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Bank IFSC/MICR Code

List of Banks in INDIA - IFSC CODE | MICR CODE

How you can check IFSC code at BizHancer?

To check IFSC code, you need to know your bank name and its location. Type the name of the bank in search box and select the branch address accordingly. In the drop down menu, you would be able to check your IFSC code that can be used further for money remittance. On the other hand, you may get full details about your bank and branch address by entering either IFSC code or MICR code.

Detailed guide on IFSC codes - Indian Financial System Code

IFSC - Indian Financial System Code are decided or regulated by the central bank of India i.e. RBI. The objective of IFSC codes is to transfer money without any confusion. Like Pincodes, IFSC codes are also different for each bank and branch of the subsequent bank.

The codes were invented to ease the banking process and identification of bank branches. During initial times, banking was completely paper based system and highly tough to manage manually. Today we have entered into online banking era where transactions can be completed within seconds without any hassle. The advance technologies are making our banking system more interesting and easy to use day by day.

The best part is that even the non – technical users are well familiar with modern banking terms and e-transactions. Here, IFSC codes in context of internet banking have become must have requirement without which electronic fund transfers are impossible. There are just endless transactions are carried out every day in the online world and IFSC code system plays significant role here.

Format for IFSC codes that every bank user should know about

IFSC is an 11 digits alphanumeric code usually available on cheque book given by the bank and other bank sponsored materials too. With these 11 digit code, this is pretty much easier to indentify about bank and branch address within seconds. Today, it has become must requirement for various money transfer options like NEFT, RTGS etc.

The first four characters in the IFSC code represent bank name, fifth character is always assigned as ‘zero’ and last six characters are reserved for particular branch. In India, there are millions of banks and their subsequent branches that are just impossible to manage without any unique identification code. The IFSC code plays that important role here when management of our banking system has gone much easier than our expectations.

Most of the people confused between two popular banking terms – MICR code and IFSC codes. Few of them consider them while few are not sure where to use them to complete their banking transactions successfully. Here, we will tell you the clear difference between these two terms and how they can be helpful to make your banking experience more enjoyable and easy.

Difference between IFSC codes and MICR code

  • IFSC code facilitates electronic fund transfers by popular modes like NEFT, RTGS, and IMPS. This is an 11 digit alphanumeric code given by Reserve Bank of India. The code makes money transfer easy within few hours across India without use of cheque book. You just have to scroll down the IFSC code and complete your bank transactions from your home only within minutes. The process not only saves your time but saves travel costs too.
  • MICR stands for Magnetic Ink Character Recognition and it is mention on your every cheque leaf. These codes help in faster cheque processing without any error. Each branch has unique MICR code and it does not matter where it is located actually.

Modes of Online Money Transfer Using IFSC Code

  • NEFT – National Electronic Fund Transfer System

NEFT stands for National Electronic Fund Transfer System and it is a well defined mechanism for online money transfer without any need of cheque leaf. The money transfer can be completed in few hours or minutes for which IFSC code is a must have requirement. In case of NEFT, there are certain fund transfer limits. IT is good for small transactions only. If you are interested in transferring large amount of money then RTGS system works excellent there.

  • RTGS – Real time Gross Settlement

As we have discussed already, RTGS system is good to transfer large amount of money in real time. It is again a well defined mechanism for online money transfer without any need of cheque leaf. The money transfer can be completed in few hours or minutes for which IFSC code is a must have requirement. The money settlement is much faster in case of RTGS when compared to NEFT.

  • IMPS – Immediate Payment Services

This is an immediate payment service where money can be transferred with your mobile as well within seconds. Here, strict rules or procedures are defined by banks that need to follow while completing any IMPS transaction. Sadly, there are only few popular banks that provide this service but soon IMPS transaction will become common in online world based on user demands.

How to use IFSC Code to complete any online transaction successfully??

IFSC code is a must have requirement for all online transactions either it is mobile bills payments, travel booking, ticket booking, insurance premiums, online shopping and more and more ….

To use IFSC code for any online transaction, you need to know your bank name and its location. Type the name of the bank in search box and select the branch address accordingly. In the drop down menu, you would be able to check your IFSC code that can be used further for money remittance.

