IFSC CODE

List of IFSC Code, MICR Code and Addresses of all Banks of India

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IFSC Code - What is it and Why is it important?

The Indian Financial System Code (IFSC) is a unique identifier essential for processing electronic payments in India. It facilitates seamless transactions through NEFT, RTGS, and IMPS by accurately routing funds to the correct bank and branch.

Each IFSC code is composed of 11 characters, where the first four denote the bank, followed by a control character, usually '0', and the last six digits identify the branch. Understanding and correctly using the IFSC code is vital for ensuring that transactions are processed swiftly and without errors.

What is an IFSC Code?

An IFSC code plays a pivotal role in India's banking system, ensuring that electronic fund transfers occur without a hitch. Whether you're transferring money online or making a payment via mobile banking, the IFSC code guarantees that the funds reach the intended recipient at the correct branch. This not only streamlines the banking process but also enhances security and accuracy, minimizing the chances of errors or delays. In a world increasingly moving towards digital transactions, knowing and using the correct IFSC code is more important than ever.

An IFSC code is mandatory for initiating any electronic payments in India, including NEFT, RTGS, and IMPS transactions. Without this code, the transaction cannot be processed.
Every bank branch in India has a unique IFSC code, even if they belong to the same bank. This uniqueness helps in precisely identifying the recipient branch during electronic transactions.
The IFSC code is crucial for online banking services, including transferring money between accounts, paying bills, and receiving payments from others.
The IFSC code is used in automated payment systems and financial applications, making the entire process of funds transfer seamless and efficient.
The 11-character format of the IFSC code ensures consistency across all banks and branches, making it easier to automate and process transactions nationwide.

What is an IFSC Code?

To facilitate electronic transfers between banks.
Used when setting up automatic bill payments or linking accounts for transfers.
Printed on cheques to identify the bank and branch.
Ensures correct routing of funds during Unified Payments Interface transactions.
Required when adding a new payee or transferring funds to another account.

What is MICR Code?

The Magnetic Ink Character Recognition (MICR) code is a unique identifier used in the banking system for processing and clearing cheques. It is a 9-digit code printed on the bottom of cheques, usually alongside the cheque number.

The first three digits represent the city, the next three identify the bank, and the last three denote the branch. The MICR code ensures that cheques are processed efficiently and accurately, minimizing errors during clearing.

What is the Use of MICR Code?

The MICR code is essential for the quick and secure processing of cheques. It helps in the automated reading of cheque details, reducing manual errors and speeding up the clearance process.

The code also plays a crucial role in preventing fraud, as it is printed with special ink that is readable by machines but difficult to forge. Additionally, the MICR code is used to identify and verify the authenticity of cheques, ensuring that transactions are processed without delays.

Frequently Asked Questions

How often do IFSC codes change?

What should I do if I enter the wrong IFSC code?

Can I use the same IFSC code for different branches of the same bank?