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List of IFSC Code, MICR Code and Addresses of all Banks details of any bank and brach in India.

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Do you know what is IFSC code? And why do we need it specifically to transfer money to another person's account? If not, today we are going to tell you about this.

Till a time, people had to go to the bank and wait in lines for hours to send money somewhere. Times changed and facilities like internet banking came. Now people can easily send or receive money anywhere sitting at home. IFSC Code is required in this process. Do you know what this IFSC Code is? RBI issues a special type of code for each bank, which is called IFSC Code. It is used to transfer funds online through NEFT and RTGS.

What is an IFSC Code?

IFSC code stands for Indian Financial System code. It is a unique code that is Assigned by the Reserve Bank of India (RBI) to every branch of bank in India. Each bank branch is uniquely identified by its IFSC code during electronic money transfer processes such as NEFT (National Electronic money Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service). Typically generated up of 11 Characters, this alphanumeric code facilitates smooth and accurate transactions between various bank branches around the nation. Each Bank Branch has its own unique IFSC code, which is used to ensure that the funds are transferred money to the appropriate location.

Any bank branch can be easily searched through IFSC Code. With this, any problem in the process of fund transfer can be removed.

IFSC Code
  • The bank name is represented by the first four characters.
  • The fifth character is every time zero.
  • The branch code appears in the last six characters.
Form of IFSC Code
  • There are total 11 digits in any IFSC Code.
  • The first 4 alphabet letters of the code give information about the name of the bank.
  • Its fifth digit is zero, which is reserved for future use.
  • The last 6 digits give information about the bank branch.

For example we have an IFSC code, let us understand from this...

How to know IFSC code?

You can easily find out about the IFSC Code of your bank or the person to whose bank account you want to send money. There are many ways to know this.

  • from bank account book
  • Through the official website of RBI
  • through check book
  • by visiting the bank branch

How to Check Bank IFSC Code?

There are many methods for this today. You can find out IFSC Code through your passbook or checkbook.

SBIN0001851
  • SBIN - The first four words indicate that this is the IFSC code of State Bank of India.
0 - The fifth digit is zero.
  • 001851 - The last 6 digits indicate the branch of the bank(Gondal Road Rajkot)

What is IFSC IMPS transfer?

IMPS, short for Immediate Payment Service, is a service through which one bank can send money to another bank within a few minutes. You can use it to send money on weekends and holidays.

IMPS can be accessed using a variety of electronic tools including mobile phones, internet, text messages and ATMs. Its objective is to facilitate easy and reliable cash transfer transactions between customers. In 2010, IMPS was launched by two important organizations in India NPCI and RBI for efficient fund transfer between bank accounts. Following is an analysis of the key features of IMPS and a guide to using the useful payment method.

What is IMPS?

Many banks provide instant funds transfer service called IMPS-Immediate Payment Service. IMPS allows you to transfer money 24x7, unlike NEFT, which functions only till 6pm, Saturdays and national holidays. The main objective of IMPS is to make electronic remittances user-friendly for customers while contributing to the Reserve Bank of India's vision of increasing adoption of e-payments in retail. Additionally, IMPS is also the basis for many other mobile banking ventures.

There are four parties involved in IMPS transaction:
  • Bank
  • recipient
  • Sender
  • NFS [National Financial Switch]

Features of IMPS

Key features of IMPS include:
  1. Transfers funds seven days a week.
  2. When funds are transferred, not only the sender but also the recipient of both credit and debit gets notified.
  3. As per their name they provide fast and easy transfers.
  4. Multi-use/Versatile Mode.
  5. Suitable not only for fund transfers, but also for over-the-counter purchases, online shopping, insurance premium payments, school fees, ticketing, etc.

Benefits of IMPS

IMPS offers several benefits:
  • These are available anytime and anywhere.
  • Open even on national and festival days.
  • Instant fund transfer without delay.
  • There will be no need to share confidential information while transferring.
  • Affordable money transfers.

How does IMPS work?

IMPS is primarily designed for use on mobile phones. The user only needs a GSM enabled phone with a data pack to use IMPS. Customers will have to activate mobile banking in their bank account. IMPS can also be accessed through internet banking using the beneficiary's bank information.To transfer funds through IMPS over the internet, customers require internet banking facility in their account.

To transfer funds through IMPS on the mobile platform, you need to download the mobile banking application of the respective bank and generate a 7-digit MMID (Mobile Money Identifier). This is a unique ID and without it you cannot avail the service. To transfer money to someone's bank account you need the beneficiary's MMID and their registered mobile number.

Most users prefer to send money through IMPS using mobile platforms as it does not require entering bank information. The limit for transferring funds through IMPS is usually Rs 10,000. to Rs 2 lakh. Is. This limit depends on the policy of the concerned bank.

What is IFSC NEFT transfer?

National Electronic Funds Transfer (NEFT) is a payment system by which money can be transferred from one bank account to another. With the increasing trend towards online banking, NEFT has become one of the most popular ways to transfer money. Since it can electronically transfer funds from any bank branch to an individual, it eliminates the need to visit the bank branch for transfer. Let us know how NEFT works in India and what are its benefits.

If a person wants to transfer money from his bank account to another person's bank account, he can do so with the help of NEFT. For this he does not need to withdraw money from the bank and then pay it through check or cash.

What is NEFT process?

The major advantage of NEFT is that it can transfer funds from any account at any branch to any other bank account located at any location.

The only condition is that both the branches sending and receiving funds should be NEFT-enabled.

