IDFC Bank IFSC and MICR Code:

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IDFC Bank IFSC Code:

IFSC codes or Indian Financial System Code is an 11 digit alphanumeric code that is utilized by Reserve Bank of India to identify banks and their branches throughout the country. This is usually done via NEFT or National Electronic Funds Transfer. Through this code, funds can be transferred from one bank to another through the identification of source and destination of banks.

IFSC codes are unique to banks and their branches. These codes can also be decoded by following the pointers given below -

  • Out of these 11 digits, the first four digits refer to the bank’s name.
  • The last six digits represent the branch of the bank and are unique to each branch.
  • The fifth character is a ‘control’ character and is 0.

For example, IDFC Bank’s IFSC code for the Residency Road branch in Bangalore is IDFB0080151. Decoding this would mean that:

  • IDFB refers to the name of the bank, i.e. IDFB.
  • The fifth character is 0 as it is a control character.
  • The last 6 digits, i.e. 080151 identifies the branch which is this example is Residency Road.

How to Search for IDFC Bank IFSC and MICR Codes?

IFSC and MICR codes are found both online and offline.

IFSC & MICR codes are usually found in the cheque book that has been given by the bank. This unique code can also be found on the account passbook.

If customers wish to search online, then they will be able to find the code on the website of Reserve Bank of India or on the official website of IDFC Bank and other third party websites that cover these topics.

One such website that provides extensive information regarding IFSC codes for IDFC Bank is BankBazaar. Customers need to only go to the main page, scroll down to the bottom and click on the link that says ‘Bank IFSC Code’. Customers will be taken to a page wherein they will have to select the bank and the branch that they wish to procure the IFSC code for and automatically the results will be displayed. Customers will also receive information regarding the MICR code for the bank along with other contact details.

IDFC Bank provides customers with various options to safely transfer their funds from one bank to another or different branches of the same bank. The processes used are RTGS and NEFT.

National Electronic Funds Transfer (NEFT):

A frequently used option, National Electronic Funds Transfer was started in India in 2005. This facility allows customers to transfer their funds easily and securely through electronic messages. However, NEFT is not real time but is still quite popular. Customers can either transfer money through the IDFC Bank’s website or by visiting one of the IDFC Bank branches.

Real Time Gross Settlement (RTGS):

Another popular method of fund transfer is the Real Time Gross Settlement. As the name suggests, this method of transfer ensures that money is transferred immediately and can also be transferred overseas. This method is generally chosen while transferring large sums of money and there is not usually no upper limit on the amount to be transferred.

For further details regarding this, customers will have to contact the bank directly.

An Indian Bank which is headquartered in Mumbai, IDFC started its operations in October of 2015. Reserve Bank of India provided IDFC with a universal banking license and in November, the bank was listed on NSE and BSE.

News Related to IDFC Bank IFSC Code
  • ePayLater Ties up with IDFC Bank to Provide UPI-based Digital Credit Card

    To provide instant digital credits for financial transactions online as well as offline by making use of BHIM UPI, ePayLater has tied up with IDFC bank. ePayLater is using a machine learning algorithm to carry out a real-time credit assessment by tapping into data such as social media information, digital platform etc.

    In order to use the facility offered by ePayLater, users first need to follow the steps mentioned below:

    ? Download the app

    ? Go to ‘Profile’

    ? Click on ‘Set up ePayLater UPI’

    ? Select the ePayLater ID SIM

    ? In doing so, the ePayLater UPI handle is generated

    To make payments, users can simply on the checkout page select UPI, enter the ePayLater UPI handle and complete the transaction.

    28 May 2018

  • Now, IDFC Gives Credit Facility for BHIM UPI Users

    IDFC Bank has entered into a partnership with ‘ePayLater’ in an effort to extend digital credit facilities to all those who carry out transactions using the BHIM UPI interface’s ‘ePayLater’ platform, which offers the ‘Buy Now, Pay Later’ facility.

    This facility can be used by both merchants and businesses. This feature will function just like a regular credit card and there is no need to go through a long application process. There is a 14-day interest free period that will be given out to the customers who make use of this facility, from the date on which the purchase is made, to make a settlement and pay the outstanding bill.

    The BHIM UPI interface is a unique digital payment feature that has been coined by the National Payments Corporation of India (NPCI). Payments can be made without keying in the bank account number or the IFSC code using this method.

    This ePayLater platform promises to give the user a smooth checkout experience and there will be no need to pull out a physical credit card during any type of payment process. The app can be downloaded from Google Play Store and it is likely to be made available on the Apple platform as well in the near future.

    21 May 2018

  • ePayLater Enters into a Partnership with IDFC Bank

    In a bid to introduce instant credit through BHIM UPI, ePayLater has entered into a partnership with IDFC bank. The partnership is aimed at allowing merchants which accepts UPI payments to start accepting transactions through ePayLater as well. The partnership will allow customers of ePayLater to use the credit facility in making payments at outlets which accepts UPI or BharatQR payments.

    Aurko Bhattacharya, the co-founder of ePayLater has stated that the partnership with IDFC bank will enable ePayLater customers to make payments at any UPI enabled merchant outlet. It needs to be mentioned that IDFC bank which will act as an issuing bank for UPI payments will get a share of the merchant discount rate that merchants will pay. The chief operating officer of IDFC bank said that the partnership was in line of creating unique use cases for BHIM UPI in places where UPI has never been used before.

