Category: Bank

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Which one health insurance is best

Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance is risk among many individuals.

By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.[1] The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity.

According to the Health Insurance Association of America, health insurance is defined as “coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment”.

There is so much unpredictability encompassing one’s health and it is almost impossible to have any control over health-related expenses. However, after getting insured with a suitable health insurance plan, you can exercise some degree of control and gain some security vis-a-vis your and your family’s health care expenses. The question ‘why you need health insurance’ can be answered in countless ways, and here are a few of them:

Changing Lifestyle

With the ever-increasing pressures of modern-day lifestyle, the range of health-related risks we are exposed to has significantly widened in scope. From lifestyle disorders such as obesity and eating disorders to pollution-induced conditions such as asthma, there is no dearth of ailments that can lead to high medical expenses.

In addition to physical illnesses in our life, the constant stress of today’s competitive world has led to a substantial rise in mental health issues, which is why it is critical to buy an adequate health insurance plan for yourself and your family.

Rising Medical Costs

In recent years, the medical inflation in India has not only kept pace with its retail counterpart but exceeded it by leaps and bounds. The cost of medicines, medical examinations, hospitalisation, and surgeries are consistently on the rise. It makes more sense to pay the basic health insurance premium and get insured than shelling out those exorbitant health expenses from your own pocket. Therefore, it is critical to get yourself insured with a health insurance plan to help you stay financially secure during and in the wake of a medical emergency.

COVID-19 Cover

The state of the world over the better part of the past two years is nothing short of unprecedented. With the multifaceted impact of the ongoing global COVID-19 pandemic, it is more crucial than perhaps ever before to buy a suitable health insurance plan. The Tata AIG health insurance benefits include a cover for Coronavirus.

Tax Benefits

Not only does health insurance safeguard you from the financial ramifications of a medical crisis but it also provides you significant health insurance tax benefits. Whilst the premiums paid for health insurance plans for senior citizens are eligible for tax deduction to the extent of ₹50,000, those for individuals below the age of 60 years have a tax deduction ceiling of ₹25,000 under Section 80D of the Income Tax Act, 1961. Please note tax benefits are subject to change in Income Tax laws.

Comparisons Of Health Insurance

In India, provision of health care services varies state-wise. Public health services are prominent in most of the states, but due to inadequate resources and management, major population opts for private health services.

To improve the awareness and better health care facilities, Insurance Regulatory and Development Authority of India and The General Corporation of India runs health care campaigns for the whole population. IN 2018, for under privileged citizens, Prime Minister Narendra Modi announced the launch of a new public health insurance fund called Ayushman Bharat Yojana and the government claims that the new system will try to reach more than 500 million people.

In India, Health insurance is offered mainly in two Types:

Indemnity Plan basically covers the hospitalisation expenses and has subtypes like Individual Insurance, Family Floater Insurance, Senior Citizen Insurance, Maternity Insurance, Group Medical Insurance.

Fixed Benefit Plan pays a fixed amount for pre-decided diseases like critical illness, cancer, heart disease, etc. It has also its sub types like Preventive Insurance, Critical illness, Personal Accident. Depending on the type of insurance and the company providing health insurance, coverage includes pre-and post hospitalisation charges, ambulance charges, day care charges, Health Checkups, etc.

It is pivotal to know about the exclusions which are not covered under insurance schemes:

Treatment related to dental disease or surgeries All kind of STD’s and AIDS Non-Allopathic Treatment Few of the companies do provide insurance against such diseases or conditions, but that depends on the type and the insured amount.

Some important aspects to be considered before choosing the health insurance in India are Claim Settlement ratio, Insurance limits and Caps, Coverage and network hospitals.

Health Insurance

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Which is the best insurance health policy

Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance is risk among many individuals.

By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.[1] The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity.

According to the Health Insurance Association of America, health insurance is defined as “coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment”.

There is so much unpredictability encompassing one’s health and it is almost impossible to have any control over health-related expenses. However, after getting insured with a suitable health insurance plan, you can exercise some degree of control and gain some security vis-a-vis your and your family’s health care expenses. The question ‘why you need health insurance’ can be answered in countless ways, and here are a few of them:

Changing Lifestyle

With the ever-increasing pressures of modern-day lifestyle, the range of health-related risks we are exposed to has significantly widened in scope. From lifestyle disorders such as obesity and eating disorders to pollution-induced conditions such as asthma, there is no dearth of ailments that can lead to high medical expenses.

In addition to physical illnesses in our life, the constant stress of today’s competitive world has led to a substantial rise in mental health issues, which is why it is critical to buy an adequate health insurance plan for yourself and your family.

Rising Medical Costs

In recent years, the medical inflation in India has not only kept pace with its retail counterpart but exceeded it by leaps and bounds. The cost of medicines, medical examinations, hospitalisation, and surgeries are consistently on the rise. It makes more sense to pay the basic health insurance premium and get insured than shelling out those exorbitant health expenses from your own pocket. Therefore, it is critical to get yourself insured with a health insurance plan to help you stay financially secure during and in the wake of a medical emergency.

COVID-19 Cover

The state of the world over the better part of the past two years is nothing short of unprecedented. With the multifaceted impact of the ongoing global COVID-19 pandemic, it is more crucial than perhaps ever before to buy a suitable health insurance plan. The Tata AIG health insurance benefits include a cover for Coronavirus.

Tax Benefits

Not only does health insurance safeguard you from the financial ramifications of a medical crisis but it also provides you significant health insurance tax benefits. Whilst the premiums paid for health insurance plans for senior citizens are eligible for tax deduction to the extent of ₹50,000, those for individuals below the age of 60 years have a tax deduction ceiling of ₹25,000 under Section 80D of the Income Tax Act, 1961. Please note tax benefits are subject to change in Income Tax laws.

Comparisons Of Health Insurance

In India, provision of health care services varies state-wise. Public health services are prominent in most of the states, but due to inadequate resources and management, major population opts for private health services.

To improve the awareness and better health care facilities, Insurance Regulatory and Development Authority of India and The General Corporation of India runs health care campaigns for the whole population. IN 2018, for under privileged citizens, Prime Minister Narendra Modi announced the launch of a new public health insurance fund called Ayushman Bharat Yojana and the government claims that the new system will try to reach more than 500 million people.

In India, Health insurance is offered mainly in two Types:

Indemnity Plan basically covers the hospitalisation expenses and has subtypes like Individual Insurance, Family Floater Insurance, Senior Citizen Insurance, Maternity Insurance, Group Medical Insurance.

Fixed Benefit Plan pays a fixed amount for pre-decided diseases like critical illness, cancer, heart disease, etc. It has also its sub types like Preventive Insurance, Critical illness, Personal Accident. Depending on the type of insurance and the company providing health insurance, coverage includes pre-and post hospitalisation charges, ambulance charges, day care charges, Health Checkups, etc.

It is pivotal to know about the exclusions which are not covered under insurance schemes:

Treatment related to dental disease or surgeries All kind of STD’s and AIDS Non-Allopathic Treatment Few of the companies do provide insurance against such diseases or conditions, but that depends on the type and the insured amount.

Some important aspects to be considered before choosing the health insurance in India are Claim Settlement ratio, Insurance limits and Caps, Coverage and network hospitals.

Health Insurance  

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How cryptocurrency works

What are Cryptocurrencies?

Before looking at some of these alternatives to Bitcoin, let’s go back and briefly explore what we mean by terms like cryptocurrency and altcoin. A cryptocurrency, widely defined, is a tangible or digital currency that takes the form of tokens or “coins.” While some cryptocurrencies have entered the virtual world through credit cards or other projects, the vast majority remain completely invisible.



The “crypto” of cryptocurrencies refers to complex encryption that allows the processing and processing of digital currencies and their transactions into distributed systems. In line with this important “crypto” feature of this investment is a common commitment to lowering power in positions; Cryptocurrencies are usually produced as code by teams that create extraction methods (usually, or otherwise, through a process called “mining”) and other controls.

Cryptocurrencies are almost always designed to be uncomfortable in public administration and administration, even though they are growing more and more popular this sector service is being undermined. The backbone of Bitcoin collectively is called altcoins, and in some cases “shitcoins,” and often tries to introduce it as a modified or advanced Bitcoin type. While some of these currencies may have some interesting features that Bitcoin does not have, comparing the level of security available on Bitcoin networks will still be seen by altcoin.

Below, we will explore some of the most important digital currencies besides Bitcoin. The first, however, is the caveat: it is unlikely that a list like this is completely complete. One reason for this is that there are more than 4,000 cryptocurrencies available since January 2021. While most cryptos have little tracking or trading volume, some enjoy great popularity among dedicated communities of supporters and investors.

Other than that, the field of cryptocurrencies is constantly evolving, and the next big digital token can be issued tomorrow. While Bitcoin is widely known as a pioneer in the world of cryptocurrencies, analysts use many methods to test tokens other than BTC. It is common, for example, that analysts say that the most important factor in determining the corresponding value of each currency is the market value. We have included this in our thinking, but there are other reasons why a digital token may not be registered, too.



The 11 most important cryptocurrencies outside of Bitcoin.

Bitcoin has not only become a trendsetter, which introduces a wave of cryptocurrencies built into the used peer network, but it has also become the standard for cryptocurrencies, encouraging a growing fan base and spinoffs.

  • A cryptocurrency, defined in detail, is a currency that takes the form of tokens or “coins” and is found in a distributed and separate ledger.
  • Besides, the field of cryptocurrencies has grown significantly since the launch of Bitcoin a decade ago, and the next big digital token could be issued tomorrow.
  • Bitcoin continues to lead the cryptocurrency package in terms of market capabilities, user base, and popularity.
  • Other tangible funds such as Ethereum are used to create low-cost financial systems for those who do not have access to traditional financial products.
  • Some altcoins are allowed as they have new features than Bitcoin, such as being able to handle multiple transactions per second or use different compatibility techniques as proof of stake.

1. Ethereum (ETH)

One of the first Bitcoin platforms on our list, Ethereum, is a dynamic software platform that allows Smart contracts and used applications (DApps) to be created and run without downtime, fraud, control, or third-party interference. The goal behind Ethereum is to create a low-level set of financial products that anyone in the world can access for free, regardless of nationality, race, or religion. This feature makes the impact on foreigners even more stressful, as those without state infrastructure and government guidelines can gain access to bank accounts, loans, insurance, or various other financial products.

Applications on Ethereum are run on their own cryptographic token, ether. Ether is like a mobile car on the Ethereum platform and is sought after by most developers who want to develop and implement programs within Ethereum, or even now, by investors who want to buy some digital currencies using ether. Ether, launched in 2015, is currently the second-largest digital currency in the market price after Bitcoin, although it lags behind the most popular currencies by a large court. As of January 2021, the ether market head is about 19% of the size of Bitcoin.

In 2014, Ethereum introduced a pre-ether sale that received an impressive response; this has helped to determine the age of the initial coin allocation (ICO). According to Ethereum, it can be used to “integrate, downgrade, protect and trade in anything.” Following the DAO attacks in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC). As of January 2021, Ethereum (ETH) had a market value of $ 138.3 billion and a token value of $ 1,218.59.

In 2021 Ethereum plans to change its compatibility algorithm from proven-function to stake verification. This step will allow the Ethereum network to run at much lower power and improved transaction speed. Stack proof allows network participants to “catch” their ether in a network. This process helps to protect the network and process transactions that take place. Those who do this are rewarded with an ether similar to the interest account. This is another way for Bitcoin to secure a job where miners are highly rewarded with Bitcoin for processing transactions.

2. Bitcoin (LTC)

Litecoin, launched in 2011, was one of the first currencies to follow in the footsteps of Bitcoin and has been called “silver in bitcoin gold”. Produced by Charlie Lee, an MIT graduate, and former Google engineer. Bitcoin is based on an open global payment network that can be controlled by any central administrator and uses “scripts” as proof of performance, which can be deployed with the help of grade-consumer CPUs. Although Litecoin is similar to Bitcoin in many ways,

it has a faster rate of production and therefore provides more time to secure faster transactions. In addition to developers, the number of retailers accepting Litecoin is increasing. As of January 2021, Litecoin had a total market value of $ 10.1 billion and a token value of $ 153.88, making it the sixth-largest cryptocurrency in the world.