You can also check the list of NEFT-enabled bank branches on the RBI website or call your bank's customer care service to confirm the same.

The NEFT system also facilitates fund transfer from India to Nepal under the India-Nepal Remittance Facility Scheme.

How to transfer money through NEFT?

Following is the way to transfer funds using NEFT-
  • Step 1- Log in to your Online Banking account using your Log-in ID and Password
  • Step 2- Go to the NEFT Fund Transfer area.
  • Step 3- Add the beneficiary by entering his name, bank account number and IFSC code.
  • Step 4- Once the beneficiary is successfully added, you can initiate the NEFT transfer. Simply enter the amount to be sent and send

NEFT works on the basis of a clearance system which means that transactions are done in batches. There is a sale every half hour, which is from 8 am to 7 pm.

Benefits of NEFT

In India, NEFT or National Electronic Funds Transfer has many benefits for individuals and companies. Following are the main benefits of using NEFT for fund transfer:

  • NEFT provides an easy and practical way to send money electronically. Users can initiate transactions from the comfort of their home or office using various channels including Internet Banking and Mobile Banking, eliminating the need for physical paperwork in the process.
  • In India, NEFT is available through a huge network of banks. Transfers are allowed between accounts held at multiple partner banks, allowing nationwide accessibility and connectivity.
  • Banks usually charge small charges for NEFT transactions.
  • Strong encryption and authentication technologies are used in NEFT transactions to protect sensitive financial data.
  • NEFT transactions are handled in regular batches throughout business hours, ensuring that money is transferred between accounts promptly.

Factors to consider while using IMPS

  • IMPS is one of the easiest and fastest methods of money transfer, but the slightest mistake can lead to loss of funds. Here is a list of some factors to consider while transferring funds through IMPS.
  • IMPS requires mobile banking to transfer funds. Even if you are transferring money through IMPS using web, you must have MMID of both the parties and it cannot be generated without mobile banking.
  • IMP via web is difficult. This is because users have to enter information like bank details, IFSC code, receiver mobile number, receiver name and MMID. Entering too much information can lead to mistakes and even the slightest mistake while transferring money can lead to serious financial losses.
  • As per RBI rules, users should check the information twice or thrice before confirming payment through UPI or IMPS. This is because money transferred to the wrong bank account can be returned only with the consent of the beneficiary.
  • In any case, transferring money through IMPS requires an internet connection either on the mobile phone or on your computer.

What is IFSC RTGS transfer?

RTGS stands fo Real-Time Gross Settlement. This is a form of fund transfer system that is fast, easy and simple. You can easily transfer funds or securities from one bank to another using this system. This can be done on gross settlement basis or even in real time.

Here, "real-time" means that the sender transfers the money immediately. Similarly, gross settlement refers to instructions that relate to fund transfers that transpire on one-on-one notes. Learn more below.

What is RTGS transfer?

RTGS, as mentioned above, is an instant money transfer system. To start this type of transfer, you must have at least Rs. 2 lakh. Among other payment methods, this transfer is one of the safest and most secure.

You can transfer funds or securities without going to a bank branch by using the RTGS technology. Not even a cheque needs to be written. Latency period is also reduced dramatically as transferring money with this system is quite easy and instant.

Note that RTGS timings for high value transactions vary from bank branch to branch. So, you may have to get the details accordingly.

Defining Content What is RTGS

RTGS is a system of instant money transfer which can happen easily from one bank to another. This happens in real time and on a gross settlement basis. The best thing about using this type of system is that you can use it from anywhere and everywhere. As a result, it has high-end accessibility and cutting-edge services.

This transfer can be both offline and online depending on the preference, need and requirement.

Make sure all these details are correct and up to date. This system helps in transferring money and securities with minimum disruption. If you please, the financial advisor can also help you learn more about the meaning of RTGS. Therefore, don't be scared to consult one if you need one.

How does Real-Time Gross Settlement (RTGS) work?

What do you think of when you hear real time period? Naturally this means that settlement takes place on an instant basis. Simply, the transaction takes place after the sender sends the money to the other bank.

In contrast, when you talk about gross settlement, it states that the transactions are managed and administered individually. This means that different transactions are not grouped together in this process.

After understanding the full form of RTGS in Banking, it becomes easy to understand its concept. This type of system is commonly used in types of bank transfers where cash is of high value. Hence they need to be cleaned immediately with flawlessness and precision. Thank you, they deliver on this. But once these transactions are processed, they are not eligible for reversal.

Real-time gross settlement helps reduce any risks associated with the settlement process. They are also known as delivery risks for this reason. This type of process minimizes any form of bank transfer risks.

What is the use of RTGS?

If you have understood the full form of RTGS in banking, now it is time to go for its use. Anyone who wants to transfer a lumpsum amount through a bank can use this process to make it happen.

Since this happens instantly, there is less risk of RTGS fraud. Today, many industries, including the corporate and retail sectors, leverage their effects for their business success. Here are some important features of the RTGS process that can help you:

  • Safe and secure payment mode.
  • Highly trusted source to transfer money.
  • Best for high value transfers of money.
  • RTGS charges depend on the amount of money being transferred.
  • Under one roof, transfers may be done both online and offline.
  • Real-time online transfers are easier than ever.
  • The time for this transfer varies from bank to bank.

