What is an IFSC Code and how does it work?

IFSC (Indian Financial System Code), an 11-digit alphanumeric number that uniquely identifies banks and branches participating in online funds transfers, is an 11-digit code.

Each bank branch is given an IFSC Code by the Reserve Bank of India to track online money transfers. Without a valid IFSC code, electronic or online transfers of funds via NEFT(National Electronic Fund Transfer), RTGS [Real Time Gross Settlement] and IMPS (“Immediate Payment System”) cannot be initiated.

Features of IFSC code

IFSC Code facilitates easy online funds transfer: IFSC codes allow for the transfer of funds between bank accounts. The IFSC Code must be used to facilitate all electronic or online transfers of funds via NEFT/RTGS or IMPS.

Monitoring transactions: The RBI uses IFSC codes to keep a record of all banking transactions. This reduces the possibility of discrepancies in the transfer process.

Unique identification: The IFSC code allows for unique identification of all branches and banks, thereby allowing customers to avoid possible errors

Eliminating errors: The IFSC code allows users to securely transfer funds online and eliminates any possibility of fraud.

Format of IFSC code

The 11-character IFSC code is a combination 3 important components:

The bank code is the first four characters

The 5th character is a "0"

The 6 remaining characters indicate a specific branch code

Take a look at this example of IFSC Code of State Bank of India's Delhi branch.

State Bank of India Code Zero State Bank of India branch Code

S B I N 7

The above-mentioned example (SBIN0001707) shows that the first four characters of the code 'SBIN" represent SBI's bank code, while the fifth character is a zero and the sixth six characters '001707’ represent Azadpur's branch code.

IFSC Code of Top 5 Indian Banks

Below is the list with the IFSC codes of the top five banks in India and one branch. The IFSC code is unique for every bank branch in India. Hence, banks cannot have the same IFSC codes.

Bank Name Branch Name IFSC code

State Bank of India DLF Phase IV Gurugram SBIN0070695

HDFC Bank Chandni Chowk (Delhi HDFC0000553

Bank of Baroda Lucknow Main Branch U.P. BARB0HAZARA

Axis Bank Dwarka (Delhi UTIB0000278

Canara Bank Avenue Road, Bangalore CNRB0000402

Importance of IFSC Code

These are the benefits and significance of Indian Financial System Code (IFSC).

This code uniquely identifies a bank branch and helps customers avoid possible errors during online transfers via NEFT/RTGS/IMPS.

Customers do not need to visit the branch in order to make financial transfers. They can also opt for online money transfer using the IFSC Code. This is a convenient and environmentally-friendly option.

The IFSC code is a key to all online transactions, including the payment of bills.

The RBI uses this code to track all online transactions by individuals and eliminate any potential discrepancies in the transfer process.

Why is IFSC Code necessary?

IFSC Code can be used to facilitate electronic or online transfers of funds via NEFT, RTGS, and IMPS.

This code allows the bank to seamlessly track all financial transactions that are made using online payment services.

To make an online payment to another bank, the IFSC code must be provided so that it can identify the beneficiary's branch to which the amount is to be credited.

IFSC allows customers to identify all branches and banks, thereby avoiding any fraud. It also facilitates online fund transfers.

How do I use IFSC Codes?

Below are some examples of IFSC Code. It should be noted that IFSC Code helps route funds to the banks and branches.

Electronic Funds Transfer: The IFSC Code allows users to transfer funds instantly online. To make online transactions, one must mention the beneficiary's bank account number and branch as well as the IFSC Code.

Credit card bill payments: The IFSC code can be used to make creditcard bill payments. Transactions can be made using smartphones, tablets, or laptops.

Transfer money using IFSC Code

In order to electronically or online transfer funds via NEFT, RTGS, and IMPS, the use of IFSC Code must be used. The Reserve Bank of India (RBI) introduced the RTGS and NEFT payment services, while the NPCI (National Payments Corporation of India) introduced the IMPS service. NEFT, RTGS and IMPS are the main payment services that allow online transfers of funds.

Payment Service NEFTRTGS IMPS

The Process process is based upon Deferred net Settlement (DNS). Fund transfers will take place in half-hourly batches, starting at 12:30 AM to 12:00 AM. This is a real-time and instant interbank transfer process. IMPS is considered a safer and faster method of fund transfer.

Minimum Transfer Limit Re.1 Rs.2 lakh Re.1

Maximum Transfer Limit No limit No limit Rs.2 lakh

Operational Timings available 24x7, 7 days a week (including bank holiday) from 7 am to 6pm on all working days. Available 24x7 and 365 days a year (including bank holiday).