3. Cardano (ADA)

Cardano is a cryptocurrency “Ouroboros Proof-of-Stake” developed by engineers, mathematicians, and cryptography experts in a research-based way. The project was co-founded by Charles Hopkinson, one of Ethereum’s original founding members.

After a disagreement with Ethereum’s director, he quit and later helped build Cardano. The team behind Cardano built their blockchain with several experiments and peer-reviewed research. Researchers after the project have written more than 90 papers on blockchain technology on many topics. This study is the core of Cardano. As a result of this robust process, Cardano stands out among his colleagues and other major cryptocurrencies. Cardano is also called “Ethereum Killer” because its blockchain is said to be very powerful.

That said, Cardano is still in his early stages. Although it has defeated Ethereum with a guaranteed consensus model, it is still a long way off regarding distributed funding applications. Cardano aims to have a global financial system, among other things, the establishment of high-quality financial products such as Ethereum, as well as chain partnerships, voter fraud, and legal compliance. As of January 2021, Cardano has a market capitalization of $ 9.8 billion and $ 0.31 billion in ADA trading.

4. Polkadot (dot)

Polkadot is a unique cryptocurrency designed to provide interaction between other blockchains. Its protocol is designed to connect permissions with unauthorized blockchains and oracle to allow the system to work together under one roof.

A key part of Polkadot with its transmission series that allows for the ability to communicate through individual networks. It also allows “parachines,” or parallel blockchains, to have their own native symbols of specific use cases.

Where this program differs from Ethereum in that instead of simply creating programs distributed in Polkadot, developers can build their own blockchain, while using existing security in the Polkadot series. With Ethereum, engineers can create new blockchains, but they need to create their own security systems that can leave new and smaller projects open to attack, where the blockchain is bigger, security is greater. In Polkadot this concept is known as shared security.

Polkadot was created by Gavin Wood, another member of the founders of the Ethereum project, who had different views on the future of the project. As of January 2021, Polkadot has invested $ 11.2 billion and DOT trading of $ 12.54 billion.


5. Bitcoin Cash (BCH)

Bitcoin Cash (BCH) holds an important place in the history of altcoins as it is one of the first and most successful forks of early bitcoin. In the world of cryptocurrency, the fork leads to discussions and debates between engineers and miners. Due to the allocation of digital funds, the code will need to be changed due to the general agreement on the issuance of a token or basic coin; How to do this process varies depending on the specific cryptocurrency.

When different parties fail to reach an agreement, digital currency is sometimes split, the original series remains faithful to its original code and the new series begins life as a new version of the original coin, its complement code, and changes.

Some of these divisions led to BCH starting its life in August 2017. The issue of BCH formation was related to the issue of decline; The bitcoin network has a block size limit: one megabyte (MB). BCH increases the size of the block from one MB to 8 MB, in the sense that larger blocks can hold more transactions within them, so the transaction speed will increase. It also makes various changes, including the removal of isolated witness agreements affecting the restricted area. As of January 2021, BCH had a market value of $ 8.9 billion and a token value of $ 513.45.

6. Stellar (XLM)

Steller is an open blockchain network designed to provide business solutions by connecting financial institutions for the purpose of large-scale transactions. Big transactions between banks and investment firms that usually take a few days, with many mediators and good money, can now be done quickly without a consultant and cost nothing to traders. it happens.

While Steller has established itself as an institutional blockchain business, it is still an open blockchain that can be used by anyone. The system allows transaction transactions between any currencies. Steller’s primary currency is Lumens (XLM). The network needs to hold Lumans to enable users to work across the network.

Steller was founded by Jade McLab, a founding member of Ripple Labs and an engineer of the Ripple protocol. He eventually quit his job with Ripple and founded the Steller Development Foundation. Stellar Lumens has a market capitalization of $ 6.1 billion and is valued at $ 0.27 from January 2021.

7. Chainlink

Chanelink is Oracle’s mid-range network that closes the gap between smart contracts, such as Ethereum and external data. The blockchain itself does not have the ability to connect to external applications in a reliable way. Low-level Chainlink oracle allows smart contractors to connect to external data so that contracts can be made based on the information that Ethereum cannot communicate with.

Chanlink’s blog profile uses a lot of cases for its program. Among the many translated use cases, some cities will have to monitor pollution or smuggle water. Sensors can be installed to monitor the level of corporate use, water table and local water. The chainlink oracle can track this data and feed it directly into a smart contract. Wise contracts can be used to pay fines, issue flood warnings in cities, or use excessive city water using company invoices.

Chanlink was developed by Sergei Nazarov in collaboration with Steve Ellis. As of January 2021, Chainlink has a market capitalization of $ 8.6 billion, and the link is valued at $ 21.53 billion.

8. Binance Coin (BNB)

Binance Coin is a utility cryptocurrency that serves as a payment method for currency associated with trading on Binance Exchange. Those who use tokens as an exchange payment method can sell at a discount. The Binance Coin blockchain is also a platform where the exchanges assigned to Binance operate. Binance Exchange was founded by Changpeng Zhao and the exchange is one of the most widely used exchanges in the world based on trading versions.

Binance Coin was originally an ERC-20 token that ran on the Ethereum blockchain. Finally it launched its own mainnet. The network uses an evidence-based consensus model. As of January 2021, BNB has a market capitalization of $ 6.8 billion with a single BNB worth $ 44.26.

9. Tether (USDT)

Tether was the first, and most popular, cryptocurrensets of so-called stablocks to put their value in the market in a currency or other external targeting platform to reduce instability. Because many digital currencies, even keys like bitcoin, have experienced many times of significant fluctuations, Tether and others are trying to ease stock price volatility to attract potential users who may not be alerted. The price of Tether is tied directly to the value of the US dollar. The system allows users to easily transfer US dollars from other cryptocurrencies in a timely manner to convert to regular currency.

Launched in 2014, Tether described itself as “a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital way.” Effectively, it allows cryptocurrency users to use blockchain networks and technologies related to traditional currency transactions, while minimizing the flexibility and complexity associated with digital currencies. In January 2021, Tether was the third largest cryptocurrency in market value, with a total market value of $ 24.4 billion and $ 1.00 in total tokens.

10. Monero (xmr)

Mono is a secure, confidential and accessible currency. This open source cryptocurrency was launched in April 2014 and soon aroused great interest among the cryptography community and enthusiasts. The development of this cryptocurrency is based entirely on donations and is driven by the community. Monero is introduced with a strong focus on energy reduction and power distribution, and enables complete privacy using a special technology known as “ring signature”

In this way, a group of cryptographic signatures emerges, including at least one participant, but as they all seem valid, the actual cannot be separated. Due to unusual security measures, Monero has made a name for himself – linked to criminal activity around the world. Although the first member of an anonymous criminal organization, the secret in Monroe is also helpful to opponents of oppressive regimes around the world. As of January 2021, Monroe had a market value of $ 2.8 billion and a total value of $ 158.37.

11. Dogcoin

In 2013 Dogcoin emerged as a joke. Created by Jackson Palmer and Billy Marcus to facilitate the development of altcoins by creating Doge Internet memes in cryptocurrency. Although born as a joke, it has actually created some usefulness, as its large offer and low price result in minimal social media content. It is a derivative of Luckcoin which is derived from Litcoin and uses a script algorithm. Dogcoin has a 1 minute block interval that makes it faster than other blockchains. There is no coin for giving away coins and thus money can grow indefinitely.

Cryptocurrencies

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What is IFSC code?

The Indian Financial System Code (IFSC), is a unique 11-digit code that is used for online transactions made through NEFT, RTGS and IMPS. You can find the IFSC code on the check page provided by the bank. The Reserve Bank of India (RBI) provides IFSC bank codes. In addition to the check sheet, you can also find the IFSC code on the official website of the bank and the RBI.

In the event that you use net banking to transfer money, it is imperative that IFSC be submitted to initiate the transfer. Unless there is a merger, banks do not change or change the IFSC code.

IFSC Code: Other Key Features

  • It helps to identify a particular bank branch separately
  • It helps eliminate errors in the transfer process
  • It is used for all electronic payment options such as NEFT, RTGS and IMPS

Differences Between IFSC Bank Code and IFSC Credit Card

In the case of IFSC bank code, it varies from branch to branch. However, the IFSC credit card code of a particular bank will remain the same nationwide.

IFSC credit card code of other banks is set out in the table below:

Bank IFSC
HDFC Bank HDFC0000128
Citibank CITI0000003
Axis Bank UTIB0000400
HSBC Bank HSBC0400002
Punjab National Bank PUNB0112000
IDBI Bank IBKL0NEFT01
Yes Bank YESB0CMSNOC
IndusInd Bank INDB0000018
State Bank of India SBIN00CARDS

MICR Code: Magnetic Ink Character Recognition Code

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS) used to clear checks normally. This code can be found on the check sheet issued by the bank and is usually printed on the passcode provided by the account holder.

In the nine digits, the first three digits indicate a particular city, the next three digits indicate a particular bank code and the last three digits represent the bank branch code. For example the MICR code of the SBI branch in Kolkata is ‘700002021. Here, the first 3 digits ‘700’ are used to identify a particular city, the next three digits ‘002’ represent a particular bank code and the last three digits ‘021’ specify a bank branch code. The MICR code is used for processing and deleting checks, which are automated. The 9-digit code helps eliminate errors in the removal process, helps speed up the process and makes processing checks safer and more secure.

Bank IFSC Code Format:

A B C D 0 1 2 3 4 5 6
Code for Bank Name 0 Code for Branch Name

What is MICR Code?

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS). This code is located on the checkbook issued by the bank and is usually printed in the logbook provided by the account holder.

The main purpose of the MICR code is to erase computer-generated checks. The code helps to avoid mistakes again.

MICR code format

The first three digits of the code represent the city, the next three digits represent the bank code, and the last three digits represent the bank branch code. For example, the MICR code of the SBI branch in Kolkata is ‘700002021’. Here, ‘700 ‘represents the city, ‘002’ represents the bank, and ‘021 ‘represents the bank branch.

Check IFSC Code for Top Banks:

State Bank of India IFSC Code HDFC Bank IFSC Code Indian Bank IFSC Code
Axis bank IFSC Code Canara bank IFSC Code ICICI Bank IFSC Code

IFSC Code Search: Bank Branch

IFSC codes are the basic basis for any online banking transfer in India and a secure firefighting mechanism to verify all transactions. With the proper knowledge of IFSC codes, sending and receiving money online becomes easier and faster, as intended.

Many resources are available online that help you get the IFSC code of the particular bank you requested. And let’s face it – you might be looking at the same thing when it comes to online transactions. In the same vein, jaavak provides a complete tool to help you get into a quick and accurate search of the IFSC Code.

The step-by-step procedure for conducting IFSC code search at jaavak.com is given below:

  1. You are already on this page as you read these instructions, scroll to the top of this page.
  2. Spreading before you is a simple ‘IFSC Code and MICR Code Guidelines’, a tool that can help you find the IFSC Code as needed. The tool has the following fields- 1) Select Bank, 2) Select Country, 3) Select Region, and 4) Select Branch.
  3. Kindly make the right choices regarding the name of the bank, the country of India where there is a bank branch, a certain state of the state and finally, a concerned branch.
  4. To answer your question, a successful page lists IFSC bank list, MICR Code, official address and phone number. All of this happens in less than 30 seconds from your first question.

IFSC Code: How It Works

Let’s take the example of the Canara Bank IFSC code to better understand what the IFSC code is and how it applies to bank sales. The IFSC code for Chandigarh’s Canara Bank branch is CNRB00001995.

  • Here, CNBR stands for the name of the bank, which is Canara Bank
  • The 5th letter, 0, is for future use
  • Another 6 letters, 01995, directly assist the RBI to identify the bank branch without error.

