All NEFT-enabled bank branches in India have an IFSC code and a branch code.
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Discover the IFSC Codes of any bank branch in India. To guarantee accuracy, all details are updated on a regular basis. All accessible bank branches’ addresses, phone numbers, IFSC codes, and Branch codes are included. Old and obsolete bank codes are also shown for legacy purposes and are labeled with a cautionary message.
What is an Bank IFSC Code?
The Reserve Bank of India (RBI) assigns a unique 11-digit code to each bank branch in India that participates in online fund transfer systems such as RTGS (Real-Time Gross Settlement), NEFT (National Electronic Fund Transfer), and IMPS (Immediate Payment Service).
The IFSC code guarantees that funds are sent to the correct account. The bank’s IFSC code is often found on check leaves. The bank is represented by the first four numbers. It is then followed by the numeral zero. The bank branch is indicated by the last six numbers. To perform an online fund transfer to any bank account, the recipient’s bank branch’s IFSC code must be known.
You may quickly discover the Bank IFSC Code for the location you want using an online IFSC code finder. To obtain the IFSC code of a bank, enter the name of the bank, the state and district where the bank is located, and the bank branch. After entering your information, your bank’s IFSC code will be displayed, along with information such as your bank, state, district, city, branch, branch code, address, and contact number.
To avoid any incorrect transactions, you must first confirm with the bank if the IFSC code of the beneficiary account’s bank branch is accurate.
What is a MICR Code?
Magnetic Ink Character Recognition (MICR) is a printing method used to print the MICR code in the banking business. MICR code is a unique 9-digit identifier assigned by the Reserve Bank of India (RBI) to bank branches in India that participate in the Electronic Clearing System (ECS).
The MICR code is often put on the bottom of the cheque leaf to aid in processing. It’s also on the first page of the bank passbook. The first three numbers represent the city code, the middle three digits represent the bank code, and the final three digits represent the branch code. Machines can process cheques quicker using this code.
For online fund transfers, a MICR code is required. Because the MICR code is written using magnetic ink, machines can readily read it, reducing mistakes.
You may simply determine your bank’s MICR code by utilizing an online MICR code finder. To find the MICR code, enter your bank’s name, state, district, and branch location. The MICR code will show alongside the information for your bank branch.
What is NEFT?
The Reserve Bank of India (RBI) supports the National Electronic Funds Transfer (NEFT) system for online financial transfers. You may simply transfer cash from one bank account to another by utilizing NEFT. NEFT is based on Deferred Net Settlement (DNS), which allows transactions to be paid in batches.
Funds can also be sent electronically via NEFT utilizing an internet banking provider. There are no maximum or minimum limits for NEFT transactions.
However, the maximum transaction amount is Rs. 50,000 per transaction. Charges are charged based on the amount of the transaction. NEFT is suited for transferring small and medium-sized amounts between bank accounts. To transfer payments using NEFT, the remitter must know the beneficiary’s name, bank name, account number, and IFSC code.
NEFT operates in hourly batches. For a financial transfer to take place, both the remitter and the beneficiary’s banks must provide NEFT service. Within two days, the transferred monies will be deposited to the beneficiary’s account.
What is IMPS?
Immediate Payment System (IMPS) is an electronic fund transfer system administered by National Payments Corporation of India (NPCI) and backed by the Reserve Bank of India (RBI) that allows remitters to move monies from one account to another quickly.
IMPS operates 24 hours a day, seven days a week, including holidays. Although it is a mobile-based system, many banks also provide this service through ATMs and online banking. Transactions will incur fees, which can vary depending on the bank.
Banks will set different minimum and maximum transaction restrictions. To send money using IMPS, the sender must have the beneficiary’s account number and the bank’s IFSC code. Because it is an instant payment service, financial transfers cannot be halted once they have begun.
Funds may be sent using the beneficiary’s MMID and mobile number, or by entering the account number and IFSC code. You may rapidly transfer funds at any moment by utilizing the appropriate bank’s mobile application.
What is RTGS?
Real Time Gross Settlement (RTGS) is a type of electronic fund transfer system that allows money to be transferred from one bank account to another. You may effortlessly transfer funds using RTGS on your own by using the online banking capability. RTGS transactions are paid in full in real time. Within 30 minutes, funds will be credited to the beneficiary’s account.
The minimum amount that may be transmitted using RTGS is Rs. 2 lakhs, with no upper restriction. To begin an RTGS financial transfer, the remitter must know the beneficiary’s name, bank name, IFSC code, and account number. To conduct RTGS transactions, both the remitter and the beneficiary’s banks must have an RTGS facility.
Because the Reserve Bank of India (RBI) controls the fund transfer under RTGS, the transactions are unchangeable and hence final. The remitter will be charged fees based on the amount of the transaction. RTGS is intended for large-amount transactions in particular. Only on working days will the RTGS service be available.