Find IFSC Code

IFSC stands for Indian financial system code. It is a unique 11 digit alphanumeric number which contains alphabets and numerals. It is very useful when you transfer your funds from one bank account to another bank account online via NEFT, RTGS & IMPS. Each branch contains a different IFSC code which is assigned by Reserve Bank of India (RBI). You will easily find IFSC code on the cheque book provided by the bank. You can also find IFSC code on the front page of your bank account passbook.

In case, you are not sure about the IFSC code of a particular branch, you can search or find the same on the official website of Reserve bank of India. Nobody can transfer money from one bank account to another from net banking via NEFT, RTGS or IMPS without a valid Indian financial system code (IFSC).

Usually, there is not any change or update in IFSC code but the recent merger of 5 associate banks and one other bank, allows SBI to change IFSC code for all its branches across the nation.

IFSC code plays a very important role in the bank financial system as it helps in transferring funds from one bank to another or from one branch to another. Points which highlights the importance of IFSC code are given below –

1. It is a unique 11 digit alphanumeric number which helps in identifying a particular bank branch.
2. It makes the process of paying and receiving electronic funds easier via NEFT, RTGS & IMPS.
3. It helps in eliminating errors in the fund transfer process.

IFSC code is an alpha-numeric code used for electronic fund transfer in India. Each bank branch is given a different IFSC code which helps in recognizing a particular branch of a bank. There are two main settlement & payment systems in India i.e. NEFT & RTGS. IMPS facility is also used to transfer funds from one branch to another branch or from one bank to another bank.

With the help of IMPS facility, you can easily transfer your money within seconds from one bank to another bank or from one branch to another branch anytime 24X7 and even in holidays as well.

Example – IFSC Code of Allahabad bank for which the branch located in Vikaspuri is ALLA0210392.

ALLA0210392

ALLA – First 4 characters represents Bank
0 – 5th character is zero
210392 – Last 6 characters represents branch of the bank.

IMPS is an instant fund transfer facility offered by banka to their customers in order to transfer money within the same bank or to another bank. It can be used 24X7, 365 days & even in holidays as well.

You don’t have to register separately for IMPS service and you can get easy access to it by logging into your internet banking account. In order to transfer your funds from one bank to another bank, you need to furnish the following information –

1. Beneficiary full name
2. Bank account number
3. IFSC code

You can also transfer your funds through mobile by availing MMID code facility. MMID is a 7 digit number for IMPS issued by the bank to transfer funds from one bank to another bank or from one branch to another branch with the help of mobile banking. The charge for IMPS is higher than both - NEFT & RTGS.

MICR stands for Magnetic ink character recognition. It is a 9 digit code mentioned on the bottom of the cheque after the cheque number. It is an advanced technology used by the banks for –

1. Faster processing of cheques
2. Verification of cheques
3. Identification of fake cheques.

As far as security matter is concerned, it is considered as one of the most important code for banks. It is placed on the bottom of the cheque. The first three digits of MICR code represent city code where branch is located and the last three digits represent the code of the bank branch. The biggest advantage of using MICR as a tool is that it stands out in comparison to other concepts such as bar codes.

Before processing any financial transaction, verification is very necessary. Banks & other financial institutions depend on certain codes in order to make process simple, fast & automatic. Both IFSC code & MICR code plays an important role in verifying the authenticity of the transaction.

The difference between both IFSC code & MICR code are as follows –