Now, let’s understand how IFSC works. When transferring funds to a specific fund, the person must provide the account number and code of the IFSC branch. Once the sender has provided this information, the money is sent to the account holder and IFSC helps to avoid any errors in the transaction.

In addition to the transfer of funds, the IFSC code can also be used to purchase insurance and associated funds through net banking. The Reserve Bank of India’s (RBI) National Clearing Cell monitors all transactions and IFSC code helps the RBI keep track of transactions and also make fund transfers without error.

IFSC code can also be found in your checkbook or bank passport. One can also find their IFSC bank branch code in the monthly account statement. The IFSC code for each bank and branch is different.

Importance of India Financial System Code

We need the IFSC code because it helps the RBI to monitor all banking activities without errors. A simple IFSC code can help track RBI, oversee, and securely secure all financial transactions performed by NEFT, RTGS and IMPS.

For bank customers, the IFSC code is important because most electronic wallet transfers cannot be initiated unless the IFSC code of the beneficiary / payer is provided with the bank account number.

IFSC code plays an important role in transferring money from one account to another using methods such as IMPS, NEFT and RTGS. All of these options are primarily concerned with the transfer of funds between banks but this function is done in different ways. A common thread between these various options is the IFSC banking code system.

Locate IFSC and MICR Code on a Bank Cheque

Many of the above discussions have focused on routine bank assessments. This pillar of the world of banks is a combination of many things that help to ensure that they are true and allow us to attach our full faith to its operation.

The main features of a standard bank check are shown as follows:

Obtain IFSC code from Check Bank:

In standard bank checks, it is mandatory that the IFSC code be listed. IFSC code will vary from bank to bank. In our example image: we show the location of the IFSC code in the HDFC Check.

Finding a Check Number:

Shown in typed font below the check in special font style. This is used to track check and other administrative purposes.

Get the MICR Code from Check Bank:

This is shown next to the check number. Both the Check numbers and the MICR Code are displayed in a unique ink font, the last of which can only be taken by Magnetic Character Ink Reader.

The methods used to transfer money over the Internet are using IFSC code

IFSC code can be used to transfer funds using three electronic transfer methods such as NEFT, RTGS and IMPS. These electronic wallet transfers enable customers to transfer money easily from one account to another.

Choosing electronic transfer systems reduces the chances of a transaction error because the transfer of funds is authorised only if accurate details such as IFSC bank payment code and bank account number are provided.

  • NEFT: The full form of NEFT is National Electronic Fund Transfer. As the name implies, it affects the transfer of funds from one bank account to another. This is a popular money transfer system in India. Here, IFSC codes must be properly provided to ensure that money is transferred securely from one bank account to another. In addition to IFSC code, beneficiary name, account number and account type are required to be provided. All NEFT tasks are solved in an intelligent batch format.
  • RTGS: RTGS is a Real Time Gross Settlement dictionary. As the name suggests, it is a popular way to transfer money quickly (as well as securely) from one bank to another, without having to set the same for any waiting period. The terms used here are ‘Real Time’ (transaction is fast) and ‘Gross’ (referring to the fact that no additional charges will be charged). IFSC codes do the same in the case of NEFT – which helps to better identify participating banking branches. RTGS fund transfers are often used for high-value transactions and are quickly removed. The information required for the RTGS fund is the name of the payer, the IFSC code, the account number, and the transaction amount.
  • IMPS: IMPS, short for Fast Payment Service, is very popular. It is a new trend in India (launched in November 2010). With this service, money can be transferred instantly to all popular banks in India through a service available from a registrar, ATM or online. This program is known for its high security, speed, savings and is not limited to the highest transfer fees. One cannot initiate the transfer of an IMPS fund without providing the IFSC code.

IFSC and MICR Code: Basic Differences You Should Know

Given the table below the differences between IFSC Code and MICR Code:

IFSC Code MICR Code
IFSC is a 11-digit alphanumeric number. MICR is a 9-digit code.
IFSC is used to facilitate electronic money transfer between banks that operate in the country. MICR is used to make cheque processing simpler and faster.
In an IFSC code, the first four characters indicate the name of the bank. In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code.
In IFSC, the last six characters represent the branch code. In the MICR code, the last three digits indicate the bank branch code.

How Can You Transfer Money With IFSC Bank Account Code?

Once a person knows his or her way around banking transactions, they already know that there are two main ways to transfer a wallet. Another old-fashioned way, where you go into a bank and clear a check. While the second is an electronic method that uses methods such as IMPS, NEFT or RTGS.

When working the old-fashioned way of ‘going to the bank’ in an old school, one does not need to register a beneficiary. However, the electronic method is a little different and very secure as well.

To transfer funds with the help of technology, that person is required to meet the requirements set out below:

  • One needs to sign up for a net banking service.
  • You need to sign up for a third party transaction. (Note that in this context, the third party refers to the beneficiary from a different bank to yours.)
  • Register a beneficiary account where the funds will be transferred.

Process Involved In Making Money Transfers Online

Almost all Indian banks follow their own policy regarding third party money transfers. One thing to note here is that the process is almost always the same, except that they are written differently.

For example, let’s look at the HDFC Bank process. The steps involved are:

  • Sign in to a network banking service with a customer ID and password.
  • Click on the ‘Third Transfer’ tab and follow the basic instructions.
  • Obtaining OTP from a registered mobile number once the details have been completed and sent.

How to Register a Beneficiary Account?

  • Beneficiary registration, details such as beneficiary name, account number, IFSC bank beneficiary code, and branch name of the Bank must be provided.
  • Once the details have been submitted, the registration is complete. However, different banks have different times after which you can transfer for the first time. For example, in the case of HDFC Bank, it takes 12 hours for the data to be processed and processed.

How Can You Transfer Money With the Help of Net Banking & Mobile Banking?

Electronic transfer of funds with the help of IFSC code is an easy process once established. The process of transferring money via net banking and mobile banking is described below:

Via Net-banking:

The whole bank transfer process is given below:

  • Visit the official website of the bank.
  • Go to the net banking site.
  • Sign in with user help and password.
  • Next, select ‘Transfer funds via NEFT’ to transfer the amount to the recipient’s account. In the unlikely event that the beneficiary is not heard, that person must register for the upcoming transaction. To do this, IFSC code, bank account number, and branch bank must be provided. Once the information has been successfully submitted, it can take anywhere between 5 minutes and 12 hours, depending on your bank policy for the beneficiary’s account to be activated. After waiting for the specified hours, the money can be transferred immediately to the beneficiary’s account with a buffer for less than an hour.

With Mobile Banking:

Here’s how to transfer money from one bank account to another using IFSC code using advanced banking:

  • The first thing a person needs to do is to register a 10-digit mobile banking number by linking it to a bank account. To register, that person is required to complete a form after which a start-up kit containing MMID (a unique 7-digit number) and mPin is provided. This kit is similar to the one one gets with a bank card.
  • After registration is complete, sending money via SMS is easy. First, that person needs to select ‘IMPS’. Next, each person needs to provide the beneficiary account number, IFSC code, and the amount they want to send. After confirming the transaction, that person is required to type mPin. By doing so, the money is successfully transferred from the account to the beneficiary’s account.

What is a UPI (Unified Payments Interface)

Basically the new payment structure introduced by the Reserve Bank of India under the leadership of former Raghuram Rajan and the support of tech scion Nandan Nilekani. In short, the UPI is said to be the next generation payment method that is expected to harness the growing power of smart phone technology and the equal increase in smart phone users in the country. It enables you to make money transactions between any two bank accounts with the help of a smart phone. While the UPI payment system allows for online and offline payments, such as net banks and swipe cards, it is much more complex and complex at the same time.

Frequently Asked Questions on IFSC and MICR codes

  • What is the full IFSC form?
  • Answer: The full IFSC form is the Indian financial plan code.
  • Why is IFSC used?
  • Ans: IFSC or Indian Financial System Code is an 11-digit code used to distinguish all bank branches within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.
  • How can you search for a bank name with IFSC code?
  • Ans: It is very easy to get a bank name using IFSC code. The first four letters of the IFSC code represent the name of the bank. Therefore, if the bank name is ICICI, the IFSC code will look like ICIC0001420.
  • What is the meaning of the MICR code?

Ans: MICR stands for Magnetic Ink Character Character Recognition. It is a special ink that is sensitive to magnetic field. Printed at the bottom of the check.

  • What is the use of the MICR code?

Ans: MICR is a technology that helps ensure the start of checks or other paper documents. It is mainly used by banks to process checks quickly. The MICR code assists the RBI in locating a bank branch.

  • How can I transfer money from one bank account to another online?

Ans: You can transfer money from one bank account to another using online mode using methods such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), Payment Service (IMPS), and Unified Payment Interface (UPI).

  • Are IFSC and SWIFT code the same?

Answer: No, IFSC and SWIFT codes are not the same. IFSC is used to transfer funds within India, while the SWIFT code is used to transfer funds at the international level. In addition, SWIFT is a banking identification code while IFSC is used to identify a specific branch of a bank.

  • If the bank branch is converted, will the IFSC code change?

Answer: No, if the bank branch location is changed, the IFSC code will not change. If a bank account is transferred from one bank to another, only then will the IFSC code be changed.

  • Is the IFSC code the same as the branch code?

Answer: No, the IFSC code does not match the branch code.

  • Where can the IFSC code be found in a check sheet?

Answer: IFSC code is usually located in the upper part of all check sheets on or near the bank branch address.

  • Is IFSC code required in IMPS?

Ans: IFSC code is required for IMPS only if a person transfers money using a bank account number. If MMID recipient is not available, they will need to add a recipient as a payer, where details such as bank account number, name and IFSC are required.

  • Where can I find the MICR code check?

Ans: The MICR code is printed on the lower part of all check sheets provided by banks.

  • Is IFSC code different?

Answer: Yes, IFSC code is a unique alphanumeric code.

  • Is it possible to determine the IFSC code of a bank branch from the bank account deposit number held at the same bank?

Answer: No, this is not possible as the 15-digit long-term savings bank account number does not include the IFSC bank code.

  • I think I gave the wrong IFSC code when I started the NEFT transfer. What will happen to my money?

Answer: There is no need to panic as NEFT transactions will pass and benefit the intended recipient, you need to provide the final account number and the corresponding IFSC bank code. In the event that you provide the wrong IFSC code, the system has a name against the recipient name and account number to identify the error and refund. Refunds will be highlighted in your account within a few hours.

  • Can I get the IFSC code in my bank passbook?

Answer: Yes, you can access the IFSC code in the bank book. As directed by the Reserve Bank of India, banks must print IFSC and MICR codes prominently on checkbooks, account statements and checks issued by them.

Other IFSC Related Article

NEFT RTGS UPI
IMPS BHIM AEPS
NEFT Timing Digital Wallet Mobile Wallet
SBI UPI

[+] All Bank IFSC Code Click Here

 

 

 

Posted on

{{mpg_address}} A16

{{mpg_address}}

 
IFSC Code {{mpg_ifsc}}
Bank {{mpg_bank}}
Branch {{mpg_branch}}
City {{mpg_city}}
District {{mpg_district}}
State {{mpg_state}}
Address {{mpg_address}}
Micr Code {{mpg_micr_code}}

What is IFSC code?

The Indian Financial System Code (IFSC), is a unique 11-digit code that is used for online transactions made through NEFT, RTGS and IMPS. You can find the IFSC code on the check page provided by the bank. The Reserve Bank of India (RBI) provides IFSC bank codes. In addition to the check sheet, you can also find the IFSC code on the official website of the bank and the RBI.

In the event that you use net banking to transfer money, it is imperative that IFSC be submitted to initiate the transfer. Unless there is a merger, banks do not change or change the IFSC code.

IFSC Code: Other Key Features

  • It helps to identify a particular bank branch separately
  • It helps eliminate errors in the transfer process
  • It is used for all electronic payment options such as NEFT, RTGS and IMPS

Differences Between IFSC Bank Code and IFSC Credit Card

In the case of IFSC bank code, it varies from branch to branch. However, the IFSC credit card code of a particular bank will remain the same nationwide.