Inward Transaction Fees No Charges No charges

*This information was provided by RBI (Reserve Bank of India).

How do I search for IFSC Codes?

You can search for the IFSC Code of a specific bank branch online or offline. These are all the possible ways to locate the IFSC code.

Online Methods

qrail.in provides an IFSC Code Search Tool

Follow the steps below to access the IFSC Code Search Tool Page provided by qrail.in.

Click on the link to select the bank you are interested in.

Choose the state, the city and the branch of the bank

The right side of the page will display the IFSC Code and all other details.

Users also have the option of searching bank by IFSC Code.

Netbanking / Mobile Banking

Account holders can obtain the IFSC code via their bank's mobile banking app or netbanking portal.

Reserve Bank of India

Users can also search for IFSC codes via the official website of RBI (Reserve Bank of India).

Methods Offline:

Cheque Book

The IFSC code is located on the top of each cheque leaf provided by the bank (as illustrated in the below image), while MICR number. On cheque (Magnetic ink Character Recognition) is printed at its bottom.

IFSC Code

Passbook

The bank will provide a passbook with both the IFSC Code and the MICR Code.

Passbook IFSC Code

How do I search IFSC Codes from Internet Banking?

The user must log in to the bank's net banking portal using their User ID and password to search for the IFSC Code for a specific branch. You can find the IFSC Code for your particular branch under the "Accounts" menu. It is important to note that every bank has a different net banking portal.

What is the MICR Code?

MICR, or Magnetic Ink Character Recognition code is a 9-digit code that allows for quicker processing of cheques. The MICR number can be used to uniquely identify each bank branch that participates in the Electronic Clearing System (ECS). MICR Code, like IFSC, is a combination 3 components.

The city code is the first three digits.

The particular bank code is indicated by the middle 3.

The specific branch code is indicated by the last 3 digits

Examples of the MICR Code

Below is the MICR Code List of Indian banks (top 5) along with branch names. The MICR Code, like IFSC, is unique for every bank branch in India. Therefore, there is no way for two banks to have the same MICR code.

MICR Code: Bank Name Branch Name

SBI Bailey Road, Patna 80002006

HDFC Anjuna, Goa 403240035

Bank of Baroda Service Branch Bangalore 560012001

Axis Bank Defence Colony Delhi 110211036

Canara Bank Circle Office, Chandigarh 160015995

What purpose is MICR Code used?

MICR, or Magnetic Ink Character Recogniz Code, is a technology that recognizes characters and helps banks streamline the clearing and processing of cheques.

The code's primary purpose is to verify the legality and originality of paper-based documents within the banking system. It is most commonly used for cheques

MICR Code is on par with IFSC in the area of NEFT and IMPS transfer of funds

The technology allows MICR readers and bank officials to scan checks and then read the information through the system.

Every bank branch is assigned a unique MICR code by RBI. This helps identify the branch and speeds up clearing.

How do I find the MICR Code in IFSC Code?

You can search for MICR Codes from IFSC Codes by visiting the qrail.in IFSC Code Search Tool Page. Follow the steps below:

Visit qrail.in's IFSC Code Search Tool Page.

Enter the IFSC Code for the branch you are interested in and click on "Get More Details".

On the right-hand side of the page, you will see the MICR Code and branch name, address, and contact number.

Where can I find the IFSC Code & MICR Code for a cheque?

MICR Code for Cheque

The bank will provide a cheque book that contains both the IFSC Code and the MICR Code. On the top side of the cheque leaf is the IFSC Code, while the MICR Code is printed on its bottom. The IFSC Code and the MICR Code are also printed on the top of the cheque leaf.

Difference: IFSC Code vs MICR Code vs SWIFT Code

IFSC Code Swift Code MICR Code

It is an 11-digit alphanumeric number. It is a 9 digit numerical code SWIFT code. It consists of 8 to 11 characters

Use for online funds transfers via NEFT or RTGS, IMPS. Used to speed up the processing of cheques. Used to facilitate international credit transfers between two banks

Developed by Reserve Bank of India. Developed and approved by International Organization for Standardization.

The first 4 characters signify the bank code. The 5th character is the '0' and the last 6 characters are the branch code. First 4 characters signify the city code. Middle 3 characters signify bank code. Last 3 characters represent branch codes. First 4 characters identify the bank code. Next 2 characters represent the country code. 5th and 6th characters represent the location code. The last 3 characters are optional.

What is a CIF Number?

