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IFSC Code Finder - Find IFSC Code For All Indian Banks
Locating an IFSC code, which stands for the Indian Financial System Code, is crucial for conducting electronic fund transfers within India. Using an IFSC code locator tool online simplifies the process of finding these unique codes specific to each bank branch. This lookup facility aids individuals in identifying the correct IFSC code required for NEFT, RTGS, or IMPS transactions. The abbreviation of IFSC denotes the code's significance in streamlining and accurately directing financial transactions, ensuring the funds are routed to the intended recipient's bank branch. Engaging in an IFSC code search becomes essential when initiating online transactions or when required to enter an IFSC code for financial purposes.
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What is an IFSC Code?
IFSC, or Indian Financial System Code, is a unique 11-digit alphanumeric code used to transfer funds online for NEFT, RTGS, & IMPS transactions. The IFSC code is given by RBI (Reserve Bank of India)to each bank, which can be found on the cheque leaf or account holder’s passbook front page.
Importance of IFSC Code
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Online Banking: IFSC codes are mandatory for online banking as they allow individuals to make secure and convenient electronic transactions through the Internet or mobile banking apps.
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Identifying Bank and Branch: These codes help to identify a specific bank and its branch because each bank branch in India is assigned a unique IFSC code, which consists of 11 characters.
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Avoiding Fraud: With that being said above, IFSC codes are assigned to each bank, which helps to verify the authenticity of a bank branch. This decreases the risk of fraud and ensures that funds are transferred to legitimate accounts.
IFSC Code Format
IFSC code is a combination of 3 components and 11 characters. Here’s the detailed explanation.
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The first four characters represent the bank,
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The fifth character is always zero, and
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The last six characters identify the branch. (This part makes the code unique.)
How To Do Code Search with KarrTax IFSC Code Finder
Below is the step-by-step procedure that you can use to find the IFSC code on Karrtax.in. By following these, you can quickly and accurately find the IFSC code and other essential details for a specific bank branch.
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Find the tool at the top of this page and navigate to the IFSC Codes Directory.
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There are two ways that you can follow to do the IFSC Code Search.
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The first one is to enter the IFSC Code and get the bank details.
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Second, On the directory page, locate the "Search by Bank Name" field. Here, choose the bank name for which you need the IFSC code.
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Next, you'll find the "Enter State Name" field, where you must select the Indian state where the branch of the selected bank is located.
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Following that, you'll find the "Enter District Name" field, where you have to specify the district within the chosen state where the bank branch is situated.
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Finally, you can initiate the search after completing all the selections. The tool will process your query in less than 30 seconds, and you will get the required information.
What Is MICR Code ?
MICR, or Magnetic Ink Character Recognition, is a 9-digit code used by banks for faster processing of cheques. This code is placed at the bottom of a cheque and helps in identifying the bank & branch participating in ECS. (Electronic Clearing System)
Mainly, the MICR code is used to clear and verify the cheques deposited in machines.
MICR Code Format
Out of nine digits in the MICR code,
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The first three digits represent the specific city,
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The next three digits represent the specific bank code, and
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The final three digits represent the bank branch code.
Purpose of MICR Code
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Automated Check Processing: MICR allows for automated processing and clearance of cheques and other documents. The code is printed on the cheque's bottom in a special magnetic ink, which MICR readers and sorting machines can easily read.
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Efficiency: When a cheque is deposited at the bank, the MICR reader can quickly and accurately capture the MICR code information. This enhances efficiency for cheque processing and allows for swift sorting, routing, and clearing through the banking system.
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Minimize Errors: MICR reduces the likelihood of errors in cheque processing as they are printed in a standardized format that is less susceptible to misinterpretation or misreading.
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Standardization: These codes are standardized, which means the format and character set used in the code are consistent across all banks. This standardization simplifies the cheque handling across different banks and financial institutions.
How To Find IFSC and MICR Codes on a Bank Cheque
Find The IFSC Code in a Bank Cheque
The IFSC code is 11 characters long. It is usually found on the cheque, either to the right of the branch information or at the bottom, below the account number. Check the above image that displays the location of the IFSC code.
Find The MICR Code in a Bank Cheque
The MICR code is a series of numbers displayed next to the cheque number. Both of these are printed in a unique font and located at the bottom of the cheque (as shown in the above image).
How Can You Transfer Money Online Using the IFSC Code?
For individuals needing to enter an IFSC code during online transactions or fund transfers, utilizing an IFSC code lookup service simplifies the process. This service allows users to enter an IFSC code accurately, ensuring the swift and secure transfer of funds between banks. The abbreviation of IFSC signifies its role as a standardized banking identifier essential for routing funds to the correct bank branches across India. Whether it's for personal or business transactions, having access to an accurate IFSC code locator and understanding the importance of the IFSC abbreviation streamlines financial transactions and contributes to a seamless banking experience.
There are three ways to transfer funds using electronic fund transfer modes, including NEFT, RTGS, and IMPS.
Entities can use these electronic transfer systems to transfer funds from one account to another easily.
➔NEFT (National Electronic Fund Transfer)
It is the most widely used method for transferring funds from one bank account to another. NEFT is based on a deferred arrangement, which means all the transactions are settled in a batch-wise format. Currently, there are 12 payment settlements arranged between 8 AM & 7 PM for Monday to Friday. On the other hand, six payment settlements were arranged between 8 AM & 1 PM on Saturdays.
Simply put, these electronic transfer methods make it simple for individuals to transfer funds between accounts.