Benefits of Real-Time Gross Settlement

  • Knowing about the advantages and disadvantages of RTGS can help you transfer money through this system more wisely. Here is some guidance for this.
  • Since this bank transfer system is availed by Central Banks around the world, the risks of transferring lump sum amounts can be prevented in time.
  • This type of fund transfer can also protect your comprehensive financial data. It does this by reducing the ability for a hacker to take over the system. So, if you want to know about RTGS in detail and reduce the risk of fund transfer from hackers, then this can be useful.
  • With real-time gross settlement, the time window for hackers to access such critical information automatically reduces.

How to do RTGS transaction?

  • Register for RTGS solution online using net banking portal.
  • Enter beneficiary details.
  • Then, add the amount you want to transfer.
  • Next, authenticate the payment system.
  • through bank

For sending money offline, use the Gross Settlement Real-Time System. Go to the relevant bank branch for this.

Once there, correctly enter all of your beneficiary information on the RTGS form. Pay the amount using check system or cash.

What details are required for RTGS?

Make sure that all the RTGS details are provided correctly. Verify again to be sure there are no mistakes. This method makes it easier to send payments and ensures that the other party receives them quickly.

  • Bank account number
  • Bank branch
  • Beneficiary's bank branch
  • IFSC Code of the beneficiary
  • The amount to be transferred through the system.

What is UPI?

UPI (Unified Payments Interface) is a fast instant payment system developed by the National Payments Corporation of India (NPCI). Transferring money through UPI is quite easy. Before you can do this, you must have a UPI app on your phone, such as Phone Pay, Paytm, Google Pay, BHIM, etc., and you must link the UPI app to your bank account. After this you can use it. One bank account can be linked to multiple UPI apps using UPI.

UPI i.e. Unified Payment Interface, is a system developed by National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). UPI means a real-time payment system, with the help of which you get the facility to instantly transfer money from one bank account to another bank account. Its special thing is that you can transfer money through UPI anytime day or night.

One reason why UPI has been so successful is that it is completely free. You can transfer any amount of money to anyone, at any time, without paying any additional charges to NPCI. You can use UPI even for small payments at local shops. There is no minimum limit on transaction amount.

Why you should have UPI ID

As a UPI user, you need to create a unique identifier called a UPI ID. It is linked to your bank account. With its help, money can be easily sent and received from the bank account. For this, you do not need to share your account number or other information.

With Google Pay, your UPI ID is created by payment service providers, such as:
  1. axis
  2. HDFC
  3. SBI
  4. ICICI

How many UPI IDs can you have

Your bank account can have up to four UPI IDs added to it. For one bank account, multiple UPI IDs can be linked. This helps in reducing problems like delay in payment or non-payment. Plus, Google Pay keeps them safe.

How Smart Routing works with additional UPI ID

Due to glitches in the UPI payment server, sometimes it may happen that the payment gets delayed or the payment does not happen. Having additional UPI IDs improves your transaction completion rates. This happens because it routes your transactions with the help of servers. This ensures verified fulfilment of payments.

For example, let's say you have to go from your home to office by scooter. You have four different paths. If the usual route is blocked by traffic, you will have to choose one of the three available routes to reach the office.

Different banks provide different routes for making additional UPI ID transactions. If a UPI ID is not working, Google Pay will use another UPI ID to make the payment, so that your payment can be made easily.

How to create additional UPI ID

There are several ways to create an additional UPI ID:

  1. When you set up a new account with Google Pay, you can create multiple UPI IDs.
  2. If there is a problem with your payment or the payment is not processed, you may receive a notification. In this you may be asked to add a new UPI ID to the existing bank account.

Note: To activate the UPI ID, Google Pay sends an SMS to the partner bank on your behalf. Standard charges will have to be paid for messages (SMS).

Benefits of UPI ID

  • Unified Payment Interface is an instant payment system. Which allows sending or requesting money from one bank account to another. Any UPI customer app can be used and multiple bank accounts can be linked to one app. Money can be sent or requested using a Virtual Payment Address (VPA) or UPI ID created by the user.
  • Which helps in sending or requesting money from a bank account using Know Your Customer (KYC) linked mobile number. UPI also generates unique QR codes for each user account for the purpose of contactless payments.
  • Transferring money through UPI is quite easy. To accomplish this, you must have a UPI app on your phone, such as Phone Pay, Paytm, Google Pay, BHIM, etc., as well as must link the UPI app to your bank account. Then you are immediately free to use it. You can connect several UPI apps to a given bank account using UPI. A UPI app can also be used for handling a number of bank accounts at the same time.

What is the Format of a Bank IFSC Code?

When you look at the IFSC code of any bank, you will find that the first four digits are alphabets. You can guess the name of this bank. After that there is a zero and then there is a six digit bank code. For example, IFAC code of SBI branch starts with SBIN.

Today, the benefits of various government schemes are reaching our bank accounts directly. It is noteworthy that whenever we have to transfer money to another person's account. In this situation, we have special need of IFSC code. Only after entering the IFSC code, your money successfully reaches the bank account of the concerned person.

Format of IFSC Code

  • The bank name is represented by the first four characters.
  • The fifth character is every time zero.
  • The branch code appears in the last six characters.

Today most of us have a bank account. The Government of India is also running Jan Dhan Yojana to connect the people living in poor and marginalized areas of the country with the banking system.

It is a total of 11-digit alphanumeric code. It contains both alphabets and numbers. It is used for NEFT, IMPS and RTGS. IFSC code used by the central bank to identify the bank and bank branch under the NEFT network. The first four digits of the IFSC code represent the bank and the last six digits represent the branch while the fifth digit is always 0 for each bank and each branch.