IFSC credit card code of other banks is set out in the table below:

Bank IFSC
HDFC Bank HDFC0000128
Citibank CITI0000003
Axis Bank UTIB0000400
HSBC Bank HSBC0400002
Punjab National Bank PUNB0112000
IDBI Bank IBKL0NEFT01
Yes Bank YESB0CMSNOC
IndusInd Bank INDB0000018
State Bank of India SBIN00CARDS

MICR Code: Magnetic Ink Character Recognition Code

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS) used to clear checks normally. This code can be found on the check sheet issued by the bank and is usually printed on the passcode provided by the account holder.

In the nine digits, the first three digits indicate a particular city, the next three digits indicate a particular bank code and the last three digits represent the bank branch code. For example the MICR code of the SBI branch in Kolkata is ‘700002021. Here, the first 3 digits ‘700’ are used to identify a particular city, the next three digits ‘002’ represent a particular bank code and the last three digits ‘021’ specify a bank branch code. The MICR code is used for processing and deleting checks, which are automated. The 9-digit code helps eliminate errors in the removal process, helps speed up the process and makes processing checks safer and more secure.

Bank IFSC Code Format:

A B C D 0 1 2 3 4 5 6
Code for Bank Name 0 Code for Branch Name

What is MICR Code?

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS). This code is located on the checkbook issued by the bank and is usually printed in the logbook provided by the account holder.

The main purpose of the MICR code is to erase computer-generated checks. The code helps to avoid mistakes again.

MICR code format

The first three digits of the code represent the city, the next three digits represent the bank code, and the last three digits represent the bank branch code. For example, the MICR code of the SBI branch in Kolkata is ‘700002021’. Here, ‘700 ‘represents the city, ‘002’ represents the bank, and ‘021 ‘represents the bank branch.

Check IFSC Code for Top Banks:

State Bank of India IFSC Code HDFC Bank IFSC Code Indian Bank IFSC Code
Axis bank IFSC Code Canara bank IFSC Code ICICI Bank IFSC Code

IFSC Code Search: Bank Branch

IFSC codes are the basic basis for any online banking transfer in India and a secure firefighting mechanism to verify all transactions. With the proper knowledge of IFSC codes, sending and receiving money online becomes easier and faster, as intended.

Many resources are available online that help you get the IFSC code of the particular bank you requested. And let’s face it – you might be looking at the same thing when it comes to online transactions. In the same vein, jaavak provides a complete tool to help you get into a quick and accurate search of the IFSC Code.

The step-by-step procedure for conducting IFSC code search at jaavak.com is given below:

  1. You are already on this page as you read these instructions, scroll to the top of this page.
  2. Spreading before you is a simple ‘IFSC Code and MICR Code Guidelines’, a tool that can help you find the IFSC Code as needed. The tool has the following fields- 1) Select Bank, 2) Select Country, 3) Select Region, and 4) Select Branch.
  3. Kindly make the right choices regarding the name of the bank, the country of India where there is a bank branch, a certain state of the state and finally, a concerned branch.
  4. To answer your question, a successful page lists IFSC bank list, MICR Code, official address and phone number. All of this happens in less than 30 seconds from your first question.

IFSC Code: How It Works

Let’s take the example of the Canara Bank IFSC code to better understand what the IFSC code is and how it applies to bank sales. The IFSC code for Chandigarh’s Canara Bank branch is CNRB00001995.

  • Here, CNBR stands for the name of the bank, which is Canara Bank
  • The 5th letter, 0, is for future use
  • Another 6 letters, 01995, directly assist the RBI to identify the bank branch without error.

Now, let’s understand how IFSC works. When transferring funds to a specific fund, the person must provide the account number and code of the IFSC branch. Once the sender has provided this information, the money is sent to the account holder and IFSC helps to avoid any errors in the transaction.

In addition to the transfer of funds, the IFSC code can also be used to purchase insurance and associated funds through net banking. The Reserve Bank of India’s (RBI) National Clearing Cell monitors all transactions and IFSC code helps the RBI keep track of transactions and also make fund transfers without error.

IFSC code can also be found in your checkbook or bank passport. One can also find their IFSC bank branch code in the monthly account statement. The IFSC code for each bank and branch is different.

Importance of India Financial System Code

We need the IFSC code because it helps the RBI to monitor all banking activities without errors. A simple IFSC code can help track RBI, oversee, and securely secure all financial transactions performed by NEFT, RTGS and IMPS.

For bank customers, the IFSC code is important because most electronic wallet transfers cannot be initiated unless the IFSC code of the beneficiary / payer is provided with the bank account number.

IFSC code plays an important role in transferring money from one account to another using methods such as IMPS, NEFT and RTGS. All of these options are primarily concerned with the transfer of funds between banks but this function is done in different ways. A common thread between these various options is the IFSC banking code system.

Locate IFSC and MICR Code on a Bank Cheque

Many of the above discussions have focused on routine bank assessments. This pillar of the world of banks is a combination of many things that help to ensure that they are true and allow us to attach our full faith to its operation.

The main features of a standard bank check are shown as follows:

Obtain IFSC code from Check Bank:

In standard bank checks, it is mandatory that the IFSC code be listed. IFSC code will vary from bank to bank. In our example image: we show the location of the IFSC code in the HDFC Check.

Finding a Check Number:

Shown in typed font below the check in special font style. This is used to track check and other administrative purposes.

Get the MICR Code from Check Bank:

This is shown next to the check number. Both the Check numbers and the MICR Code are displayed in a unique ink font, the last of which can only be taken by Magnetic Character Ink Reader.

The methods used to transfer money over the Internet are using IFSC code

IFSC code can be used to transfer funds using three electronic transfer methods such as NEFT, RTGS and IMPS. These electronic wallet transfers enable customers to transfer money easily from one account to another.

Choosing electronic transfer systems reduces the chances of a transaction error because the transfer of funds is authorised only if accurate details such as IFSC bank payment code and bank account number are provided.

  • NEFT: The full form of NEFT is National Electronic Fund Transfer. As the name implies, it affects the transfer of funds from one bank account to another. This is a popular money transfer system in India. Here, IFSC codes must be properly provided to ensure that money is transferred securely from one bank account to another. In addition to IFSC code, beneficiary name, account number and account type are required to be provided. All NEFT tasks are solved in an intelligent batch format.
  • RTGS: RTGS is a Real Time Gross Settlement dictionary. As the name suggests, it is a popular way to transfer money quickly (as well as securely) from one bank to another, without having to set the same for any waiting period. The terms used here are ‘Real Time’ (transaction is fast) and ‘Gross’ (referring to the fact that no additional charges will be charged). IFSC codes do the same in the case of NEFT – which helps to better identify participating banking branches. RTGS fund transfers are often used for high-value transactions and are quickly removed. The information required for the RTGS fund is the name of the payer, the IFSC code, the account number, and the transaction amount.
  • IMPS: IMPS, short for Fast Payment Service, is very popular. It is a new trend in India (launched in November 2010). With this service, money can be transferred instantly to all popular banks in India through a service available from a registrar, ATM or online. This program is known for its high security, speed, savings and is not limited to the highest transfer fees. One cannot initiate the transfer of an IMPS fund without providing the IFSC code.

IFSC and MICR Code: Basic Differences You Should Know

Given the table below the differences between IFSC Code and MICR Code:

IFSC Code MICR Code
IFSC is a 11-digit alphanumeric number. MICR is a 9-digit code.
IFSC is used to facilitate electronic money transfer between banks that operate in the country. MICR is used to make cheque processing simpler and faster.
In an IFSC code, the first four characters indicate the name of the bank. In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code.
In IFSC, the last six characters represent the branch code. In the MICR code, the last three digits indicate the bank branch code.

How Can You Transfer Money With IFSC Bank Account Code?

Once a person knows his or her way around banking transactions, they already know that there are two main ways to transfer a wallet. Another old-fashioned way, where you go into a bank and clear a check. While the second is an electronic method that uses methods such as IMPS, NEFT or RTGS.

When working the old-fashioned way of ‘going to the bank’ in an old school, one does not need to register a beneficiary. However, the electronic method is a little different and very secure as well.

To transfer funds with the help of technology, that person is required to meet the requirements set out below:

  • One needs to sign up for a net banking service.
  • You need to sign up for a third party transaction. (Note that in this context, the third party refers to the beneficiary from a different bank to yours.)
  • Register a beneficiary account where the funds will be transferred.

Process Involved In Making Money Transfers Online

Almost all Indian banks follow their own policy regarding third party money transfers. One thing to note here is that the process is almost always the same, except that they are written differently.

For example, let’s look at the HDFC Bank process. The steps involved are:

  • Sign in to a network banking service with a customer ID and password.
  • Click on the ‘Third Transfer’ tab and follow the basic instructions.
  • Obtaining OTP from a registered mobile number once the details have been completed and sent.

How to Register a Beneficiary Account?

  • Beneficiary registration, details such as beneficiary name, account number, IFSC bank beneficiary code, and branch name of the Bank must be provided.
  • Once the details have been submitted, the registration is complete. However, different banks have different times after which you can transfer for the first time. For example, in the case of HDFC Bank, it takes 12 hours for the data to be processed and processed.

How Can You Transfer Money With the Help of Net Banking & Mobile Banking?

Electronic transfer of funds with the help of IFSC code is an easy process once established. The process of transferring money via net banking and mobile banking is described below:

Via Net-banking:

The whole bank transfer process is given below:

  • Visit the official website of the bank.
  • Go to the net banking site.
  • Sign in with user help and password.
  • Next, select ‘Transfer funds via NEFT’ to transfer the amount to the recipient’s account. In the unlikely event that the beneficiary is not heard, that person must register for the upcoming transaction. To do this, IFSC code, bank account number, and branch bank must be provided. Once the information has been successfully submitted, it can take anywhere between 5 minutes and 12 hours, depending on your bank policy for the beneficiary’s account to be activated. After waiting for the specified hours, the money can be transferred immediately to the beneficiary’s account with a buffer for less than an hour.

With Mobile Banking:

Here’s how to transfer money from one bank account to another using IFSC code using advanced banking:

  • The first thing a person needs to do is to register a 10-digit mobile banking number by linking it to a bank account. To register, that person is required to complete a form after which a start-up kit containing MMID (a unique 7-digit number) and mPin is provided. This kit is similar to the one one gets with a bank card.
  • After registration is complete, sending money via SMS is easy. First, that person needs to select ‘IMPS’. Next, each person needs to provide the beneficiary account number, IFSC code, and the amount they want to send. After confirming the transaction, that person is required to type mPin. By doing so, the money is successfully transferred from the account to the beneficiary’s account.

What is a UPI (Unified Payments Interface)

Basically the new payment structure introduced by the Reserve Bank of India under the leadership of former Raghuram Rajan and the support of tech scion Nandan Nilekani. In short, the UPI is said to be the next generation payment method that is expected to harness the growing power of smart phone technology and the equal increase in smart phone users in the country. It enables you to make money transactions between any two bank accounts with the help of a smart phone. While the UPI payment system allows for online and offline payments, such as net banks and swipe cards, it is much more complex and complex at the same time.

Frequently Asked Questions on IFSC and MICR codes

  • What is the full IFSC form?
  • Answer: The full IFSC form is the Indian financial plan code.
  • Why is IFSC used?
  • Ans: IFSC or Indian Financial System Code is an 11-digit code used to distinguish all bank branches within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.
  • How can you search for a bank name with IFSC code?
  • Ans: It is very easy to get a bank name using IFSC code. The first four letters of the IFSC code represent the name of the bank. Therefore, if the bank name is ICICI, the IFSC code will look like ICIC0001420.
  • What is the meaning of the MICR code?

Ans: MICR stands for Magnetic Ink Character Character Recognition. It is a special ink that is sensitive to magnetic field. Printed at the bottom of the check.

  • What is the use of the MICR code?

Ans: MICR is a technology that helps ensure the start of checks or other paper documents. It is mainly used by banks to process checks quickly. The MICR code assists the RBI in locating a bank branch.

