IFSC code stands for Indian Financial System Code, it is unique 11 digit code given
by Reserve Bank of India (RBI) to every bank branches in India. If any bank branch is
participating to Indian Online Fund Transfer system like NEFT, RTGS, or IMPS then
IFSC code must for that bank branch.
NEFT - National Electronic Fund Transfer
RTGS - Real-Time Gross Settlement
IMPS - Immediate Payment Service
IFSC code make sure that payment will be transferred to corrent bank account in India.
You can see IFSC code from your bank cheque book, it is written on every check leaves.
Remember each branch has its own IFSC code assigned by RBI (Reserve Bank Of India),
So do not mix with other branch IFSC code although bank name is same. IFSC code consist
total 11 digit, among that first four digit indicates bank short name. Then next digit is zero.
Last six digit of IFSC code indicates bank branch code. So if bank consist multiple branch
location then each branch should have unique branch code it is last 6 digit of IFSC code.
You must use recepient bank IFSC code whenever you have to transfer funds to that branch.
So always take care to use correct IFSC code for recepient bank branch.
By using Bank IFSC Code Radar you can find Bank IFSC Code for any bank branches in India.
You have to follow simple step to find IFSC code for any bank. Below is the steps:
Click Bank Name from the list.
Click State Name for the bank.
Click District where branch is situated.
Click Branch name to view details for that branch.
You will see all details for a branch including IFSC Code, MICR Code, Branch Code,
Bank Address, City, State etc.
Note: Please make sure to confirm the IFSC code with your bank branch before
transferring fund to other bank account. Also it is better to send just mimimum
amount to recepient branch before sending the large amount. So this way you can
prevent wrong transaction or any other mistake.
What is a MICR Code?
MICR stands for Magnetic Ink Character Recognition. It is one type of printing technology
used in the banking industry to print the MICR code on the check. MICR code is a unique
9 digit code allocated by Reserve of India (RBI) to each bank branches in India. MICR code
is used by each bank branches in India which contributing to Electronic Clearing System (ECS).
Generally MICR (Magnetic Ink Character Recognition) code is printed on the bottom (white bar)
of the bank check leaf. MICR Code provides easy payment transferring among multiple branches
across India. MICR code also consist various parts. First three digit indicates City code,
other three digit indicates bank code, last three digit shows branch code. Now a days MICR
based check processing done automatically via machines.
Within India MICR code is must for fund transfer via check or Electronic Clearing System (ECS).
MICR code is printed with magnetic ink so machine can perform check clearing operation faster
and minimum error.
By using Bank IFSC Code Radar you can find MICR Code for any bank branches in India.
You have to follow simple step to find MICR code for any bank. Below is the steps:
Click Bank Name from the list.
Click State Name for the bank.
Click District where branch is situated.
Click Branch name to view details for that branch.
You will see all details for a branch including MICR Code, IFSC Code, Branch Code,
Bank Address, City, State and bank branch related other details.
Note: Please make sure to confirm MICR code with your bank branch before writing any check.
What is RTGS?
RTGS stands for Real Time Gross Settlement, RTGS is an electronic fund transfer system
which is used to transfer fund between different bank branches in India. You can use
RTGS facility via Netbanking Interface provided by your bank branch. RGTGS funds will be
settled in real time. In India RTGS is used to transfer high value funds between bank branches
transactions.
Minumum amount should be 2 lakh for RTGS transfer and there is no maximum amount limit.
Funds will be credited to recepient account within 30 minutes of successfull
settlement. If you have to transfer funds via RTGS, you have to enter recepient bank name,
IFSC code, Bank account type (Saving or Checking Account), and Account number. Also both
sender and recepient account should in operating state and rtgs should be enabled on
both bank account.
RTGS fund transfer is controlled by Reserve Bank of India i.e. RBI. Also just for your
information, RTGS transaction is one way, means once transaction settled you can not
change it and it is final. Sender bank will incurred charges for initiate RTGS transaction.
Also remember that RTGS service is avaliable on working days only, so it is not available
during week end and public holidays.
What is NEFT?
NEFT stands for National Electronic Funds Transfer system. NEFT is an online
fund transfer system supported by Reserve Bank of India i.e. RBI. Using NEFT you can
easily transfer funds from your bank account to other bank account in India.
You can easily transfer fund using NEFT facility provided in your Net Banking service.
There is no upper or lower limit on NEFT fund transfer. You can do NEFT transfer from
Rs. 1 to any amount you wish. If you are using cash mode then you can send up to
fifty thousand rupeed to someone if paying cash amount. Also Sender and Recepient both
need NEFT enabled bank account to send/receive fund via NEFT system. Also the sender have
to pay charges depending on the NEFT transaction amount.
NEFT Fund Transfer Charges in India?
There are no charges for receiving money via NEFT. But if you are sending fund to
someone, your bank will charge you as under:
Rs. 2.50 on NEFT transfers up to Rs. 10,000
Rs. 5 on NEFT transfer from Rs. 10,000 to 1 Lakh
Rs. 15 on NEFT transfer from Rs. 1 Lakh to 2 Lakh
Rs. 25 on NEFT transfer of more than Rs. 2 Lakh
NEFT transactions are settled in hourly batches so you have to consider batch time
when send any transation via NEFT. It is not in real time so there is some delay while
receving funds to recepient account. Both sending and receiving bank should have NEFT
service enabled in bank account. The transferred amount will be credited to recepient
back account on same day or within 2 business days.
What is IMPS?
IMPS stand for Immediate Payment System in India. IMPS is an electronic fund transfer system
operated by National Payments Corporation of India i.e. NPCI and supported by Reserve Bank
of India. IMPS service was initiated in 2010 by NPCI as a pilot project with 4 major banks in
India. Now a days IMPS is supported by more than 150 banks in India. IMPS will transfer
money instantly from one bank account to another bank account.
IMPS service is available 24 hours and 7 days in a week. It means IMPS available all
time unless there are server maintanence scheduled. IMPS is very useful for instant
money transfer in all situations with minimum transaction charges. There is 2 lakhs
per day limit on sending fund via IMPS, so you have to consider this also. Now a days
most of the bank provide IMPS service via their Net Banking and Mobile Banking platform
in easy way.
Features and Benifits of IMPS:
IMPS is very convenient fund transfer system since 2010 (launched). It made indian banking
payment transfer fast and easy. Below are some benifts or pros of IMPS.
IMPS is the fastest money transfer service across bank branches in India.
IMPS operated by National Payments Corporation of India i.e. NPCI
IMPS is also Safe and Secure to send and receive funds in Banks across India.
IMPS service available 24x7 including bank and public holiday also.
You can transfer money via Net Banking and Mobile Banking.
You just need bank account name, Ifsc code to pay the beneficiary via IMPS.
You can transfer funds from Rs. 1 to 2 Lakhs per day.
Note: IMPS charges may vary from bank to bank and number of free transaction allowed by
your bank, so please consult your bank for detail information on IMPS charges.
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