When you look at the IFSC code of any bank, you will find that the first four digits are alphabets. You can guess the name of this bank. You need to ensure that you enter the code correctly when using it to transfer funds. If you enter the code incorrectly, your transfer does not go through.

What is the Importance of an IFSC Code?

The Importance of IFSC Code

Indian Financial System Code or IFSC is an 11 digit alpha-numeric code, which is assigned by RBI (Reserve Bank of India). This code is given to every bank branch. That means every branch has a unique code. Any transfer system regulated by the RBI will require the use of an IFSC code. IFSC code plays an important role in transferring funds online.

The code helps to easily identify the bank and its branch without any discrepancy in the money transfer process. We use IFSC in online banking (NEFT, IMPS and RTGS). We are unable to conduct online banking or send money without a working IFSC.

  1. Online Money Transfers through IFSC becomes very easy.
  2. The code of all banks and branches is different, which reduces mistakes.
  3. Through Online Transfer through IFSC, there is no need to go to the bank and the customer's time is also saved.
  4. Manages the paperwork in Online Transfer by IFSC.
  5. Online transfer through IFSC is very fast and secure.

What is the need for an IFSC Code?

Any bank branch can be easily searched through IFSC Code. With this, any problem in the process of fund transfer can be removed. It is used for electronic money transfer across India. If you want to identify a bank branch anywhere in the country, IFSC code helps. When a person makes any payment or fund transfer through Immediate Payment Services (IMPS), Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) system, it is done with the help of IFSC code.

What are the Ways to find IFSC Code?

There are many methods for this today. You can find out IFSC Code through your passbook or checkbook. Apart from this, you can also find out this from your bank's mobile banking app. If you are not able to find out the IFSC Code in this way then you can do it online. For this you can use the website of RBI or BankBazaar.

The check book given to you by your bank has the Indian Financial System Code (IFSC) printed on its front page and on each page of the cheque. IFSC is used while transferring funds online through NEFT (National Electronic Fund Transfer), IMPS (Immediate Payment Service) or RTGS (Real Time Gross Settlement). The first 4 digits of IFSC represent the name of the bank, followed by zero and the last 6 digits stand for the branch of the bank.

You can easily find out about the IFSC Code of your bank or the person to whose bank account you want to send money. There are many ways to know this.

  • from bank account book
  • Through the official website of RBI
  • through check book
  • by visiting the bank branch

What does the IFSC Code Stand for?

Indian Financial Service Code, commonly known as IFSC, is an eleven digit number. It is used for online money transfers for RTGS, IMPS, and NEFT transaction. IFSC is a combination of letters and numbers. This is also mentioned on the leaf of the check book that your bank gives you. It is also printed on the first page of the passbook that the bank gives to its account holder.A bank branch has a unique IFSC code which is assigned by the Reserve Bank of India (RBI). Without a valid IFSC, users cannot initiate internet banking or fund transfers using NEFT, IMPS and RTGS.

Why is an IFSC Code Required?

IFSC code specifically identifies every branch of the bank which is participating in NEFT and RTGS. This 11-digit code's first four digits stand for the bank. The next digit is 0, which is reserved for future use. The branch is indicated by the last six digits.

When we transfer money to someone online through Immediate Payment Services (IMPS), Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), we enter his bank details. This detail includes customer name, bank name, account number and IFSC code. After filling all these details correctly, the money reaches the right account.

How does an IFSC Code work?

The main use of IFSC is in electronic fund transfer. The alpha-numeric IFSC specifically identifies every branch of a bank that participates in National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). The first part of the eleven-digit IFSC code is made up of four letters representing the bank. The next digit after this is zero which is reserved for future use. Its last 6 digits are the branch identification code.

The main use of IFSC is in electronic fund transfer. The alpha-numeric IFSC specifically identifies every branch of a bank that participates in National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). The first part of the eleven-digit IFSC code is made up of four letters representing the bank. The next digit after this is zero which is reserved for future use. Its last 6 digits are the branch identification code.

How to find IFSC code?

You must have come to know why we need this code, so you can get this code in three ways.

  • from website
  • From account account
  • From Check Book

So let us talk about these methods one by one,

1. from website
  1. First of all open any browser in your mobile (Chrome, Operamini, UC)
  2. And open this website IFSC Codes Website or you can click on this link.
  3. Select the name of the bank there like State Bank Of India
  4. After that select State
  5. Select Distirct
  6. Now finally enter the Branch Name and click on submit.
  7. You will get your IFSC Code and along with it you will also get all the other details of the branch.
2. from bank account

This is the easiest method. To get IFSC Code, if you look at the first page of your bank account, then along with some facts like account number, address, branch code, name of the account holder, you will also get the IFSC Code there.

Like there is a picture below, you can easily understand there. If this method also seems difficult then you will find another method below, you can know that also. Well the next method is not for everyone.

3. From Check Book

You must be aware that making a check book is not everyone's cup of tea, certainly not mine, still if you have a check book then you can find out your IFSC from there also. So how to get it? Then we will get the answer to this also.

There are many banks but the check book of every bank looks different. Like in some banks this IFSC code is at the top and in some it is at the bottom. You just have to look at your check carefully, somewhere you will definitely get to see the IFSC Code, for better understanding I have given a picture below.

In which IFSC Code will be found in the red box, so by now you know what is Indian Finance System Code (what is IFSC Code in Hindi) and how to find IFSC code. If you are not able to get this IFSC by any of the above methods, then you can get this code by going to any branch.