  • How can I transfer money from one bank account to another online?

Ans: You can transfer money from one bank account to another using online mode using methods such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), Payment Service (IMPS), and Unified Payment Interface (UPI).

  • Are IFSC and SWIFT code the same?

Answer: No, IFSC and SWIFT codes are not the same. IFSC is used to transfer funds within India, while the SWIFT code is used to transfer funds at the international level. In addition, SWIFT is a banking identification code while IFSC is used to identify a specific branch of a bank.

  • If the bank branch is converted, will the IFSC code change?

Answer: No, if the bank branch location is changed, the IFSC code will not change. If a bank account is transferred from one bank to another, only then will the IFSC code be changed.

  • Is the IFSC code the same as the branch code?

Answer: No, the IFSC code does not match the branch code.

  • Where can the IFSC code be found in a check sheet?

Answer: IFSC code is usually located in the upper part of all check sheets on or near the bank branch address.

  • Is IFSC code required in IMPS?

Ans: IFSC code is required for IMPS only if a person transfers money using a bank account number. If MMID recipient is not available, they will need to add a recipient as a payer, where details such as bank account number, name and IFSC are required.

  • Where can I find the MICR code check?

Ans: The MICR code is printed on the lower part of all check sheets provided by banks.

  • Is IFSC code different?

Answer: Yes, IFSC code is a unique alphanumeric code.

  • Is it possible to determine the IFSC code of a bank branch from the bank account deposit number held at the same bank?

Answer: No, this is not possible as the 15-digit long-term savings bank account number does not include the IFSC bank code.

  • I think I gave the wrong IFSC code when I started the NEFT transfer. What will happen to my money?

Answer: There is no need to panic as NEFT transactions will pass and benefit the intended recipient, you need to provide the final account number and the corresponding IFSC bank code. In the event that you provide the wrong IFSC code, the system has a name against the recipient name and account number to identify the error and refund. Refunds will be highlighted in your account within a few hours.

  • Can I get the IFSC code in my bank passbook?

Answer: Yes, you can access the IFSC code in the bank book. As directed by the Reserve Bank of India, banks must print IFSC and MICR codes prominently on checkbooks, account statements and checks issued by them.

Other IFSC Related Article

NEFT RTGS UPI
IMPS BHIM AEPS
NEFT Timing Digital Wallet Mobile Wallet
SBI UPI

[+] All Bank IFSC Code Click Here

 

 

 

Posted on

{{mpg_address}} A15

{{mpg_address}}

 
IFSC Code {{mpg_ifsc}}
Bank {{mpg_bank}}
Branch {{mpg_branch}}
City {{mpg_city}}
District {{mpg_district}}
State {{mpg_state}}
Address {{mpg_address}}
Micr Code {{mpg_micr_code}}

What is IFSC code?

The Indian Financial System Code (IFSC), is a unique 11-digit code that is used for online transactions made through NEFT, RTGS and IMPS. You can find the IFSC code on the check page provided by the bank. The Reserve Bank of India (RBI) provides IFSC bank codes. In addition to the check sheet, you can also find the IFSC code on the official website of the bank and the RBI.

In the event that you use net banking to transfer money, it is imperative that IFSC be submitted to initiate the transfer. Unless there is a merger, banks do not change or change the IFSC code.

IFSC Code: Other Key Features

  • It helps to identify a particular bank branch separately
  • It helps eliminate errors in the transfer process
  • It is used for all electronic payment options such as NEFT, RTGS and IMPS

Differences Between IFSC Bank Code and IFSC Credit Card

In the case of IFSC bank code, it varies from branch to branch. However, the IFSC credit card code of a particular bank will remain the same nationwide.

IFSC credit card code of other banks is set out in the table below:

Bank IFSC
HDFC Bank HDFC0000128
Citibank CITI0000003
Axis Bank UTIB0000400
HSBC Bank HSBC0400002
Punjab National Bank PUNB0112000
IDBI Bank IBKL0NEFT01
Yes Bank YESB0CMSNOC
IndusInd Bank INDB0000018
State Bank of India SBIN00CARDS

MICR Code: Magnetic Ink Character Recognition Code

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS) used to clear checks normally. This code can be found on the check sheet issued by the bank and is usually printed on the passcode provided by the account holder.

In the nine digits, the first three digits indicate a particular city, the next three digits indicate a particular bank code and the last three digits represent the bank branch code. For example the MICR code of the SBI branch in Kolkata is ‘700002021. Here, the first 3 digits ‘700’ are used to identify a particular city, the next three digits ‘002’ represent a particular bank code and the last three digits ‘021’ specify a bank branch code. The MICR code is used for processing and deleting checks, which are automated. The 9-digit code helps eliminate errors in the removal process, helps speed up the process and makes processing checks safer and more secure.

Bank IFSC Code Format:

A B C D 0 1 2 3 4 5 6
Code for Bank Name 0 Code for Branch Name

What is MICR Code?

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS). This code is located on the checkbook issued by the bank and is usually printed in the logbook provided by the account holder.

The main purpose of the MICR code is to erase computer-generated checks. The code helps to avoid mistakes again.

MICR code format

The first three digits of the code represent the city, the next three digits represent the bank code, and the last three digits represent the bank branch code. For example, the MICR code of the SBI branch in Kolkata is ‘700002021’. Here, ‘700 ‘represents the city, ‘002’ represents the bank, and ‘021 ‘represents the bank branch.

Check IFSC Code for Top Banks:

State Bank of India IFSC Code HDFC Bank IFSC Code Indian Bank IFSC Code
Axis bank IFSC Code Canara bank IFSC Code ICICI Bank IFSC Code

IFSC Code Search: Bank Branch

IFSC codes are the basic basis for any online banking transfer in India and a secure firefighting mechanism to verify all transactions. With the proper knowledge of IFSC codes, sending and receiving money online becomes easier and faster, as intended.

Many resources are available online that help you get the IFSC code of the particular bank you requested. And let’s face it – you might be looking at the same thing when it comes to online transactions. In the same vein, jaavak provides a complete tool to help you get into a quick and accurate search of the IFSC Code.

The step-by-step procedure for conducting IFSC code search at jaavak.com is given below:

  1. You are already on this page as you read these instructions, scroll to the top of this page.
  2. Spreading before you is a simple ‘IFSC Code and MICR Code Guidelines’, a tool that can help you find the IFSC Code as needed. The tool has the following fields- 1) Select Bank, 2) Select Country, 3) Select Region, and 4) Select Branch.
  3. Kindly make the right choices regarding the name of the bank, the country of India where there is a bank branch, a certain state of the state and finally, a concerned branch.
  4. To answer your question, a successful page lists IFSC bank list, MICR Code, official address and phone number. All of this happens in less than 30 seconds from your first question.

IFSC Code: How It Works

Let’s take the example of the Canara Bank IFSC code to better understand what the IFSC code is and how it applies to bank sales. The IFSC code for Chandigarh’s Canara Bank branch is CNRB00001995.

  • Here, CNBR stands for the name of the bank, which is Canara Bank
  • The 5th letter, 0, is for future use
  • Another 6 letters, 01995, directly assist the RBI to identify the bank branch without error.

Now, let’s understand how IFSC works. When transferring funds to a specific fund, the person must provide the account number and code of the IFSC branch. Once the sender has provided this information, the money is sent to the account holder and IFSC helps to avoid any errors in the transaction.

In addition to the transfer of funds, the IFSC code can also be used to purchase insurance and associated funds through net banking. The Reserve Bank of India’s (RBI) National Clearing Cell monitors all transactions and IFSC code helps the RBI keep track of transactions and also make fund transfers without error.

IFSC code can also be found in your checkbook or bank passport. One can also find their IFSC bank branch code in the monthly account statement. The IFSC code for each bank and branch is different.

Importance of India Financial System Code

We need the IFSC code because it helps the RBI to monitor all banking activities without errors. A simple IFSC code can help track RBI, oversee, and securely secure all financial transactions performed by NEFT, RTGS and IMPS.

For bank customers, the IFSC code is important because most electronic wallet transfers cannot be initiated unless the IFSC code of the beneficiary / payer is provided with the bank account number.

IFSC code plays an important role in transferring money from one account to another using methods such as IMPS, NEFT and RTGS. All of these options are primarily concerned with the transfer of funds between banks but this function is done in different ways. A common thread between these various options is the IFSC banking code system.

Locate IFSC and MICR Code on a Bank Cheque

Many of the above discussions have focused on routine bank assessments. This pillar of the world of banks is a combination of many things that help to ensure that they are true and allow us to attach our full faith to its operation.

The main features of a standard bank check are shown as follows:

Obtain IFSC code from Check Bank:

In standard bank checks, it is mandatory that the IFSC code be listed. IFSC code will vary from bank to bank. In our example image: we show the location of the IFSC code in the HDFC Check.

Finding a Check Number:

Shown in typed font below the check in special font style. This is used to track check and other administrative purposes.

Get the MICR Code from Check Bank:

This is shown next to the check number. Both the Check numbers and the MICR Code are displayed in a unique ink font, the last of which can only be taken by Magnetic Character Ink Reader.

The methods used to transfer money over the Internet are using IFSC code

IFSC code can be used to transfer funds using three electronic transfer methods such as NEFT, RTGS and IMPS. These electronic wallet transfers enable customers to transfer money easily from one account to another.

Choosing electronic transfer systems reduces the chances of a transaction error because the transfer of funds is authorised only if accurate details such as IFSC bank payment code and bank account number are provided.

  • NEFT: The full form of NEFT is National Electronic Fund Transfer. As the name implies, it affects the transfer of funds from one bank account to another. This is a popular money transfer system in India. Here, IFSC codes must be properly provided to ensure that money is transferred securely from one bank account to another. In addition to IFSC code, beneficiary name, account number and account type are required to be provided. All NEFT tasks are solved in an intelligent batch format.
  • RTGS: RTGS is a Real Time Gross Settlement dictionary. As the name suggests, it is a popular way to transfer money quickly (as well as securely) from one bank to another, without having to set the same for any waiting period. The terms used here are ‘Real Time’ (transaction is fast) and ‘Gross’ (referring to the fact that no additional charges will be charged). IFSC codes do the same in the case of NEFT – which helps to better identify participating banking branches. RTGS fund transfers are often used for high-value transactions and are quickly removed. The information required for the RTGS fund is the name of the payer, the IFSC code, the account number, and the transaction amount.
  • IMPS: IMPS, short for Fast Payment Service, is very popular. It is a new trend in India (launched in November 2010). With this service, money can be transferred instantly to all popular banks in India through a service available from a registrar, ATM or online. This program is known for its high security, speed, savings and is not limited to the highest transfer fees. One cannot initiate the transfer of an IMPS fund without providing the IFSC code.

IFSC and MICR Code: Basic Differences You Should Know

Given the table below the differences between IFSC Code and MICR Code:

IFSC Code MICR Code
IFSC is a 11-digit alphanumeric number. MICR is a 9-digit code.
IFSC is used to facilitate electronic money transfer between banks that operate in the country. MICR is used to make cheque processing simpler and faster.
In an IFSC code, the first four characters indicate the name of the bank. In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code.
In IFSC, the last six characters represent the branch code. In the MICR code, the last three digits indicate the bank branch code.

How Can You Transfer Money With IFSC Bank Account Code?

Once a person knows his or her way around banking transactions, they already know that there are two main ways to transfer a wallet. Another old-fashioned way, where you go into a bank and clear a check. While the second is an electronic method that uses methods such as IMPS, NEFT or RTGS.

When working the old-fashioned way of ‘going to the bank’ in an old school, one does not need to register a beneficiary. However, the electronic method is a little different and very secure as well.

To transfer funds with the help of technology, that person is required to meet the requirements set out below:

  • One needs to sign up for a net banking service.
  • You need to sign up for a third party transaction. (Note that in this context, the third party refers to the beneficiary from a different bank to yours.)
  • Register a beneficiary account where the funds will be transferred.