On the other hand, you may get full details about your bank and branch address by entering either IFSC code or MICR code. There are three popular banking modes where IFSC codes are used frequently – NEFT, IMPS, and RTGS modes. For day to day transactions, NEFT mode is take most convenient option while IMPS facility is offered by selected banks only as of now.

Is it safe to share your IFSC code and Account number with the third party??

Most of the people are afraid of sharing their bank account details especially account number and IFSC code with the third party. People generally thought that their money could be stolen or unexpected transactions could be completed with these details. These details are necessary when somebody wants to transfer money to your account.

When you are working in reputed Company, it is necessary to share details like PAN card, account number, and IFSC code. Luckily, you don’t have to get worried about anything when sharing these details with admin department or anyone else who wants to transfer money to your account. It is 100 percent safe and nobody can harm your account balance at all.

The process has been initiated by banks to eliminate the need of cheque and carrying cash to other places. Money will be directly transferred to your account within minutes in hassle free manner. Yes, there are certain precautions that should be taken to keep your account safe like don’t share your debit card number, credit card number, OTP number on phone or either online. In case your card is lost then block the same immediately instead of sharing the details either online or offline.

Further, How IFSC code is also useful when sending money from Paytm to Bank?

Yes, IFSC codes are useful when sending money from Paytm wallet to your bank account. Here is a quick process how you can do it step by step.

  • First log on to your Paytm account either through application on mobile phone or Paytm website on to your Desktop.
  • Once you have logged on to your successfully, there are multiple options to use like Pay, Add money, Passbook etc. Here, you have to use Passbook option to add money from Paytm wallet to your bank account.
  • In the Passbook option, you can see all the transactions you have completed with your Paytm wallet and also the remaining balance you can use for other purposes. Out of all option, there is one option to send money from Paytm wallet to your bank account.
  • Once you will select the option, it will ask you for the bank details like Beneficiary Name, IFSC code, account number etc. Fill all the details carefully and transfer the money safely to bank account. First four characters will be auto-filled as soon as you will enter the bank name. As we have discussed already first four characters are common for specified bank. After completing the details, click on send button at the end and your money will be transferred successfully.

Do IFSC codes can be used for International transfers too??

This is an Indian Financial code system that can be used to transfer money within India only. If you are interested in transferring money internationally then you should enter ‘SWIFT’ code. Today, many of the educated people has been settled to abroad where international money transfer has gone a common process. People usually deal with international transfers must be familiar with the term SWIFT code. This is again a unique code used by banks for international money remittance. It may be either of 8 digits or 11 digits code. Last three digits for branch code are optional that can be used or avoided based on your interest.

The codes are designed with an objective of international wire transfers or exchanging other important messages between banks. SWIFT code does not give any assistance in fund transfers but it is necessary to know about SWIFT code.

Format for SWIFT code

First four characters are reserved for bank name; next two characters represent country, seventh or eighth character represent location while last three characters are reserved for branch. Last three characters are optional that can be used or avoided based on your interest.

Do IFSC codes may change when banks merge?

Yes, IFSC code changes when banks merge. As per our discussion on earlier section, first four characters are reserved for bank name. So, their code will change for sure when two or more banks come together. But you don’t have to get worried about anything as they are quickly updated online as soon as IFSC codes by banks change or other similar notifications too.

How to get IFSC codes for Payment banks?

There are several new banks that are launched by RBI and they also require IFSC code to complete the transactions. The benefit of using payment banks like Airtel bank and Ujjvan Financial are higher rate of interest. IFSC codes for these banks are also easily available online. So, this would be a great idea in investing these banks from the next time to earn extra interest on the same transactions. They are also good from investment point of view as well.

SO where you can check IFSC codes as soon as they are updated?

There are two mechanisms to find IFSC code of some bank either online or offline. You can cheque the same on to your cheque leaf or check online. For the users don’t have cheque book or they do prefer electronic funds transfer only then Bizhancer works best for them.

To check IFSC code online at Bizhancer, you need to know your bank name and its location. Type the name of the bank in search box and select the branch address accordingly. In the drop down menu, you would be able to check your IFSC code that can be used further for money remittance. On the other hand, you may get full details about your bank and branch address by entering either IFSC code or MICR code.

So, get ready to check IFSC code for your branch at BIZHANCER right away. We assure best experience here as you ever expected from most trusted web sources across India.
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