How to transfer money with IFSC code?

Money can be transferred in many ways through IFSC code. These methods are -

  • NEFT (National Electronic Funds Transfer)
  • RTGS (Real Time Gross Settlement)
  • IMPS (Immediate Payment Service)

The Reserve Bank of India is the national banking authority that oversees all fund transfers. It creates and provides the payment infrastructure to ensure that the security of every transaction is maintained.The Reserve Bank of India is the national banking authority that oversees all fund transfers. It creates and provides the payment infrastructure to ensure that the security of every transaction is maintained.

Benefits of IFSC Code

  • With the help of IFSC, transactions can be processed quickly and globally.
  • The money transfer process only takes a few minutes.
  • Your transactions are protected by an increased degree of security thanks to the individual IFS codes assigned to each bank and its branches.
  • The Reserve Bank of India is the national banking authority that oversees all fund transfers. It creates and provides the payment infrastructure to ensure that the security of every transaction is maintained.

Details of Fund Transfers Using IFSC

To transfer funds using IFSC code, customers must first register the bank account of the person to whom they want to transfer money. They have to register under the list of recipients/beneficiaries for fund transfer through NEFT, RTGS and IMPS. For this they will have to provide beneficiary details including account holder name, bank name, account number and IFSC code. Customers should add the name of the recipient while transferring funds online.

Example of IFSC code

For an 11-digit IFSC code of Axis Bank, the first four characters will be 'UTIB', and the last 6 digits will represent a specific branch code. For example, the IFSC code of AXIS branch located at GROUND FLOOR BASEMENT SILVER PLAZA PANCHAVATI MAIN ROAD RAJKOT 360001 is UTIB0003135.

What is the IFSC Code and why is it significant?

  • Indian Financial System Code is an 11 digit alphanumeric code.
  • The address of your bank branch is hidden in this code.
  • IFSC code helps in identifying those bank branches which participate in various online money transfer options (NEFT, IMPS, RTGS). It is present on the check books and passbooks of banks.

Interesting Facts about IFSC Codes

Every bank branch is assigned a unique IFSC code. Along with an account number, this alphanumeric code serves to identify transactions. However, after some time, the bank IFSC codes of the amalgamated branches no longer exist, even though the account of an individual remains the same.

Money Transfer Method using IFSC Code

We have many options for online money transfer. Like IMPS i.e. Immediate Payment Services, RTGS i.e. Real Time Gross Settlement, NEFT i.e. National Electronic Fund Transfer. In this process, the name of the account holder person or firm, name of the bank, account number and IFSC code have to be entered. The money reaches that account only after filling all the details correctly.

Perks of Using IFSC Code

  • Error-free money transactions
  • Facilitates online banking or net banking operations
  • Immediate payment validation and reconciliation
  • Instant money transfer
  • Instant transfer of funds via NEFT and RTGS
  • Paperless cash transaction
  • Quick & secure payment transfer

What Is a MICR Code?

This code was brought into use in India in 1980. Initially it is used in check clearance. Then gradually it started being used for other purposes by changing it into a unique code.

If you have ever done any banking transaction then you must have heard this word MICR Code at some point of time. IFSC, MICR are very familiar names in the world of banking. These are often used during financial transactions like money transfer via NEFT, RTGS. Even though these terms are very common, their importance is very high, hence it is very important to know about them properly. Since you will not find details about all these basic information anywhere, it is very important to know about them because they are very useful during your banking transactions.

MICR Code or also called Magnetic Ink Character Recognition (MICR) code is a 9-digit code that helps in identifying a particular bank branch, which is also a part of the Electronic Clearing System (ECS). You will easily see this code in the check leaf which is issued by the bank and it is also often printed in the passbook which is issued to an account holder.

You must have noticed that there are magnetic ink code bars at the bottom of every check leaf, this is the MICR code and only the bank can decode it. It works on character recognition technology and through this the branch is identified.

How To Work MICR

MICR works on two Section:

  • 1) E- 13B – It is a set of 14 characters, which includes ten decimal digits and some special symbols. The E-13B is primarily used in North America, Australia, the United Kingdom and several Asian countries.
  • 2) CMC-7 – It has a barcode format and is a set of 15 characters. The CMC-7 font is primarily used in Europe and parts of South America.

Any one of these fonts is printed on documents; magnetic ink or toner is used in the printing of fonts. Magnetic ink or toner is solidly formulated with iron oxide so that the reader can pick it up faster.

When a document containing this magnetic ink (such as bank checks and drafts) is to be processed, it is passed through a machine that magnetizes the ink, and then special character information is extracted and expressed as characters. Is translated into.

Thus the computer can easily find out which branch the check belongs to without any human intervention.

Note:Even if the printing is damaged or overprinted, Magnetic scanning technology can still read the document easily.

Features of MICR Code

Following are the main features of MICR code:
  • MICR reader can easily read MICR code even if there is no stamp or mark on it.
  • It provides error free functioning.
  • MICR codes with errors or MICR fonts that do not meet such criteria are rejected outright.
  • They cannot be counterfeited or copied due to the use of magnetic ink and unique fonts.
  • It guarantees high safety standards.
  • The cartridges used in MICR are very expensive compared to normal cartridges.
  • It provides a high level of security as the precise ink is difficult to adhere to which makes the document difficult to counterfeit.

What is the Use of MICR Code?

