Disclaimer: - We have tried our best to keep the latest information updated as available from RBI, users are requested to confirm information with the respective bank before using the information provided. The author reserves the right not to be responsible for the topicality, correctness, completeness or quality of the information provided. Liability claims regarding damage caused by the use of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected.
Financial System Code (IFSC). It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service, an inter bank electronic instant mobile money transfer service (IMPS), and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI). Code has eleven characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.
MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.
on IFSC Code and Utilization Process
What is IFSC Code?
The IFSC is the acronym used for the term Indian Financial
System Code. It is a designated code assigned by the Reserve Bank of India
(RBI) to the local banks. RBI uses the IFSC code to name the branches of the
local bank with the unique numbers. The IFSC code generally contains 6 digits
that represent the region of the particular bank.
IFSC is useful when you are using National Fund Transfer
Facility also known as NEFT to transfer the money from one bank to another.
Once you instruct the bank to transfer the specified amount from your bank to
another bank, the bank uses the IFSC code provided by the customer to verify
the branch of the third-party bank. All the transaction done through NEFT is
recorded with the IFSC code for the future references.
The IFSC code also used by Electronic payment system
applications such as RTGS, NEFT and CFMS for transferring money electronically
to another bank.
The IFSC code adds an additional layer of the security to
the money transfer. It makes the detection of the particular branch of the bank
easy. Also, the bank employee can verify the existence of third-party bank
branch with the RBI, so that there will be no risk of the fraudulent
transaction through the bank.
RBI also receives the statement of the money transfer from
each bank to maintain the financial position of the bank and transaction done
by people throughout the year.
The IFSC code helps the RBI to monitor the internal dealing
of the money through banks. It is mandatory for each bank to use the IFSC code
while transferring the money from one bank to another. It enables the
government to regulate the transaction in the real-time and avoid any
misleading transaction performed by any bank.
Here is the step by
step guide on using the IFSC code?
1) The IFSC code requires for making NEFT money transfer
through net banking. To access the net banking go to your bank website. Please
confirm that you are visiting the authorize page of the bank.
2) Login to the bank website and go to the setting that says
"Make a Transfer" or "Send money". The term might be varied
depending on the bank. You will find the tab in the account overview section.
3) Click on the Make a transfer tab. It will take you to the
page where you have to fill the third party bank details. The major details are
- Bank Name - Branch Name - IFSC Code of the branch - Amount - Name of the account holder Etc.
These are the most common fields you will find on the NEFT
money transfer page. Fill all the details carefully and double check before
clicking the submit button.
4) Once you are done with the form filling click on the
submit page. The bank will allow you to verify all the details again. Check the
information again and click submit to proceed.
5) You have successfully transferred the money to the third
party account through NEFT
Please note: Some bank will ask you to register the
beneficiary first before you make the transfer. The beneficiary is the person
to whom you are willing to transfer the money. The information will be similar
to the form that you have filled. The only difference is the bank ask you to
register the information before you do NEFT. Once the beneficiary is approved
it stays in the bank account until you delete the details.
Next time when you want to transfer the information you do
not have to fill all the form details again. You can just choose the
beneficiary from the list and make the transfer instantly.
List of Indian Banks:
IFSC Code of Allahabad Bank IFSC Code of Andhra Bank IFSC Code of Bank of Baroda IFSC Code of Bank of India IFSC Code of Bank of Maharashtra IFSC Code of Canara Bank IFSC Code of Central Bank of India IFSC Code of Corporation Bank IFSC Code of Dena Bank IFSC Code of Indian Bank IFSC Code of Indian Overseas Bank IFSC Code of Oriental Bank of Commerce IFSC Code of Punjab National Bank IFSC Code of Syndicate Bank IFSC Code of Union Bank of India IFSC Code of United Bank of India IFSC Code of Punjab & Sind Bank IFSC Code of UCO Bank IFSC Code of Vijaya Bank
Private Sector Bank:
IFSC Code of Axis Bank Limited IFSC Code of Bandhan Bank Limited IFSC Code of Catholic Syrian Bank Limited IFSC Code of City Union Bank Limited IFSC Code of DCB Bank Limited IFSC Code of Dhanlaxmi Bank Limited IFSC Code of Federal Bank Limited IFSC Code of HDFC Bank Limited IFSC Code of ICICI Bank Limited IFSC Code of IndusInd Bank Limited IFSC Code of IDFC Bank Limited IFSC Code of Jammu & Kashmir Bank Limited IFSC Code of Karnataka Bank Limited IFSC Code of Karur Vysya Bank Limited IFSC Code of Kotak Mahindra Bank Limited IFSC Code of Lakshmi Vilas Bank Limited IFSC Code of Nainital Bank Limited IFSC Code of RBL Bank Limited IFSC Code of South Indian Bank Limited IFSC Code of Tamilnad Mercantile Bank Limited IFSC Code of YES Bank Limited
Local Area Banks:
IFSC Code of Coastal Local Area Bank Limited IFSC Code of Krishna Bhima Samruddhi Local Area Bank Limited IFSC Code of Subhadra Local Area Bank Limited Conclusion: The IFSC is useful for making the secure transaction
regionally as well as internationally. You can use the IFSC code to receive or
send money across the globe. Any bank from all around the world can easily
transfer the money by using IFSC code which represents unique identity of your
Copyright 2018 ifsccodeofallbanks.com All Rights Reserved (Site Map)