Q. What is the meaning of IFSC Code?
A. IFSC is a unique 11 character alphanumeric code which stands for Indian Financial System Code. It is a combination of alphabets and numerals which stands unique for every branch of a bank. IFSC Code of each bank branch is assigned by the Reserve Bank of India (RBI) which is used to facilitate the online transfer of funds using National Electronic Fund Transfer (NEFT), Immediate Payment System (IMPS) and Real-Time Gross Settlement (RTGS) mode. The first four characters of the IFSC Code represent the bank name, the fifth character is zero for most of the banks while the last six digits remain unique and represent a specific bank branch. You can check the IFSC code on the checkbook provided by your bank or on the front page of your bank account passbook. You can also check the IFSC Code online simply by visiting the Reserve Bank of India’s official website.
Q. What is the full form of IFSC?
A. The full form of IFSC is Indian Financial System Code - an 11 digit alphanumeric code which is unique for every bank branch.
Q. How can I find the IFSC Code of my Bank's Branch?
A. Indian Financial System Code (IFSC) is an 11 digit alphanumeric code which is used to identify the bank branches and facilitate NEFT or RTGS transactions. One can search for the IFSC code of their bank branch by following any of the below-mentioned steps:
- To get the IFSC code of any bank branch, you can check the IFSC Code Locator Tool offered by Paisabazaar. You can check the IFSC code on Paisabazaar easily by providing details like Bank name, State and City. After this, you will be required to select your Branch to get the IFSC code.
- The Reserve Bank of India or RBI’s official website also mentions a list of banks (with their respective IFSC codes) participating in the NEFT / RTGS transactions.
- You can also check the IFSC code of your bank branch either in your passbook or on the chequebook.
- You can search for your IFSC code in the bank’s mobile application after you login using your credentials.
Q. Is IFSC code same for all the branches of a Bank?
A. No, the IFSC code is different for every single branch of a particular bank. For example, if you have two accounts in two different branches of a bank, both these branches would have different IFSC codes.
Q. Is IFSC code same for all customers?
A. IFSC code is same for all the customers of a particular branch of a bank. However, if a customer has two separate accounts in two different branches of a bank, then the IFSC code for both the accounts would be different as per their bank's branch.
Q. What happens if I put or entered the wrong IFSC code during an online transaction?
A. Normally, an online transaction takes place when the bank account number and the related IFSC code matches with the beneficiary's bank branch's database, otherwise, the amount is credited back to the sender's bank account. In case, you don't receive the amount back into your account, please contact your bank's customer support immediately.
Q. Can I transfer money without IFSC code?
A. An IFSC code is required by a bank to make an online payment to another bank so it can recognize the beneficiary's bank and its branch where the amount has to be credited.
Q. How to search bank by IFSC code?
A. The first four characters of Indian Financial System Code (IFSC) denote the bank name, the fifth character is generally zero and the last six digits represent a specific bank branch. So, if you need to search your bank by IFSC Code, you can simply refer to the first four characters of your IFSC code. For instance, the IFSC code of your bank branch is HDFC0000043, where the first four digits denote your bank and the last six digits your bank branch.
Q. How does IFSC code work in Banking?
A. An IFSC code is used by the Indian financial system to facilitate the online and electronic transfer of money. Using Indian Financial System Code, you can transfer funds electronically using IMPS, NEFT and RTGS.
Q. Why is IFSC code required in Banking?
A. IFSC code helps RBI monitor all banking transactions and help customers to avoid making any mistakes while transferring funds online using IMPS, NEFT and RTGS modes. This also helps the bank as well as the Reserve Bank of India to track and seamlessly maintain all financial transactions which are carried out using electronic methods. This is the reason IFSC code is important as electronic fund transfers cannot be started without furnishing IFSC code of the payee account.
Q. Can we find IFSC code by account number?
A. No. After the implementation of core banking, your account number might remain the same even if you change the branches. So, it is not possible to find IFSC code using your account number.
Q. What is MICR Code and its full form?
A. MICR code stands for Magnetic Ink Character Recognition Code which is used for faster processing of cheques. MICR code comprises of nine digits and is also unique for every bank branch. The first three digits of the MICR code represent the city code; the next three digits denote the bank code and the last three digits represent the bank branch. For instance, if you have an account with HDFC Bank, Gurgaon, DLF City Court Branch, then its nine-digit MICR code is 110240209. Here ‘110’, the first three digits represent the city code for Gurgaon; ’240’ represent the bank code for HDFC Bank and the last three digits ‘209’ represent the bank branch code for DLF City Court Branch.
Q. What is the difference between IFSC and MICR codes?
A. IFSC code is an 11 digits alphanumeric code which is unique for every bank branch. It is used by the customers for online fund transactions using IMPS, NEFT and RTGS modes. Whereas, MICR code is a 9 digit code which is used for the faster processing or clearing of the cheques. MICR works by recognizing the unique characters printed on every cheque. Similar to an IFSC code, every branch of a bank has a unique MICR code. While IFSC is used for online fund transactions, MICR is used for cheques. Let’s understand the difference between IFSC and MICR:
|IFSC Code||MICR Code|
|IFSC Code is an 11-digit alphanumeric code||MICR is a 9-digit numerical code|
|It is used to facilitate online fund transfer transactions using IMPS, NEFT & RTGS||It is used for faster processing of cheques|
|First four characters denote bank name & the last six represent bank branch||First, three digits signify the city code; the next three is the bank code and the last three digits represent the bank branch code|
Q. Difference between the IFSC Code and SWIFT Code?
A. SWIFT code stands for Society for Worldwide Inter-bank Financial Telecommunication which is used to transfer funds internationally. Usually, SWIFT code consists of 8 or 11 characters and is used to facilitate international credit transfer between two banks. The first 4 characters represent the institution code or bank code; the next 2 characters represent the country code; 5th
character represent the location code and the last three characters represent the branch code. Where only 8 characters code is given, it is considered as the primary office. On the other hand, IFSC code is an 11 digit alphanumeric which is unique for every bank branch and is used by customers to make online fund transactions using IMPS, NEFT & RTGS.