IFSC code is used for online fund transfer through methods like NEFT and RTGS whereas MICR code is required for withdrawing money by cheque. MICR is a Magnetic Ink Character Recognition Code which is a character recognition technology primarily used by the banking industry to streamline the processing and clearance of checks and other documents.

The MICR read head is a device built into the scanner that is designed to read the magnetic signal emitted by the MICR ink character on a check. Each character produces a unique waveform that is read and translated by the MICR read head. Challenges to accurately reading MICR characters include the speed at which characters pass through the MICR read head, the consistency of the ink on the document, the quality of the ink on the document, the MICR algorithm used to interpret the signals, , and the quality of the MICR read head, all this depends on the technology.

A clearinghouse, a bank, or both process each and every cheque that is sent. They verify the check and finalize the transaction, deducting the correct amount from one account and depositing it in the other. The same check can be processed multiple times in different banks.

The bank uses code for the majority of its work. This helps the process of finding important details among large amounts of data. MICR code technology is used to track the condition of checks and other documents deposited in banks. Verifying transactions made primarily through checks in the banking system is its primary goal. The RBI provides each bank with this code.

These are mainly used to protect your transactions like a security bar code. Apart from this, MICR code is also an important part of online money transfers. Because every bank branch is given a unique MICR code and it helps RBI to identify the bank branch which speeds up the clearing process.

How to find MICR Code?

If you want to know your MICR code, then follow these steps given below -

Through DD and Pay Order:

When you place a demand draft or pay order in a bank, you get to see MICR there.

Through Bank cheque:

If you want to know the MICR number of your bank, you can find it from your check book. On your cheque, the MICR number is printed next to the cheque number. the MICR code's printing ink and typeface. The MICR code's ink for printing and typeface. It can be read only by a magnetic character ink reader.

In addition, you can find your bank's MICR number by going to the RBI's official website. You can see MICR code in your bank cheque. It is inside the white colored strip at the bottom of your bank cheque, which we call MICR band. You will easily see this code in the check leaf which is issued by the bank and it is also often printed in the passbook which is issued to an account holder.

Through website:

If you want to know about MICR code then follow the steps given below, through which you can easily get MICR code from anywhere.

  • Step 1: First of all you have to go to this MICR code Search Website.
  • Step 2: Here you have to select the required bank that you are looking for in the Select a Bank option below.
  • Step 3: After that in Select a State you will have to select the required state.
  • Step 4: After that you will see the districts of all the places below in Select a District, there you want the Micr Code of the place.
  • Step 5: Do this, the names of all the places will be displayed in front of you, here you have to select the required place in the Select a Branch option.
  • Step 6: Once you have selected it, the MICR code you are looking for will appear in front of you. You can use that MICR code as per your convenience.

Benefits of MICR Code

  • MICR code can be read easily by humans as well as machines.
  • Data can be input quickly in MICR codes.
  • Since MICR codes use iron oxide-based ink, these MICR characters are very readable no matter what marks or overprints are present in them.
  • No fraud of any kind can be done in MICR code, it is very safe.
  • Additionally, MICR systems provide a very high level of security because MICR characters follow a stringent format making documents very difficult to forge.
  • If we compare other character recognition systems with MICR, then the error rates in it are very low.
  • MICR scanners decipher characters very precisely and accurately, resulting in very few errors.
  • With the help of MICR code, work gets done quickly in banks and there is accuracy in work, this is very beneficial for the bank.

Understand the Format of the MICR Code

MICR Code can be divided into three parts-

  1. The first three digits are taken from the pin code of the city.
  2. The middle three digits contain the bank code.
  3. The last three digits contain the branch code.

Example:

  • MICR code of one of the Chennai SBI branches may represent 600002025.
  • Suppose the MICR code of a branch of bank in Chennai is 600002025
  • here the first three digits i.e.600 represent the city of chennai.
  • The next three digits i.e. 002 indicate the name of the bank.
  • while the next three digits i.e. 025 indicates the branch of the bank.
  • The machine identifies a cheque when you go to withdraw cash from it.

When is MICR Code required?

You need this code while filing any kind of financial instrument like investment portfolio, lump sum mutual fund and SIP application. For any bank credit transaction made through the electronic clearing system, the MICR Code functions similarly to a barcode. With this, we check the authenticity and validity of paper-based documents in the banking system.

What is a CIF Number?

CIF (Customer Information File Number) is called customer information file. This is a unique number, which every bank account holder gets. According to experts associated with the banking sector, this number contains the complete horoscope of the bank account holder. By entering this number, complete details of the customer are available. If you do not have a CIF number then it is not difficult to get it. This work can be done both online and offline. This is a banking term which means customer information file. Just like there is an account number, CIF is also a number which you will see on your passbook also.

The full name of CIF is Customer Information File, which means that all the information about your account and about you is in this data file. When you go to the bank to open your account, you will need the bank account number as well as the C.I.F. Also gives number. Which contains all the information about your account.

It contains your full name, your father's name and your mother's name, your date of birth and the date of opening your account. CIS number is known by different names in different banks as That CIF, Customer ID, User ID, CRM.

In SBI it is called CIF number.

Whereas in ICIC Bank, BOB Bank, HDFC Bank and other banks it is called customer ID.

As I have already told that CIF numbers of all banks are in different formats i.e. CIF number is CIF digit code.

CIF number Format:
  • Central Bank of India=10
  • Axis Bank=4
  • HDFC Bank=8
  • SBI Bank=11

If you want to use internet banking or mobile banking, then you have to provide your CIF number there, hence it is very important for you to know your CIF number. This is a banking term which means customer information file. Just like there is an account number, CIF is also a number which you will see on your passbook also. You open your bank passbook and see the first page where all the information about your account is kept safe, from there you can find your C.I.F. can see the number.