Process Involved In Making Money Transfers Online

Almost all Indian banks follow their own policy regarding third party money transfers. One thing to note here is that the process is almost always the same, except that they are written differently.

For example, let’s look at the HDFC Bank process. The steps involved are:

  • Sign in to a network banking service with a customer ID and password.
  • Click on the ‘Third Transfer’ tab and follow the basic instructions.
  • Obtaining OTP from a registered mobile number once the details have been completed and sent.

How to Register a Beneficiary Account?

  • Beneficiary registration, details such as beneficiary name, account number, IFSC bank beneficiary code, and branch name of the Bank must be provided.
  • Once the details have been submitted, the registration is complete. However, different banks have different times after which you can transfer for the first time. For example, in the case of HDFC Bank, it takes 12 hours for the data to be processed and processed.

How Can You Transfer Money With the Help of Net Banking & Mobile Banking?

Electronic transfer of funds with the help of IFSC code is an easy process once established. The process of transferring money via net banking and mobile banking is described below:

Via Net-banking:

The whole bank transfer process is given below:

  • Visit the official website of the bank.
  • Go to the net banking site.
  • Sign in with user help and password.
  • Next, select ‘Transfer funds via NEFT’ to transfer the amount to the recipient’s account. In the unlikely event that the beneficiary is not heard, that person must register for the upcoming transaction. To do this, IFSC code, bank account number, and branch bank must be provided. Once the information has been successfully submitted, it can take anywhere between 5 minutes and 12 hours, depending on your bank policy for the beneficiary’s account to be activated. After waiting for the specified hours, the money can be transferred immediately to the beneficiary’s account with a buffer for less than an hour.

With Mobile Banking:

Here’s how to transfer money from one bank account to another using IFSC code using advanced banking:

  • The first thing a person needs to do is to register a 10-digit mobile banking number by linking it to a bank account. To register, that person is required to complete a form after which a start-up kit containing MMID (a unique 7-digit number) and mPin is provided. This kit is similar to the one one gets with a bank card.
  • After registration is complete, sending money via SMS is easy. First, that person needs to select ‘IMPS’. Next, each person needs to provide the beneficiary account number, IFSC code, and the amount they want to send. After confirming the transaction, that person is required to type mPin. By doing so, the money is successfully transferred from the account to the beneficiary’s account.

What is a UPI (Unified Payments Interface)

Basically the new payment structure introduced by the Reserve Bank of India under the leadership of former Raghuram Rajan and the support of tech scion Nandan Nilekani. In short, the UPI is said to be the next generation payment method that is expected to harness the growing power of smart phone technology and the equal increase in smart phone users in the country. It enables you to make money transactions between any two bank accounts with the help of a smart phone. While the UPI payment system allows for online and offline payments, such as net banks and swipe cards, it is much more complex and complex at the same time.

Frequently Asked Questions on IFSC and MICR codes

  • What is the full IFSC form?
  • Answer: The full IFSC form is the Indian financial plan code.
  • Why is IFSC used?
  • Ans: IFSC or Indian Financial System Code is an 11-digit code used to distinguish all bank branches within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.
  • How can you search for a bank name with IFSC code?
  • Ans: It is very easy to get a bank name using IFSC code. The first four letters of the IFSC code represent the name of the bank. Therefore, if the bank name is ICICI, the IFSC code will look like ICIC0001420.
  • What is the meaning of the MICR code?

Ans: MICR stands for Magnetic Ink Character Character Recognition. It is a special ink that is sensitive to magnetic field. Printed at the bottom of the check.

  • What is the use of the MICR code?

Ans: MICR is a technology that helps ensure the start of checks or other paper documents. It is mainly used by banks to process checks quickly. The MICR code assists the RBI in locating a bank branch.

  • How can I transfer money from one bank account to another online?

Ans: You can transfer money from one bank account to another using online mode using methods such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), Payment Service (IMPS), and Unified Payment Interface (UPI).

  • Are IFSC and SWIFT code the same?

Answer: No, IFSC and SWIFT codes are not the same. IFSC is used to transfer funds within India, while the SWIFT code is used to transfer funds at the international level. In addition, SWIFT is a banking identification code while IFSC is used to identify a specific branch of a bank.

  • If the bank branch is converted, will the IFSC code change?

Answer: No, if the bank branch location is changed, the IFSC code will not change. If a bank account is transferred from one bank to another, only then will the IFSC code be changed.

  • Is the IFSC code the same as the branch code?

Answer: No, the IFSC code does not match the branch code.

  • Where can the IFSC code be found in a check sheet?

Answer: IFSC code is usually located in the upper part of all check sheets on or near the bank branch address.

  • Is IFSC code required in IMPS?

Ans: IFSC code is required for IMPS only if a person transfers money using a bank account number. If MMID recipient is not available, they will need to add a recipient as a payer, where details such as bank account number, name and IFSC are required.

  • Where can I find the MICR code check?

Ans: The MICR code is printed on the lower part of all check sheets provided by banks.

  • Is IFSC code different?

Answer: Yes, IFSC code is a unique alphanumeric code.

  • Is it possible to determine the IFSC code of a bank branch from the bank account deposit number held at the same bank?

Answer: No, this is not possible as the 15-digit long-term savings bank account number does not include the IFSC bank code.

  • I think I gave the wrong IFSC code when I started the NEFT transfer. What will happen to my money?

Answer: There is no need to panic as NEFT transactions will pass and benefit the intended recipient, you need to provide the final account number and the corresponding IFSC bank code. In the event that you provide the wrong IFSC code, the system has a name against the recipient name and account number to identify the error and refund. Refunds will be highlighted in your account within a few hours.

  • Can I get the IFSC code in my bank passbook?

Answer: Yes, you can access the IFSC code in the bank book. As directed by the Reserve Bank of India, banks must print IFSC and MICR codes prominently on checkbooks, account statements and checks issued by them.

Other IFSC Related Article

NEFT RTGS UPI
IMPS BHIM AEPS
NEFT Timing Digital Wallet Mobile Wallet
SBI UPI

[+] All Bank IFSC Code Click Here

 

 

 

Posted on

{{mpg_address}} A14

{{mpg_address}}

 
IFSC Code {{mpg_ifsc}}
Bank {{mpg_bank}}
Branch {{mpg_branch}}
City {{mpg_city}}
District {{mpg_district}}
State {{mpg_state}}
Address {{mpg_address}}
Micr Code {{mpg_micr_code}}

What is IFSC code?

The Indian Financial System Code (IFSC), is a unique 11-digit code that is used for online transactions made through NEFT, RTGS and IMPS. You can find the IFSC code on the check page provided by the bank. The Reserve Bank of India (RBI) provides IFSC bank codes. In addition to the check sheet, you can also find the IFSC code on the official website of the bank and the RBI.

In the event that you use net banking to transfer money, it is imperative that IFSC be submitted to initiate the transfer. Unless there is a merger, banks do not change or change the IFSC code.

IFSC Code: Other Key Features

  • It helps to identify a particular bank branch separately
  • It helps eliminate errors in the transfer process
  • It is used for all electronic payment options such as NEFT, RTGS and IMPS

Differences Between IFSC Bank Code and IFSC Credit Card

In the case of IFSC bank code, it varies from branch to branch. However, the IFSC credit card code of a particular bank will remain the same nationwide.

IFSC credit card code of other banks is set out in the table below:

Bank IFSC
HDFC Bank HDFC0000128
Citibank CITI0000003
Axis Bank UTIB0000400
HSBC Bank HSBC0400002
Punjab National Bank PUNB0112000
IDBI Bank IBKL0NEFT01
Yes Bank YESB0CMSNOC
IndusInd Bank INDB0000018
State Bank of India SBIN00CARDS

MICR Code: Magnetic Ink Character Recognition Code

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS) used to clear checks normally. This code can be found on the check sheet issued by the bank and is usually printed on the passcode provided by the account holder.

In the nine digits, the first three digits indicate a particular city, the next three digits indicate a particular bank code and the last three digits represent the bank branch code. For example the MICR code of the SBI branch in Kolkata is ‘700002021. Here, the first 3 digits ‘700’ are used to identify a particular city, the next three digits ‘002’ represent a particular bank code and the last three digits ‘021’ specify a bank branch code. The MICR code is used for processing and deleting checks, which are automated. The 9-digit code helps eliminate errors in the removal process, helps speed up the process and makes processing checks safer and more secure.

Bank IFSC Code Format:

A B C D 0 1 2 3 4 5 6
Code for Bank Name 0 Code for Branch Name

What is MICR Code?

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS). This code is located on the checkbook issued by the bank and is usually printed in the logbook provided by the account holder.

The main purpose of the MICR code is to erase computer-generated checks. The code helps to avoid mistakes again.

MICR code format

The first three digits of the code represent the city, the next three digits represent the bank code, and the last three digits represent the bank branch code. For example, the MICR code of the SBI branch in Kolkata is ‘700002021’. Here, ‘700 ‘represents the city, ‘002’ represents the bank, and ‘021 ‘represents the bank branch.

Check IFSC Code for Top Banks:

State Bank of India IFSC Code HDFC Bank IFSC Code Indian Bank IFSC Code
Axis bank IFSC Code Canara bank IFSC Code ICICI Bank IFSC Code

IFSC Code Search: Bank Branch

IFSC codes are the basic basis for any online banking transfer in India and a secure firefighting mechanism to verify all transactions. With the proper knowledge of IFSC codes, sending and receiving money online becomes easier and faster, as intended.

Many resources are available online that help you get the IFSC code of the particular bank you requested. And let’s face it – you might be looking at the same thing when it comes to online transactions. In the same vein, jaavak provides a complete tool to help you get into a quick and accurate search of the IFSC Code.

The step-by-step procedure for conducting IFSC code search at jaavak.com is given below:

  1. You are already on this page as you read these instructions, scroll to the top of this page.
  2. Spreading before you is a simple ‘IFSC Code and MICR Code Guidelines’, a tool that can help you find the IFSC Code as needed. The tool has the following fields- 1) Select Bank, 2) Select Country, 3) Select Region, and 4) Select Branch.
  3. Kindly make the right choices regarding the name of the bank, the country of India where there is a bank branch, a certain state of the state and finally, a concerned branch.
  4. To answer your question, a successful page lists IFSC bank list, MICR Code, official address and phone number. All of this happens in less than 30 seconds from your first question.

IFSC Code: How It Works

Let’s take the example of the Canara Bank IFSC code to better understand what the IFSC code is and how it applies to bank sales. The IFSC code for Chandigarh’s Canara Bank branch is CNRB00001995.

  • Here, CNBR stands for the name of the bank, which is Canara Bank
  • The 5th letter, 0, is for future use
  • Another 6 letters, 01995, directly assist the RBI to identify the bank branch without error.

Now, let’s understand how IFSC works. When transferring funds to a specific fund, the person must provide the account number and code of the IFSC branch. Once the sender has provided this information, the money is sent to the account holder and IFSC helps to avoid any errors in the transaction.

In addition to the transfer of funds, the IFSC code can also be used to purchase insurance and associated funds through net banking. The Reserve Bank of India’s (RBI) National Clearing Cell monitors all transactions and IFSC code helps the RBI keep track of transactions and also make fund transfers without error.

IFSC code can also be found in your checkbook or bank passport. One can also find their IFSC bank branch code in the monthly account statement. The IFSC code for each bank and branch is different.

Importance of India Financial System Code

We need the IFSC code because it helps the RBI to monitor all banking activities without errors. A simple IFSC code can help track RBI, oversee, and securely secure all financial transactions performed by NEFT, RTGS and IMPS.

For bank customers, the IFSC code is important because most electronic wallet transfers cannot be initiated unless the IFSC code of the beneficiary / payer is provided with the bank account number.

IFSC code plays an important role in transferring money from one account to another using methods such as IMPS, NEFT and RTGS. All of these options are primarily concerned with the transfer of funds between banks but this function is done in different ways. A common thread between these various options is the IFSC banking code system.

