Find IFSC, MICR, Branch Details, Address by IFSC or MICR Code
What is an IFSC Code?
IFSC is an acronym for Indian Financial System Code. IFSC code is a unique eleven-digit number which is a combination of alphabets and numerals. It is used to transfer funds online for NEFT, IMPS and RTGS transactions. Usually, the IFSC code can be found on the cheque-book provided by the bank. It can also be found on the front page of the accountholder’s passbook. The IFSC code of each bank branch is assigned by the Reserve Bank of India. The accountholders can easily check the IFSC code of their bank/branch on the Reserve Bank of India’s website. Internet banking transactions for transferring funds, using NEFT, IMPS and RTGS, can’t be initiated without a valid Indian Financial System Code.
Generally, there isn’t any change or update in the 11-digit IFSC code. Recently, the State Bank of India changed Indian Financial System Code of its branches all over the nation after the merger with five associate banks and 1 other bank.
The Importance of IFSC code
The points mentioned below highlight the importance of IFSC code.
Unique Identification - It helps in identifying a particular bank branch
Elimination Errors - It helps to eliminate any discrepancy in the fund transfer process.
Electronic Payments Made Easier - It used in electronic payment tools such as RTGS, IMPS, and NEFT.
Format for Bank IFSC Code
The first 4 characters of IFSC code are alphabets which represent the bank. The fifth character is zero (0). Usually, the last 6 characters are numbers but they can be alphabets as well and represent the bank branch.
How does IFSC CODE work?
Electronic funds transfer in India is facilitated by an alpha-numeric code called the Indian Financial System Code (IFS Code or IFSC). This code exclusively recognises each bank branch which participates in the two main settlement and payment systems in India, namely, National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).
IFSC code is an eleven-character code that is assigned by the Reserve Bank of India (RBI). The first portion of the code is composed of four letters representing the bank. Next character is zero that is reserved for future use. The last 6 characters are the identification code of the branch.
Desclimers: The tool is provided for informational purposes only. Whilst every effort is made to provide accurate data, users must acknowledge that this website accepts no liability whatsoever with respect to its accuracy. Only your bank can confirm the correct bank account information. If you are making an important payment, which is time critical, we recommend to contact your bank first.