Reserve Bank Of India IFSC code & MICR code
State wise list of Reserve Bank Of India IFSC code & MICR code.
Reserve Bank of India or RBI introduced the electronic fund transfer scheme allowing customers to transfer money from one account to another electronically. It is an inter-bank fund transfer system, where RBI is the connecting link between the remitter bank and the recipient bank. Two main modes of electronic fund transfer are National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) followed by most banks under RBI's guidance.
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Reserve Bank of India (RBI) IFSC Code
RBI has assigned unique alpha-numeric codes to all branches of banks participating in NEFT/RTGS. The code referred to as the Indian Financial System Code (IFSC) contains 11 characters. The significance of an IFSC code is that it identifies the originating as well as the destination bank and routes the transaction instructions to the appropriate branch of the bank, in an online electronic fund transfer. There are three parts in an IFSC code, the first part of the code is the first four characters that represent the name of the bank. The second part or the fifth character of the code is zero (0) and is the control element of the code. The third part is the last six characters which is either numeric or alpha-numeric and is code for the bank's branch.
RBI also has a self-assigned IFSC code that is used to identify its branches. For instance, the IFSC code of 'Pad Bhopal' branch of the Reserve Bank of India in Bhopal, Madhya Pradesh is RBIS0BLPA01. 'RBIS' is code for Reserve Bank of India, while the last 6 characters 'BLPA01' is the branch identification code. The fifth character is zero (0).
How to Search for IFSC and MICR Codes for Reserve Bank of India (RBI)?
RBI IFSC and MICR codes can be found on external websites or directly by visiting the branch of the RBI. BankBazaar is one of the websites that carries all necessary information of all branches of banks that are a part of the NEFT/RTGS network. Upon clicking on the tab 'Bank IFSC Code', you will get a window asking to enter the name of the bank, either from the list given below or a drop-down menu. Similarly, you will have to fill in the state, district and the branch of the bank. The result displayed will have the specific branch's IFSC code, MICR code, address and contact number.
How To Transfer Fund with RBI Using NEFT and RTGS?
Using this payment system, banks can send funds to other banks anywhere in the country. National Electronic Fund Transfer is a safe, secure and efficient mode of money transfer and is processed by RBI itself. RBI clears the NEFT transactions on an hourly basis. The transactions are cleared in twelve settlements on weekdays between 08:00AM to 07:00PM and in six settlements on Saturdays between 08:00AM to 01:00PM.
NEFT Charges
Beneficiaries are not charged for making inward transactions, however for outward transfers, the remitter should pay the following charges:
Transaction Amount | Fee Per Transaction |
Upto Rs.10,000 | Not more than Rs.2.50 |
Above Rs.10,000 to Rs.1 lakh | Not more than Rs.5 |
Above Rs.1 lakh to Rs.2 lakh | Not more than Rs.15 |
Above Rs.2 lakh | Not more than Rs.25 |
RTGS at RBI
Banks can use RTGS to transfer high value transactions. RTGS is the fastest mode of electronic transfer as it happens real time. Real Time Gross Settlement implies that the transactions are processed real time as in as soon as a transaction request is raised. The settlement is also cleared individually and not in batches and hence it is referred to as 'gross' settlement.
There is no fee for inward RTGS transactions but for outward remittances, for amounts between Rs.2 lakh to Rs.5 lakh, the remitter has to pay not more than Rs.30 per transaction and for transactions above Rs.5 lakh, the remitter has to pay not more than Rs.55 per transaction.
About Reserve Bank of India (RBI)
Reserve Bank of India commenced its operations in 1935 by taking over the functions performed by the Imperial Bank of India, Controller of Currency, Government account management and public debt. RBI has its central office in Mumbai and is completely owned by the Government of India. RBI holds the control over circulation of currency related amendments as well as operates as the highest governing body of the financial facet of the country. RBI is one among the few companies to function as a schedule bank as well as be actively involved in the electronic banking services.
FAQs on RBI IFSC Code
- What is the code number of Reserve Bank?
Reserve Bank of India code is ‘RBIS.’
- What is IFSC code of RBI?
RBI’s IFSC code is RBIS0GOPNEP.
- Are MICR and IFSC codes equivalent?
An 11-digit alpha-numeric code called the IFSC is used to specifically identify each bank branch taking part in the RBI-regulated money transfer system. For the purpose of transferring money through cheque, banks and bank branches are identified in the ECS by a 9-digit unique code called MICR.
- What does the IFSC code serve?
For bank branches that support online money transfers, a special 11-digit alpha-numeric code called the Indian Financial System Code is used. On the National Electronics Funds Transfer (NEFT) network, the code is used to identify the bank branch.
- Is the 11-digit IFSC code?
An 11-digit alpha-numeric code called the IFSC is used to specifically identify each bank branch taking part in the RBI-regulated money transfer system. For the purpose of transferring money through cheque, banks and bank branches are identified in the ECS by a 9-digit unique code called MICR.
- Is there ever a zero IFSC code?
The fifth character in the code is always a 'zero' and is set aside for usage in the future. For example, the NEFT or RTGS employ the IFS code to forward, route, or directly send messages to the destination banks or their corresponding branches.
- What occurs if you enter the incorrect IFSC code?
The bank will not process the transaction if the IFSC Code is entered incorrectly. Either physically visiting the bank or using the internet are the only two ways to transfer money to a friend's or family member's bank account. Nowadays, most people favour sending and receiving money online.
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