare Bank IFSC Code:

560775002 - MICR Code for a Fincare Bank branch in Bengaluru, Karnataka.

This code can be used for online fund transfers via NEFT, RTGS, and IMPS to any Bank of Baroda account.

The first three characters ‘560’, represent the city code.

The next three characters ‘775’, represent the bank code.

The last three characters represent the branch code.

Significance of IFSC Code:

The Indian Financial System Code (IFSC) plays a vital role in the following ways:

1. This code uniquely identifies the bank and branch where the beneficiary account is held, ensuring accurate and timely fund transfers, and minimizing errors or delays.

1. The IFSC code facilitates a variety of online transactions, including bill payments, insurance premium payments, EMIs, tax payments, and more. It also supports e-commerce transactions and fund transfers to friends and family, providing a seamless banking experience.

1. This code helps to track and monitor transactions, reducing the risk of fraud or misappropriation of funds. Additionally, the Reserve Bank of India (RBI) uses IFSC to oversee and regulate all electronic transactions in the financial system, promoting transparency and accountability in the banking sector and protecting consumer interests.

Significance of MICR Code:

The significance of MICR code is as follows:

1. The MICR code is printed in a machine-readable format. This helps in quick and correct identification of the originating bank branch.

1. The MICR code is secure, machine-readable and this helps prevent fraudulent activities, adding an extra layer of protection to financial transactions and preserving the integrity of the banking system.

1. The use of magnetic ink in the MICR code enhances document durability, ensuring that the encoded information remains legible and reliable even after frequent handling and wear.