CIF stands for Customer Information Filled and is unique for each customer. It is an 11-digit number that represents the file. CIF is essentially a digital file that contains all of the bank details for the account holder. Each customer's accounts can be linked to one CIF number. This means that even though the customer may have multiple accounts, they will only have one CIF number.

CIF Number

The CIF number. The bank decodes the CIF number to extract all financial and personal information about the customer. This information usually includes details about loans, demat, etc. Other KYC details such as identity, address, and photo ID. Customer Information File contains all of the important banking information for an account holder in digital form.

How do I find the CIF number in State Bank of India, (SBI)

There are many ways that a user can locate the CIF number in SBI. These are both online and offline ways to locate CIF number.

Online

You can find CIF Number SBI online by choosing any of these options:

Net Banking

State Bank of India Mobile App

Offline

Users can also find their CIF Number offline using any of the following methods:

Cheque Book (On page one of the cheque book).

Pass Book

CIF Number via SMS

SBI Customer Support - Users can also call the SBI Customer Service Number to get the CIF number. Below are the SBI Customer Support numbers:

1800-11-2211 (toll-free) / 1800-425-3800 (toll-free) / 080-26599990

Visit the SBI Branch

Frequently Asked Questions (FAQs).

Q. Q.

A. IFSC stands for Indian Financial System Code. It is an 11-character alphanumeric number that facilitates electronic or online transfers of funds between bank accounts using NEFT or RTGS.

Q. Q. How many digits can you find in IFSC Code & MICR Code

A. A.

Q. Q.

A. A. The code "ICIC0002634" is an example of ICICI Bank's IFSC Code.

Q. Q.

A. BSR, or Basic Statistical Return Code, is a seven-digit code that the RBI provides to all Indian banks. BSR and IFSC are similar in their purpose. They uniquely identify a bank branch. However, one cannot find BSR Code within IFSC Code.

Q. Q. Is CIF number the same as IFSC Code?

A. CIF Number and IFSC Code both contain 11 characters, but they serve different purposes. While IFSC Code can be used to facilitate electronic or online funds transfers via NEFT or RTGS, IMPS or IMPS, CIF Number is a digital file that contains all of the bank details and valuable banking information.

Q. Q.

A. A. Visit qrail.in to search for IFSC Codes and follow the steps below:

Visit the qrail.in IFSC Code Search Tool Page

Enter the IFSC Code for the bank branch you are interested in and click "Get Details".

On the page, you will see the branch address, name, MICR codes, and contact number.

Q. Q.

A. A. For example, if the beneficiary has an account with SBI and the incorrect IFSC codes are from another branch of SBI, the bank will conduct an internal settlement and credit the beneficiary's account. If the incorrect IFSC codes are from another bank, the remitter must submit an application to his bank branch along with his bank details as well as the transaction ID.

Q. Q. How do I identify branch code using IFSC Code?

A. It's easy to search online for branch IFSC codes. The specific branch code is represented by the 6 last characters of the 11-character IFSC Code. Take a look at this example of IFSC Code from HDFC Bank, Delhi.

HDFC0001563

The last six characters '001563’ in the 11-character IFSC Code represent Connaught Place, Delhi. Each branch of a bank in India has a unique branch code. Therefore, no two branches can have the exact same branch code.

Q. Q.

A. A. It is impossible to search IFSC codes by account number. However, users can find banks by IFSC Code.

Q. Q.

A. IFSC (11-character unique alphanumeric code) is used for electronic or online transfers of funds via NEFT/RTGS or IMPS. MMID (Mobile Money Identifier), is a unique 7-digit number that allows customers to carry out IMPS transactions. The bank will provide the MMID upon registration.

Q. Q.

A. You can use any of these methods to find the IFSC Code of India Post Payments Bank:

Visit qrail.in to search for IFSC Codes

Cheque Book / Passbook

Net Banking / Mobile Banking

Q. Q.

A. Yes. The IFSC Code for a bank's merger with another bank will change.

Q. Q. Is a SWIFT Code the same as an IFSC Code

A. No, both codes serve different purposes. When funds are transferred between banks internationally, the SWIFT Code will be used. The IFSC Code will be used for interbank fund transfers.

Q. Q. Can one use IFSC rather than SWIFT Code?

A. A.

Q. Q. Can someone do harm if they have a bank account number or IFSC code for another person?

A. A.

Q. Q.

A. A. There are two ways to transfer funds via IMPS. One is using an account number and IFSC, and one is using a registered mobile number or MMID. You can use any one of these two methods to transfer funds using IMPS.