    9 May 2018

  • Insta-redemption in IDFC Cash Fund

    An insta-redemption facility is being launched by IFDC AMC under the aegis of the IDFC Cash Fund. With this new feature, all investors can avail their redemption amount through their respective bank accounts. Through this, customers can update their IFSC codes in order to avail the insta-redemption services without any hassle. Money will be transferred to the savings bank account of the respective customer. Funds will be transferred through IMPS and it will take only a few minutes for the funds to be transferred from the cash fund account to the savings account.

    7th September 2017

  • IDFC Bank launched Aadhaar Pay

    IDFC Bank has become the India’s first bank to launch Aadhaar Pay app. The app enables merchants and individuals to transact without the need of cash, credit and debit cards. Besides, the user is not required to access his/her bank account or remember account numbers, etc. By seeding the Aadhaar to the bank account, a user can make and accept payment by using the Aadhaar number and validating the transaction through a biometric scan. IDFC Bank is planning to provide the biometric scanners to the merchants while they are getting on-boarded. The bank is also targeting at getting more merchants on-boarded as soon as possible to offer these services across 16 states that were announced earlier. Aadhaar Pay has the potential to replace the other modes of payments since it is more simple and efficient. Following the demonetization of higher value currency notes in India, the government has introduced various alternative methods to carry out cashless transactions. Aadhaar Pay is part of the initiative towards the dream of a cashless economy.

    8th March 2017

  • IDFC Bank launches Aadhaar Pay

    IDFC Bank has taken the lead in launching Aadhaar Pay Service. The Aadhaar Pay will enable individuals to make payments by using their Aadhaar number and authenticating the transaction by using their fingerprint. This is a major step towards financial inclusion and a step closer to the dream of digital India. IDFC Bank has launched the Aadhaar Pay Service across 16 states in India and looking forward to onboard as many merchants as possible in the coming days. Following the demonetization situation in India, the government has introduced various alternative methods of payment. Aadhaar Pay is one of the best methods of cashless transaction where the individual is not required to carry any debit/credit card. The Aadhaar Pay will also provide an option to send a payment to pre-registered user names. Considering the fact the India now has increased number of Aadhaar card holders compared to before, the payment system will help in cashless transaction throughout the urban as well as rural areas of India.

    7th March 2017

  • IDFC Bank rolls out Aadhaar Pay for digital payments

    The IDFC Bank has announced nationwide launch of IDFC Aadhaar pay. This initiative will help individuals to transact digitally without the use of cash, credit or debit cards. Aadhaar pay is developed by IDFC Bank in association with the Unique Identification Authority of India (UIDAI) and National Payments Corporation of India (NPCI). This app enables the merchants to accept payments from clients by using the Aadhaar details. A customer needs to provide the Aadhaar number and the fingerprint scan will work as the password. The customer won’t require performing cash, debit or credit card transactions anymore. The Aadhaar pay is all set to replace the existing methods of transaction. A merchant needs to have an Android smartphone, Aadhaar pay app, and a biometric scanner to accept payments from customers. The customer doesn’t require to deal with any of the complexity, they can visit the merchant, provide Aadhaar number that is linked to the bank account, and verify the details by providing a fingerprint scan. This will help India in becoming a cashless economy.

    26th December 2016

  • Cashless Merchant Solution launched by IDFC Bank

    An Aadhaar linked Cashless Merchant Solution has been launched by IDFC Bank today. This technology allows retailers to initiate digital payment through their smart hones. IDFC Bank has developed Aadhaar Pay that has been launched by the government in association with NPCI and UIDAI. IDFC Aadhaar Pay will help merchants in providing cashless purchase facility to their customers. People who do not have a phone can also make payments digitally if they have linked their Aadhaar numbers to their bank accounts. This app will not charge any transaction fee from the customers or the merchants.

    26th December 2016

  • IDFC Bank sets up cashless transactions at local market

    IDFC Bank facilitated Kukatpally retail market in Hyderabad with cashless payments. The system is based on the Aadhaar biometric authentication system and uses a microATM for doing transactions. Customers to the market were given tokens of various denominations to make their purchases, once the market closed at the end of the day sellers and traders submitted to tokens to the microATM counter. The total monetary value of tokens submitted by sellers to the microATM counter was deposited to their respective bank accounts. This initiative was to ease the stressed sales vendors have been facing since the recent demonetization of the Rs.500 and Rs.1,000 currency notes. The system showcases the features of cashless transactions and the biometric authentication system of the Aadhaar card.

    18th November 2016

  • IDFC hopes to acquire 6 million customers by 2020

    One of the youngest banks in the country IDFC which has had a good amount of success for the past 12 months has set a target of taking on 6 million customers by March 2020. Rajiv Lall, the bank’s Managing Director and CEO explained that this target was set as it is achievable and a personal aspiration. If the bank acquires 6 million customers by March 2020 that will make it among the top 5 banks in the country. The bank is looking at acquiring 5 million low income customers and 1 million affluent customers. The bank presently has approximately 1.5 million customers a large portion of which were got through its acquisition of Grama Vidiyal Micro-Finance.

    2nd November 2016

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