Locate IFSC and MICR Code on a Bank Cheque

Many of the above discussions have focused on routine bank assessments. This pillar of the world of banks is a combination of many things that help to ensure that they are true and allow us to attach our full faith to its operation.

The main features of a standard bank check are shown as follows:

Obtain IFSC code from Check Bank:

In standard bank checks, it is mandatory that the IFSC code be listed. IFSC code will vary from bank to bank. In our example image: we show the location of the IFSC code in the HDFC Check.

Finding a Check Number:

Shown in typed font below the check in special font style. This is used to track check and other administrative purposes.

Get the MICR Code from Check Bank:

This is shown next to the check number. Both the Check numbers and the MICR Code are displayed in a unique ink font, the last of which can only be taken by Magnetic Character Ink Reader.

The methods used to transfer money over the Internet are using IFSC code

IFSC code can be used to transfer funds using three electronic transfer methods such as NEFT, RTGS and IMPS. These electronic wallet transfers enable customers to transfer money easily from one account to another.

Choosing electronic transfer systems reduces the chances of a transaction error because the transfer of funds is authorised only if accurate details such as IFSC bank payment code and bank account number are provided.

  • NEFT: The full form of NEFT is National Electronic Fund Transfer. As the name implies, it affects the transfer of funds from one bank account to another. This is a popular money transfer system in India. Here, IFSC codes must be properly provided to ensure that money is transferred securely from one bank account to another. In addition to IFSC code, beneficiary name, account number and account type are required to be provided. All NEFT tasks are solved in an intelligent batch format.
  • RTGS: RTGS is a Real Time Gross Settlement dictionary. As the name suggests, it is a popular way to transfer money quickly (as well as securely) from one bank to another, without having to set the same for any waiting period. The terms used here are ‘Real Time’ (transaction is fast) and ‘Gross’ (referring to the fact that no additional charges will be charged). IFSC codes do the same in the case of NEFT – which helps to better identify participating banking branches. RTGS fund transfers are often used for high-value transactions and are quickly removed. The information required for the RTGS fund is the name of the payer, the IFSC code, the account number, and the transaction amount.
  • IMPS: IMPS, short for Fast Payment Service, is very popular. It is a new trend in India (launched in November 2010). With this service, money can be transferred instantly to all popular banks in India through a service available from a registrar, ATM or online. This program is known for its high security, speed, savings and is not limited to the highest transfer fees. One cannot initiate the transfer of an IMPS fund without providing the IFSC code.

IFSC and MICR Code: Basic Differences You Should Know

Given the table below the differences between IFSC Code and MICR Code:

IFSC Code MICR Code
IFSC is a 11-digit alphanumeric number. MICR is a 9-digit code.
IFSC is used to facilitate electronic money transfer between banks that operate in the country. MICR is used to make cheque processing simpler and faster.
In an IFSC code, the first four characters indicate the name of the bank. In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code.
In IFSC, the last six characters represent the branch code. In the MICR code, the last three digits indicate the bank branch code.

How Can You Transfer Money With IFSC Bank Account Code?

Once a person knows his or her way around banking transactions, they already know that there are two main ways to transfer a wallet. Another old-fashioned way, where you go into a bank and clear a check. While the second is an electronic method that uses methods such as IMPS, NEFT or RTGS.

When working the old-fashioned way of ‘going to the bank’ in an old school, one does not need to register a beneficiary. However, the electronic method is a little different and very secure as well.

To transfer funds with the help of technology, that person is required to meet the requirements set out below:

  • One needs to sign up for a net banking service.
  • You need to sign up for a third party transaction. (Note that in this context, the third party refers to the beneficiary from a different bank to yours.)
  • Register a beneficiary account where the funds will be transferred.

Process Involved In Making Money Transfers Online

Almost all Indian banks follow their own policy regarding third party money transfers. One thing to note here is that the process is almost always the same, except that they are written differently.

For example, let’s look at the HDFC Bank process. The steps involved are:

  • Sign in to a network banking service with a customer ID and password.
  • Click on the ‘Third Transfer’ tab and follow the basic instructions.
  • Obtaining OTP from a registered mobile number once the details have been completed and sent.

How to Register a Beneficiary Account?

  • Beneficiary registration, details such as beneficiary name, account number, IFSC bank beneficiary code, and branch name of the Bank must be provided.
  • Once the details have been submitted, the registration is complete. However, different banks have different times after which you can transfer for the first time. For example, in the case of HDFC Bank, it takes 12 hours for the data to be processed and processed.

How Can You Transfer Money With the Help of Net Banking & Mobile Banking?

Electronic transfer of funds with the help of IFSC code is an easy process once established. The process of transferring money via net banking and mobile banking is described below:

Via Net-banking:

The whole bank transfer process is given below:

  • Visit the official website of the bank.
  • Go to the net banking site.
  • Sign in with user help and password.
  • Next, select ‘Transfer funds via NEFT’ to transfer the amount to the recipient’s account. In the unlikely event that the beneficiary is not heard, that person must register for the upcoming transaction. To do this, IFSC code, bank account number, and branch bank must be provided. Once the information has been successfully submitted, it can take anywhere between 5 minutes and 12 hours, depending on your bank policy for the beneficiary’s account to be activated. After waiting for the specified hours, the money can be transferred immediately to the beneficiary’s account with a buffer for less than an hour.

With Mobile Banking:

Here’s how to transfer money from one bank account to another using IFSC code using advanced banking:

  • The first thing a person needs to do is to register a 10-digit mobile banking number by linking it to a bank account. To register, that person is required to complete a form after which a start-up kit containing MMID (a unique 7-digit number) and mPin is provided. This kit is similar to the one one gets with a bank card.
  • After registration is complete, sending money via SMS is easy. First, that person needs to select ‘IMPS’. Next, each person needs to provide the beneficiary account number, IFSC code, and the amount they want to send. After confirming the transaction, that person is required to type mPin. By doing so, the money is successfully transferred from the account to the beneficiary’s account.

What is a UPI (Unified Payments Interface)

Basically the new payment structure introduced by the Reserve Bank of India under the leadership of former Raghuram Rajan and the support of tech scion Nandan Nilekani. In short, the UPI is said to be the next generation payment method that is expected to harness the growing power of smart phone technology and the equal increase in smart phone users in the country. It enables you to make money transactions between any two bank accounts with the help of a smart phone. While the UPI payment system allows for online and offline payments, such as net banks and swipe cards, it is much more complex and complex at the same time.

Frequently Asked Questions on IFSC and MICR codes

  • What is the full IFSC form?
  • Answer: The full IFSC form is the Indian financial plan code.
  • Why is IFSC used?
  • Ans: IFSC or Indian Financial System Code is an 11-digit code used to distinguish all bank branches within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.
  • How can you search for a bank name with IFSC code?
  • Ans: It is very easy to get a bank name using IFSC code. The first four letters of the IFSC code represent the name of the bank. Therefore, if the bank name is ICICI, the IFSC code will look like ICIC0001420.
  • What is the meaning of the MICR code?

Ans: MICR stands for Magnetic Ink Character Character Recognition. It is a special ink that is sensitive to magnetic field. Printed at the bottom of the check.

  • What is the use of the MICR code?

Ans: MICR is a technology that helps ensure the start of checks or other paper documents. It is mainly used by banks to process checks quickly. The MICR code assists the RBI in locating a bank branch.

  • How can I transfer money from one bank account to another online?

Ans: You can transfer money from one bank account to another using online mode using methods such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), Payment Service (IMPS), and Unified Payment Interface (UPI).

  • Are IFSC and SWIFT code the same?

Answer: No, IFSC and SWIFT codes are not the same. IFSC is used to transfer funds within India, while the SWIFT code is used to transfer funds at the international level. In addition, SWIFT is a banking identification code while IFSC is used to identify a specific branch of a bank.

  • If the bank branch is converted, will the IFSC code change?

Answer: No, if the bank branch location is changed, the IFSC code will not change. If a bank account is transferred from one bank to another, only then will the IFSC code be changed.

  • Is the IFSC code the same as the branch code?

Answer: No, the IFSC code does not match the branch code.

  • Where can the IFSC code be found in a check sheet?

Answer: IFSC code is usually located in the upper part of all check sheets on or near the bank branch address.

  • Is IFSC code required in IMPS?

Ans: IFSC code is required for IMPS only if a person transfers money using a bank account number. If MMID recipient is not available, they will need to add a recipient as a payer, where details such as bank account number, name and IFSC are required.

  • Where can I find the MICR code check?

Ans: The MICR code is printed on the lower part of all check sheets provided by banks.

  • Is IFSC code different?

Answer: Yes, IFSC code is a unique alphanumeric code.

  • Is it possible to determine the IFSC code of a bank branch from the bank account deposit number held at the same bank?

Answer: No, this is not possible as the 15-digit long-term savings bank account number does not include the IFSC bank code.

  • I think I gave the wrong IFSC code when I started the NEFT transfer. What will happen to my money?

Answer: There is no need to panic as NEFT transactions will pass and benefit the intended recipient, you need to provide the final account number and the corresponding IFSC bank code. In the event that you provide the wrong IFSC code, the system has a name against the recipient name and account number to identify the error and refund. Refunds will be highlighted in your account within a few hours.

  • Can I get the IFSC code in my bank passbook?

Answer: Yes, you can access the IFSC code in the bank book. As directed by the Reserve Bank of India, banks must print IFSC and MICR codes prominently on checkbooks, account statements and checks issued by them.

Other IFSC Related Article

NEFT RTGS UPI
IMPS BHIM AEPS
NEFT Timing Digital Wallet Mobile Wallet
SBI UPI

[+] All Bank IFSC Code Click Here

 

 

 

Posted on

{{mpg_address}} A13

{{mpg_address}}

 
IFSC Code {{mpg_ifsc}}
Bank {{mpg_bank}}
Branch {{mpg_branch}}
City {{mpg_city}}
District {{mpg_district}}
State {{mpg_state}}
Address {{mpg_address}}
Micr Code {{mpg_micr_code}}

What is IFSC code?

The Indian Financial System Code (IFSC), is a unique 11-digit code that is used for online transactions made through NEFT, RTGS and IMPS. You can find the IFSC code on the check page provided by the bank. The Reserve Bank of India (RBI) provides IFSC bank codes. In addition to the check sheet, you can also find the IFSC code on the official website of the bank and the RBI.

In the event that you use net banking to transfer money, it is imperative that IFSC be submitted to initiate the transfer. Unless there is a merger, banks do not change or change the IFSC code.

IFSC Code: Other Key Features

  • It helps to identify a particular bank branch separately
  • It helps eliminate errors in the transfer process
  • It is used for all electronic payment options such as NEFT, RTGS and IMPS

Differences Between IFSC Bank Code and IFSC Credit Card

In the case of IFSC bank code, it varies from branch to branch. However, the IFSC credit card code of a particular bank will remain the same nationwide.

IFSC credit card code of other banks is set out in the table below:

Bank IFSC
HDFC Bank HDFC0000128
Citibank CITI0000003
Axis Bank UTIB0000400
HSBC Bank HSBC0400002
Punjab National Bank PUNB0112000
IDBI Bank IBKL0NEFT01
Yes Bank YESB0CMSNOC
IndusInd Bank INDB0000018
State Bank of India SBIN00CARDS

MICR Code: Magnetic Ink Character Recognition Code

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS) used to clear checks normally. This code can be found on the check sheet issued by the bank and is usually printed on the passcode provided by the account holder.

In the nine digits, the first three digits indicate a particular city, the next three digits indicate a particular bank code and the last three digits represent the bank branch code. For example the MICR code of the SBI branch in Kolkata is ‘700002021. Here, the first 3 digits ‘700’ are used to identify a particular city, the next three digits ‘002’ represent a particular bank code and the last three digits ‘021’ specify a bank branch code. The MICR code is used for processing and deleting checks, which are automated. The 9-digit code helps eliminate errors in the removal process, helps speed up the process and makes processing checks safer and more secure.

Bank IFSC Code Format:

A B C D 0 1 2 3 4 5 6
Code for Bank Name 0 Code for Branch Name

What is MICR Code?

