The Indian Financial System Code (IFSC) is an 11-character alphanumeric code that uniquely identifies a bank branch in India participating in electronic payment systems like NEFT, RTGS, and IMPS. The code is structured as follows: the first four characters represent the bank's name, the fifth character is always '0' (reserved for future use), and the last six characters specify the branch.
IFSC facilitates secure and efficient fund transfers between bank accounts. For example, IFSC ensures accurate routing of payments during online banking transactions. Always double-check the IFSC code for accuracy to avoid payment failures.
MICR Code: The MICR code is a 9-digit code printed on cheques to facilitate the fast and secure processing of cheques through magnetic ink and optical recognition technology. It is unique to each bank branch, with the first three digits representing the city, the next three the bank, and the last three the branch.
Branch Code: The branch code is a part of the IFSC or MICR code and is used to uniquely identify a specific bank branch. In the IFSC code, the last six characters represent the branch, while in the MICR code, the last three digits indicate the branch's identity. It ensures precise identification during banking transactions.
NEFT (National Electronic Funds Transfer): NEFT is a nationwide payment system that enables one-to-one fund transfers between bank accounts. Transactions are processed in batches and are typically settled within a few hours. It is best suited for non-urgent transfers and operates during banking hours.
RTGS (Real-Time Gross Settlement): RTGS is used for high-value transactions that require immediate settlement. Funds are transferred in real-time on a gross basis, making it the fastest and safest option for large payments above ₹2 lakh. It is typically used for business and corporate transactions.
IMPS (Immediate Payment Service): IMPS enables instant fund transfers 24/7, including weekends and holidays. It is a quick and reliable service for transferring smaller amounts, commonly used for personal transactions through internet banking or mobile banking apps.
UPI (Unified Payments Interface): UPI allows seamless and instant fund transfers using a mobile device. Users can transfer money using a Virtual Payment Address (VPA) or QR code without sharing bank account details. UPI is widely adopted for day-to-day transactions and supports round-the-clock transfers.
BankIFSC.online offers detailed IFSC code information for 274 computerised banks across India. Easily search and access accurate IFSC, MICR, and SWIFT codes to ensure seamless and secure online banking transactions.