How to find CIF Number?

In today's time, it is very important for everyone to know their CIF number because it is used in many places. You can find out the CIF number with the help of many different methods, here we have told all the ways by which you can find out the CIF number.

Find CIF number from bank passbook

Every bank issues a passbook for its account holder in which important information related to your account is given. To know your CIF number, open the first page of your bank passbook in which important information like account holder's name, account number, address and CIF number etc. will be written.

Know CIF Number from Checkbook

Your CIF number is also given in the check book issued by the bank. To know the CIF number from the check book, open the first page of your check book where your address, account number and CIF number / customer ID will be written.

Know CIF number from E-Statement

Nowadays, almost all banks send e-Statement to their account holders every month through email. In which complete information about your monthly transactions is given, along with this your account holder name, bank account number and CIF number are also given.

Find out CIF Number with the help of Internet

Nowadays most of the people use internet banking or net banking, in such a situation you can easily find your CIF number online. To know the CIF number through Internet Banking, first open the Internet Banking portal of your bank and login.

Now open your Internet Banking profile where your account holder name, account number, address, mobile number, email ID etc. will be given along with CIF Number.

Know CIF number with the help of customer care

You can also call toll-free numbers (1800112211, 18004253800 or 080-26599990) anytime to know the CIF number. To verify your identity, you will have to share your account details. To know the CIF Number from Customer Care, call the customer care of your bank on the toll-free number and ask them for your CIF Number. When you ask for CIF number, the bank employee will ask you for some information for verification. The employee will tell you your CIF number after giving the requested information.

According to the information released by SBI, CIF (CIF- Customer Information File Number) SBI issues a separate CIF number for every account. It is of 11 digits. SBI has CIF number. Whereas in ICICI Bank, Bank of Baroda, HDFC Bank and other banks, it is also called customer ID.

This is a banking term which means customer information file. Just like there is an account number, CIF is also a number which you will see on your passbook also.

What is cheque number?

Most of the people must have used Check Book. The check must have been issued and the check must have also been taken. There must have been a need for a check at some point or the other. But, have you ever noticed what are the numbers written on the cheque? Apart from the account number, what are these numbers used for? If you are asked what happens on a cheque, you will hardly have an answer. One check opens the horoscope of your entire bank account.

1)Cheque number

The check number is of 6 digits. This is the running series number of your check book. For any kind of record, the first thing to be seen is the check number. If you are issuing a check to someone then the most important thing is the check number.

2)MICR Code

This means Magnetic Ink Character Recognition (MICR). This number helps the bank to trace the branch from which the check has been issued. This code of the check is read by a special check reading machine. This is a 9 digit number, which is very important for cheque. This number is divided into three different parts.

3)City Code

The first three digits of the MICR code are the city code. It consists only of the first three digits of the pin code of your city. By looking at this number you can find out from which city your check has come.

4)Bank Code

The next three digits of the MICR code open the horoscope of that bank, which is a unique code for every bank. With this code you can locate the bank. For example, ICICI Bank's code is 229, HDFC's is 240.

5)Branch Code

The last three digits of the MICR code are the branch code. Every bank has its own separate branch code. This code is used in every transaction related to the bank.

6)Bank Account Number

There is another special number present in your check which may have caught your attention. This is your bank account number. This happens in new check books. If you pay attention to the old check books, which were printed before the core banking solution, this number is not there.

7)Transaction id

The last two digits of the numbers printed on the bottom of your check represent your Transaction ID. 29, 30 and 31 represent at par checks and 09, 10 and 11 represent local cheques.

Difference between Swift, IFSC and MICR Code

IFSC Code MICR Code Swift Code
IFSC code in India has been developed mainly to initiate electronic money transfer between any two banks. MICR is a Mdagnetic Ink Recognition technology, so it is mainly used to make check processing faster and simpler. With the use of this code, money can be transferred quickly and easily from one bank account in one nation to another.
IFSC code has a unique alphanumeric code of 11 digits. MICR code has 9 digit numeric code. Swift has a alphanumeric code which can be between 8-11 Character long.
IFSC code is used in money transfer like NEFT and RTGS. MICR Code is used only for clearing cheques. Swift code is used while specific bank during an international transaction.

Difference between NEFT, RTGS and IMPS?

NEFT

Money can be moved between bank accounts via the National Electronic Funds Transfer (NEFT) payment system. Fund transfer through NEFT does not happen in the same time. NEFT fund transfer batches are released every half hour, in which all the people who have transferred funds from their account in the last half hour reach their other accounts. Whenever you transfer through NEFT, the transfer is completed after half an hour.

RTGS

The money is transmitted instantly when it is sent using Real Time Gross Settlement (RTGS). RTGS is primarily for large amount transfers that need to be delivered immediately.

IMPS

The National Payment Corporation of India is in charge of the online fund transfer system called Immediate Mobile Payment Services (IMPS). IMPS offers 24/7 access all year rounded while NEFT and RTGS do not.

Account holders now enjoy the ease of using NEFT, RTGS, and IMPS. This allows the sender to transfer payments to the recipient while also providing the recipient's account details. However, there are some differences between these three payment systems which are explained below.

