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  • IDFC Bank IFSC and MICR Code:

    State wise list of IDFC Bank IFSC code, MICR code and addresses of all branches in India

    Locate any details of IDFC Bank branch in India.

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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
    • 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

    • IDFC Launches Micro ATMs

      One of the youngest players in the world of universal banking, IDFC Bank is changing the definition of the physical reach of the banking system. The bank’s customer acquisition and servicing model is not branch oriented. A key tool in the bank’s strategy to target low-income customers and rural customers is a small device called a micro ATM. The micro ATM looks like a tablet at first glance, but this small device has a biometric scanner and a thermal printer, it is also Aadhaar enabled. This device will allow customers to open bank accounts, transfer funds, deposit cash, withdraw money and check account balance. This new move will save the bank a lot of money as micro ATMs come at a tenth of the cost of regular ATMs. With careful placement of micro ATMs and the feature of interoperability IDFC has been able to gain a large share of the non-urban bank market.

      31st October 2016

    • IDFC Bank hopeful rural banks will be profitable by March

      IDFC Bank, one of the youngest bank in the country, expects its branches in rural India to turn profits in the coming six months. The bank is hopeful of this because it is aggressively pushing more retail products through its still nascent network.

      The bank, which started its operations back in 2015, has been working significantly harder to increase its market share and has also acquired a number of microfinance companies to help speed up the process.

      Currently, the bank is targeting business from all rural households and is offering personal finance products like two wheeler loans, small home loans, and other savings schemes.

      Rajiv Lall, the bank’s CEO, spoke about his company’s strategy and said that with their multiple offerings they are hopeful to reach a rural customer base of over 1.4 million by the end of March 2017.

      The bank’s takeover of Tamil Nadu-based company Grama Vidiyal back in July gives it access to over 330 branches across 7 states which it will use to expand and increase its business.

      By using a unique strategy by creating micro ATMs, IDFC is planning to increase its foothold across the country.

      12th October 2016

    • IDFC Bank’s Endeavor to Meet PSL Norms to Benefit Several Microfinance Institutions

      IDFC Bank’s recent undertaking to abide by priority sector lending norms is touted to be a boon for a spate of micro finance institutions such as Bharat Financial Inclusion, Ujjivan and Janalakshmi Financial Services. Towards this sustained effort in meeting priority sector lending norms, the bank is planning on buying around Rs. 10,000 crore in rural and farm loans. The move is poised to benefit several small banks and Micro finance Institutions including Annapurna Micro finance, Utkarsh Micro Finance, Asirvad Micro finance and others as IDFC plans to buy priority sector loans from these institutions. At present, IDFC Bank on-lends to various Micro-finance Institutions and small banks. Mr. Rajiv Lall, MD, IDFC Bank in a recent statement said that the bank is currently focusing on buying PSL (Priority Sector Lending) assets from various Non Banking Financial Companies, Micro finance Companies, Housing Finance Companies, and other lending institutions that focus on commercial vehicle financing.

      7th October 2016

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