aids in distinctly identifying a certain bank branch
assists in removing mistakes from the fund transfer procedure.
utilized for all types of electronic payments, including NEFT, RTGS, and IMPS
What is IFSC Code?
For online fund transfers made through NEFT, RTGS, and IMPS, a special 11-digit alphanumeric number called the Indian Financial System Code (IFSC) is utilized. The bank's issued check leaf will have the IFSC code on it. The bank receives the IFSC codes from the Reserve Bank of India (RBI). In addition to the cheque leaf, the bank's and the RBI's official websites both list the IFSC code.
The IFSC must be typed in order to start the transfer if you are using online banking to send money. Banks do not alter or update the IFSC code unless there is a merger.
Difference Between the IFSC Codes for Banks and Credit Cards
The bank's IFSC code differs from branch to branch in this scenario. However, a certain bank's credit card IFSC code will be consistent throughout the nation.
In the table below, some of the banks' credit card IFSC codes are listed:
Punjab National Bank
State Bank of India
Magnetic Ink Character Recognition Code (MICR)
To identify a certain bank branch that is a component of the Electronic Clearing System (ECS), which is used to routinely clear checks, Magnetic Ink Character Recognition (MICR) is a 9-digit code. This code is printed on the passbook that is given to the account holder as well as on the cheque leaf that the bank issues.
The first three digits of the nine-digit number are used to specify the city, the next three digits are used to specify the bank, and the last three digits are used to specify the bank branch. For instance, "700002021" is the MICR code for the SBI branch in Kolkata. Here, the first three digits (700) are used to describe the city, the next three digits (002) are used to specify the bank, and the last three digits (021) are used to specify the bank branch. Cheques are generally processed and cleared by machines using the MICR code. The 9-digit number helps to reduce mistakes in the clearing process, speeds up the procedure, and improves the security and safety of processing checks.
The fundamental component of every online interbank money transfer in India is the IFSC code, which also serves as a reliable method of verifying all such transactions. Sending and receiving money online is made simple and quick with the proper understanding of IFSC codes, as was intended.
Online resources abound that might assist you in discovering the IFSC code for the specific bank that you are looking for. And let's be honest, you are only likely to check this while making an online purchase. In the same spirit, BankBazaar provides a thorough tool to assist you in engaging in a quick and precise IFSC Code search.
The detailed process to search for an IFSC code on BankBazaar.com is provided below:
Scroll to the top of this page as you are already there while reading these instructions.
A straightforward "IFSC and MICR Codes Directory" is laid out before you; it is a useful tool for assisting you in finding an IFSC Code as needed. The tool has four fields: 1) Choose Bank, 2) Choose State, 3) Choose District, and 4) Choose Branch.
Please choose wisely for the name of the bank, the Indian state where the bank has a branch, the particular district of the state, and ultimately the relevant branch.
The page that appears in response to your enquiry provides the bank's IFSC Code, MICR Code, official address, and phone number. Within less than 30 seconds of your original question, everything has happened.
IFSC Code: How it Operates
To better comprehend what an IFSC code is and how it functions in financial transactions, let's use the IFSC code for Canara Bank as an example. Canara Bank's Chandigarh branch's IFSC code is CNRB00001995.
In this case, CNBR stands for Canara Bank, the name of the bank.
The fifth character, a zero (0), is reserved for usage later.
The remaining six characters—01995 in particular—help the RBI correctly identify a bank branch.
Let's now examine how the IFSC functions. One must enter the account number and branch-specific IFSC code when initiating a fund transfer to a specific payee. The money is transmitted to the account holder when the remitter submits these data, and IFSC helps prevent any mistakes in such transactions.
In addition to financial transfers, IFSC codes may be used to use online banking to buy mutual funds and insurance. The National Clearing Cell of the Reserve Bank of India (RBI) keeps track of all transactions, and the IFSC code enables error-free financial transfers to be carried out by the RBI.
You can also find the IFSC code on your checkbook or bank passbook. Additionally, IFSC codes for bank branches may be found in
Locate the IFSC Code on a bank check:
It is required to list the IFSC code on a standard bank check. Different banks will have different IFSC codes. We are showing the placement of the IFSC code on an HDFC Cheque in our sample image.
Finding the Cheque Number
Printed at the bottom of the check in a unique font style with a typewritten typeface. This is mostly utilized for administrative and check tracking reasons.
IFSC & MICR Code: The Basic Differences You Need to Know
Given in the table below are the differences between the IFSC Code and the MICR Code:
IFSC is a 11-digit alphanumeric number.
MICR is a 9-digit code.
IFSC is used to facilitate electronic money transfer between banks that operate in the country.
MICR is used to make cheque processing simpler and faster.
In an IFSC code, the first four characters indicate the name of the bank.
In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code.
In IFSC, the last six characters represent the branch code.
In the MICR code, the last three digits indicate the bank branch code.
How Can One Transfer Money with IFSC Code of Bank Account?
If the individual knows his/her way around banking transactions, they are already aware that there are two main forms of fund transfer. One being the old-fashioned physical way, wherein you walk into the bank and remit the cheque. While the second being the electronic way using methods such as IMPS, NEFT or RTGS.
When dealing with the old-school 'going-to-the-bank' way, one does not need to register a beneficiary. However, the electronic method is a bit different and a lot more secure too.
To transfer funds with the help of technology, the individual is required to meet the below-mentioned requirements:
The individual needs to be register for the bank's net banking service.
Need to register for third-party transactions. (Note that, in this context, third-party refers to a beneficiary from a different bank to that of yours.)
Registering the beneficiary's account to which funds are to be transferred.