Before knowing the difference between these three, let us know about some terms. Knowing these will make it easier for us to understand further information.

fund transfer limit

There are different limits on how much minimum or maximum funds can be transferred through these three. Therefore, before transferring, you should know the minimum and maximum limits of all three so that you can choose the best option according to the transfer amount.

Available service

Some payment systems are available 24*7 hours while others are available for a limited period of time. Therefore, it is better to know which payment system is available 24*7 hours. Because transfer through limited time payment system will be successful only when its service is available.

Fund Settlement Speed

This means the time in which the fund transfer will take place. Some payment systems transfer funds instantly and some take a certain amount of time to transfer.

Fund Transfer charge

Fees have to be paid for fund transfer. According to RBI rules, the bank will decide how much fee will be charged for fund transfer. Fees depend on transfer amount, transfer speed etc.

NEFT RTGS IMPS
In NEFT Transaction,Minimum Transfer Value is Rs 1. In RTGS Transaction,Minimum Transfer Value is 20000. In IMPS Transaction, Minimum Transfer value is RS 1.
It takes a time for transaction is half an hour. It can transaction instantly. It can do transaction within a minute
It allows a Online and Offline payment. It allows a Online and Offline payment. It allows Only Online Payment.
In this Transaction providing a service to consumer 24*7 In this Transaction providing a service to consumer 24*7 It also provide a service to consumer 24*7

FAQs for IFSC/MICR Codes

What is the IFSC code used for?
An IFSC code (Indian Financial System Code) is a unique 11-digit code assigned to each bank branch in India by the Reserve Bank of India (RBI).
What is the full form of the IFSC code?
The full form of IFSC is- Indian Financial System Code. This is a different 11 character alphanumeric code of bank branches across the country, which is identified by different codes.
What is the full form of the MICR code?
The full form of MICR Code is Magnetic Ink Character Recognition. This is a nine digit unique code. MICR Code: MICR code is a 9 digit code by which a branch of the bank can be identified. This code is printed with magnetic ink.
What is the meaning of IFSC codes?
IFSC (Indian Financial System Code) which means Indian Financial System Code in Hindi, is an 11 digit code. It is created as an identification number of a specific branch of a bank. To send money online between any two bank accounts, it is necessary to provide IFSC code.
What is the use of MICR codes?
MICR Code is a banking term, whose full form is- Magnetic Ink Character Recognition. This is a nine digit unique code which is given to such banks and branches which are participating in the ESC Credit Scheme. RBI gives a unique MICR code to every bank branch. It is used in check clearing process.
Where to fetch the list of IFSC codes of India’s top banks?
It is quite easy to find out the branch code through IFSC code, because the last six characters of the IFSC code indicate the code of the branch. If you enter the last six digits of the IFSC code on Google and type the branch code, all the information about the branch will appear in front of you. You can check IFSC code at many places.
Where to get my MICR code?
If you want to know the MICR number of your bank, you can find it from your check book. The MICR number is written next to the check number on your cheque. The typeface and ink used to print the MICR code. It can be read only by a magnetic character ink reader.
How do I receive my IFSC code?
You can find out IFSC Code through your passbook or check book. Apart from this, you can also find out this from your bank's mobile banking app. If you are not able to find out the IFSC Code in this way then you can do it online. For this you can use RBI or BankBazaar website.
Is IFSC code only for India?
No, The IFSC code is only useful for bank transfers that take place inside the national boundaries of a country.
Is it safe to give the bank IFSC code?
Since the other party needs your bank's IFSC number in order to transfer you money, providing it is safe.
Is the IFSC code available on a cheque?
Yes it's Available, To find the IFSC code of your branch, the easiest way is to refer to your check book. The complete address of the branch is mentioned on the top left corner of the check page. At the end of the address you will get an 11 digit code. This is your IFSC code.
Is the IFSC code printed on a passbook?
Yes IFSC code printed in passbook. The eleven-digit IFSC code is a special number that consists of both numerals and letters. It is used for online money transfers for RTGS, IMPS, and NEFT operations. This code is often located on the bank-provided chequebook. Additionally, it can be found on the accountholder's passbook's front page.
Is the IFSC code the same for a branch?
The IFSC code for a particular bank account rarely changes. It mostly remains the same even if the account number changes (for example: opening a new bank account). However, if you move your account to a different bank branch, the code changes. In this case, it changes even though the account number remains the same.
Is there a difference between the CIF number and the IFSC code?
CIF is for Customer Information File, whereas IFSC stands for Indian Financial System Code. Alpha-numeric codes known as IFSC numbers are particular to banks. on the other hand, CIF numbers are just numbers and are intended for customers. Every bank branch has a unique IFSC number, and every customer has a unique CIF number.
Are IFSC codes compulsory for doing net banking and online transactions?
Yes, IFSC (Indian Financial System Code) codes are compulsory for doing net banking and online transactions in india. The IFSC code is used to identify the branch during electronic fund transfers nd online transactions.
Are the IFSC or MICR codes the same?
The roles of an IFSC and MICR code are never the same; an IFSC code is used for fund transfers, whilst a MICR code is used for cheque clearing. These two have the branch code in them.
Can I find my IFSC code with my account number?
Without IFSC code, it is not possible to identify bank accounts and thus transfer money between different banks. However, within the same bank, it is still possible to transfer money without an IFSC code.
Can I transfer money without an IFSC code?
No, To transfer money online between two bank accounts, you must supply the IFSC code. Obtaining the correct IFS code from the payee is crucial. The code is frequently used for a variety of fund transfers, including RTGS, IMPS, and NEFT.