➔RTGS (Real Time Gross Settlement)
RTGS are used for high-value fund transactions and are immediately cleared. Just as the name suggests, 'Real Time' (transactions happen instantly). RTGS services procedure is the same as NEFT. All you need is the account number, the transaction amount, the payee's name, and the IFSC code. Also, these transactions are free in case of online transfer, but if it is done through a bank branch, a charge of ₹ 15+GST is levied.
➔IMPS (Immediate Payment Service)
IMPS was introduced by the National Payments Corporation of India in 2010. Since then, it has gained immense popularity because it allows for instant fund service that works round the clock.
It is very safe, fast, economical, and has no upper limit in terms of the maximum amount that can be transferred. Also, there is no need to register separately for this service. When you log in to your net banking account, you will find the option of IMPS to carry out fund transfers.
The payee's name, the IFSC code, the account number, and the transaction amount are necessary in this case to complete the transfer. Also, if you are the mobile app of your bank, an MMID (Mobile Money Identifier) code is needed.
How To Transfer Money with IFSC Code of Bank Account?
Online money transfers have become easier and hassle-free with the use of the IFSC code. Now, let’s understand with an example how IFSC works while transferring money.
The IFSC code of SBI, DLF Phase IV, Gurugram is SBIN0070695.
Here are the key takeaways:
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The first four digits identify the bank name, which is SBI Bank.
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The 5th character is zero.
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The remaining six characters identify the bank branch.
When an individual initiates the fund transfer, they are required to provide the payee’s bank account number and IFSC. Once all the information is provided, the fund will transfer to the beneficiary account. The process is smooth and will take only a few minutes from the time of initiation.
How To e-transfer Funds?
Below are the simple steps to e-transfer funds that will save you from the trouble of going to the bank and standing in a queue.
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Firstly, you must register for the bank’s net banking services to e-transfer funds from your account to another account.
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Next, register the recipient account as a third-party transaction beneficiary for transferring funds to their account anytime.
Registering or obtaining an IFSC code online involves accessing authorized banking platforms or websites that provide comprehensive databases of IFSC codes for various bank branches. This registration process may entail entering specific bank details or utilizing an IFSC code search feature to acquire the necessary code for electronic fund transfers. The abbreviation of IFSC emphasizes the code's importance in enabling secure and efficient online transactions, facilitating seamless interbank transfers across the country. Individuals often enter the IFSC code while conducting online transactions, ensuring accuracy and precision in directing funds to the designated bank branch.
How To Transfer Funds Through UPI?
Regulated by the National Payment Corporation of India (NPCI), UPI is an instant payment system that operates over IMPS infrastructure. It allows instant money transfers between any two bank accounts. For that, you must register by creating a 4 to 6-digit UPI (Personal Identification Number) pin.
The major benefit of UPI fund transfer is that it allows you to transfer money anytime, irrespective of the bank’s working hours.
Different Methods of Fund Transfer Through App & SMS With IFSC Code
Below are the two different methods of transferring funds with the help of the IFSC code.
➔Through App
Nowadays, everybody is using a smartphone and leveraging the benefits of different apps. Most banks’ app is available on Google Play and Apple App Store that are used to initiate fund transfer seamlessly. All you need to do is follow the below steps to transfer money through a particular app.
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First, an active net banking system is required for your account.
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Download the net banking app and enter the login pin or credentials.
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Select from the various options for third-party transfer, such as:
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Between My Accounts
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Within Bank
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Instant fund transfer to another bank-IMPS
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To another bank-NEFT
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Via Visa card or Special Payment
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Choose the NEFT option from the above.
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If you haven't added the beneficiary, do that by entering their name, bank account number, and IFSC code of the bank branch.
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As soon as you complete the registration, It will take around 5 minutes-12 hours to activate the beneficiary account.
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Once the beneficiary account gets linked, you can transfer money instantly through your account to their account.
➔Through SMS
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You need to link your mobile number to your bank account for transferring funds through SMS. For that, fill out the form with all the required details.
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Once you are done with filing, you will receive a starter kit, which includes a unique 7-digit number i.e., mPIN & MMID.
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Then, you have to create an SMS and type IMPS along with the beneficiary name, account number, IFSC code, & transaction amount.
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Following this, you will get a confirmation message where you have to enter the mPin.
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Finally, press OK, and the funds will get transferred to the beneficiary account.
What Is The Difference Between the IFSC Code, MICR Code & Swift Codes?
Frequently Asked Questions (FAQs)
1. What is the IFSC code and its importance?
IFSC code is an alphanumeric 11-digit code used to identify all bank branches separately within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.
2. Is IFSC code sharing safe?
Yes, you can share your IFSC code to send or receive money through net banking, as it is the mandatory detail for the fund transfer.
3. What will happen if someone uses the wrong IFSC code?
If the remitter enters an incorrect IFSC code while making a fund transfer, money from the remitter’s account will be debited but will not be credited to the beneficiary's account because of the wrong IFSC. So, there is no to worry about anything just submit an application at the bank branch with bank details and transaction ID.
4. Is Swift Code & IFSC code the same?
No, these codes are not the same. IFSC Code is used in the case of nationwide interbank fund transfers. On the other hand, the SWIFT Code is used when funds transfer takes place internationally.
5. How can I identify the bank name from the IFSC Code?
You can identify the bank name by the first four characters of the code. For instance, in the code PUNB0112000, it is clearly visible that this IFSC code is of Punjab National Bank.
6. How many digits are there in the IFSC code, and where is it located?
There are 11 digits, and you will find it at the top part of every cheque or near the bank branch address.
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