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS). This code is located on the checkbook issued by the bank and is usually printed in the logbook provided by the account holder.

The main purpose of the MICR code is to erase computer-generated checks. The code helps to avoid mistakes again.

MICR code format

The first three digits of the code represent the city, the next three digits represent the bank code, and the last three digits represent the bank branch code. For example, the MICR code of the SBI branch in Kolkata is ‘700002021’. Here, ‘700 ‘represents the city, ‘002’ represents the bank, and ‘021 ‘represents the bank branch.

Check IFSC Code for Top Banks:

State Bank of India IFSC Code HDFC Bank IFSC Code Indian Bank IFSC Code
Axis bank IFSC Code Canara bank IFSC Code ICICI Bank IFSC Code

IFSC Code Search: Bank Branch

IFSC codes are the basic basis for any online banking transfer in India and a secure firefighting mechanism to verify all transactions. With the proper knowledge of IFSC codes, sending and receiving money online becomes easier and faster, as intended.

Many resources are available online that help you get the IFSC code of the particular bank you requested. And let’s face it – you might be looking at the same thing when it comes to online transactions. In the same vein, jaavak provides a complete tool to help you get into a quick and accurate search of the IFSC Code.

The step-by-step procedure for conducting IFSC code search at jaavak.com is given below:

  1. You are already on this page as you read these instructions, scroll to the top of this page.
  2. Spreading before you is a simple ‘IFSC Code and MICR Code Guidelines’, a tool that can help you find the IFSC Code as needed. The tool has the following fields- 1) Select Bank, 2) Select Country, 3) Select Region, and 4) Select Branch.
  3. Kindly make the right choices regarding the name of the bank, the country of India where there is a bank branch, a certain state of the state and finally, a concerned branch.
  4. To answer your question, a successful page lists IFSC bank list, MICR Code, official address and phone number. All of this happens in less than 30 seconds from your first question.

IFSC Code: How It Works

Let’s take the example of the Canara Bank IFSC code to better understand what the IFSC code is and how it applies to bank sales. The IFSC code for Chandigarh’s Canara Bank branch is CNRB00001995.

  • Here, CNBR stands for the name of the bank, which is Canara Bank
  • The 5th letter, 0, is for future use
  • Another 6 letters, 01995, directly assist the RBI to identify the bank branch without error.

Now, let’s understand how IFSC works. When transferring funds to a specific fund, the person must provide the account number and code of the IFSC branch. Once the sender has provided this information, the money is sent to the account holder and IFSC helps to avoid any errors in the transaction.

In addition to the transfer of funds, the IFSC code can also be used to purchase insurance and associated funds through net banking. The Reserve Bank of India’s (RBI) National Clearing Cell monitors all transactions and IFSC code helps the RBI keep track of transactions and also make fund transfers without error.

IFSC code can also be found in your checkbook or bank passport. One can also find their IFSC bank branch code in the monthly account statement. The IFSC code for each bank and branch is different.

Importance of India Financial System Code

We need the IFSC code because it helps the RBI to monitor all banking activities without errors. A simple IFSC code can help track RBI, oversee, and securely secure all financial transactions performed by NEFT, RTGS and IMPS.

For bank customers, the IFSC code is important because most electronic wallet transfers cannot be initiated unless the IFSC code of the beneficiary / payer is provided with the bank account number.

IFSC code plays an important role in transferring money from one account to another using methods such as IMPS, NEFT and RTGS. All of these options are primarily concerned with the transfer of funds between banks but this function is done in different ways. A common thread between these various options is the IFSC banking code system.

Locate IFSC and MICR Code on a Bank Cheque

Many of the above discussions have focused on routine bank assessments. This pillar of the world of banks is a combination of many things that help to ensure that they are true and allow us to attach our full faith to its operation.

The main features of a standard bank check are shown as follows:

Obtain IFSC code from Check Bank:

In standard bank checks, it is mandatory that the IFSC code be listed. IFSC code will vary from bank to bank. In our example image: we show the location of the IFSC code in the HDFC Check.

Finding a Check Number:

Shown in typed font below the check in special font style. This is used to track check and other administrative purposes.

Get the MICR Code from Check Bank:

This is shown next to the check number. Both the Check numbers and the MICR Code are displayed in a unique ink font, the last of which can only be taken by Magnetic Character Ink Reader.

The methods used to transfer money over the Internet are using IFSC code

IFSC code can be used to transfer funds using three electronic transfer methods such as NEFT, RTGS and IMPS. These electronic wallet transfers enable customers to transfer money easily from one account to another.

Choosing electronic transfer systems reduces the chances of a transaction error because the transfer of funds is authorised only if accurate details such as IFSC bank payment code and bank account number are provided.

  • NEFT: The full form of NEFT is National Electronic Fund Transfer. As the name implies, it affects the transfer of funds from one bank account to another. This is a popular money transfer system in India. Here, IFSC codes must be properly provided to ensure that money is transferred securely from one bank account to another. In addition to IFSC code, beneficiary name, account number and account type are required to be provided. All NEFT tasks are solved in an intelligent batch format.
  • RTGS: RTGS is a Real Time Gross Settlement dictionary. As the name suggests, it is a popular way to transfer money quickly (as well as securely) from one bank to another, without having to set the same for any waiting period. The terms used here are ‘Real Time’ (transaction is fast) and ‘Gross’ (referring to the fact that no additional charges will be charged). IFSC codes do the same in the case of NEFT – which helps to better identify participating banking branches. RTGS fund transfers are often used for high-value transactions and are quickly removed. The information required for the RTGS fund is the name of the payer, the IFSC code, the account number, and the transaction amount.
  • IMPS: IMPS, short for Fast Payment Service, is very popular. It is a new trend in India (launched in November 2010). With this service, money can be transferred instantly to all popular banks in India through a service available from a registrar, ATM or online. This program is known for its high security, speed, savings and is not limited to the highest transfer fees. One cannot initiate the transfer of an IMPS fund without providing the IFSC code.

IFSC and MICR Code: Basic Differences You Should Know

Given the table below the differences between IFSC Code and MICR Code:

IFSC Code MICR Code
IFSC is a 11-digit alphanumeric number. MICR is a 9-digit code.
IFSC is used to facilitate electronic money transfer between banks that operate in the country. MICR is used to make cheque processing simpler and faster.
In an IFSC code, the first four characters indicate the name of the bank. In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code.
In IFSC, the last six characters represent the branch code. In the MICR code, the last three digits indicate the bank branch code.

How Can You Transfer Money With IFSC Bank Account Code?

Once a person knows his or her way around banking transactions, they already know that there are two main ways to transfer a wallet. Another old-fashioned way, where you go into a bank and clear a check. While the second is an electronic method that uses methods such as IMPS, NEFT or RTGS.

When working the old-fashioned way of ‘going to the bank’ in an old school, one does not need to register a beneficiary. However, the electronic method is a little different and very secure as well.

To transfer funds with the help of technology, that person is required to meet the requirements set out below:

  • One needs to sign up for a net banking service.
  • You need to sign up for a third party transaction. (Note that in this context, the third party refers to the beneficiary from a different bank to yours.)
  • Register a beneficiary account where the funds will be transferred.

Process Involved In Making Money Transfers Online

Almost all Indian banks follow their own policy regarding third party money transfers. One thing to note here is that the process is almost always the same, except that they are written differently.

For example, let’s look at the HDFC Bank process. The steps involved are:

  • Sign in to a network banking service with a customer ID and password.
  • Click on the ‘Third Transfer’ tab and follow the basic instructions.
  • Obtaining OTP from a registered mobile number once the details have been completed and sent.

How to Register a Beneficiary Account?

  • Beneficiary registration, details such as beneficiary name, account number, IFSC bank beneficiary code, and branch name of the Bank must be provided.
  • Once the details have been submitted, the registration is complete. However, different banks have different times after which you can transfer for the first time. For example, in the case of HDFC Bank, it takes 12 hours for the data to be processed and processed.

How Can You Transfer Money With the Help of Net Banking & Mobile Banking?

Electronic transfer of funds with the help of IFSC code is an easy process once established. The process of transferring money via net banking and mobile banking is described below:

Via Net-banking:

The whole bank transfer process is given below:

  • Visit the official website of the bank.
  • Go to the net banking site.
  • Sign in with user help and password.
  • Next, select ‘Transfer funds via NEFT’ to transfer the amount to the recipient’s account. In the unlikely event that the beneficiary is not heard, that person must register for the upcoming transaction. To do this, IFSC code, bank account number, and branch bank must be provided. Once the information has been successfully submitted, it can take anywhere between 5 minutes and 12 hours, depending on your bank policy for the beneficiary’s account to be activated. After waiting for the specified hours, the money can be transferred immediately to the beneficiary’s account with a buffer for less than an hour.

With Mobile Banking:

Here’s how to transfer money from one bank account to another using IFSC code using advanced banking:

  • The first thing a person needs to do is to register a 10-digit mobile banking number by linking it to a bank account. To register, that person is required to complete a form after which a start-up kit containing MMID (a unique 7-digit number) and mPin is provided. This kit is similar to the one one gets with a bank card.
  • After registration is complete, sending money via SMS is easy. First, that person needs to select ‘IMPS’. Next, each person needs to provide the beneficiary account number, IFSC code, and the amount they want to send. After confirming the transaction, that person is required to type mPin. By doing so, the money is successfully transferred from the account to the beneficiary’s account.

What is a UPI (Unified Payments Interface)

Basically the new payment structure introduced by the Reserve Bank of India under the leadership of former Raghuram Rajan and the support of tech scion Nandan Nilekani. In short, the UPI is said to be the next generation payment method that is expected to harness the growing power of smart phone technology and the equal increase in smart phone users in the country. It enables you to make money transactions between any two bank accounts with the help of a smart phone. While the UPI payment system allows for online and offline payments, such as net banks and swipe cards, it is much more complex and complex at the same time.

Frequently Asked Questions on IFSC and MICR codes

  • What is the full IFSC form?
  • Answer: The full IFSC form is the Indian financial plan code.
  • Why is IFSC used?
  • Ans: IFSC or Indian Financial System Code is an 11-digit code used to distinguish all bank branches within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.
  • How can you search for a bank name with IFSC code?
  • Ans: It is very easy to get a bank name using IFSC code. The first four letters of the IFSC code represent the name of the bank. Therefore, if the bank name is ICICI, the IFSC code will look like ICIC0001420.
  • What is the meaning of the MICR code?

Ans: MICR stands for Magnetic Ink Character Character Recognition. It is a special ink that is sensitive to magnetic field. Printed at the bottom of the check.

  • What is the use of the MICR code?

Ans: MICR is a technology that helps ensure the start of checks or other paper documents. It is mainly used by banks to process checks quickly. The MICR code assists the RBI in locating a bank branch.

  • How can I transfer money from one bank account to another online?

Ans: You can transfer money from one bank account to another using online mode using methods such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), Payment Service (IMPS), and Unified Payment Interface (UPI).

  • Are IFSC and SWIFT code the same?

Answer: No, IFSC and SWIFT codes are not the same. IFSC is used to transfer funds within India, while the SWIFT code is used to transfer funds at the international level. In addition, SWIFT is a banking identification code while IFSC is used to identify a specific branch of a bank.

  • If the bank branch is converted, will the IFSC code change?

Answer: No, if the bank branch location is changed, the IFSC code will not change. If a bank account is transferred from one bank to another, only then will the IFSC code be changed.

  • Is the IFSC code the same as the branch code?

Answer: No, the IFSC code does not match the branch code.

  • Where can the IFSC code be found in a check sheet?

Answer: IFSC code is usually located in the upper part of all check sheets on or near the bank branch address.

  • Is IFSC code required in IMPS?

Ans: IFSC code is required for IMPS only if a person transfers money using a bank account number. If MMID recipient is not available, they will need to add a recipient as a payer, where details such as bank account number, name and IFSC are required.

  • Where can I find the MICR code check?

Ans: The MICR code is printed on the lower part of all check sheets provided by banks.

  • Is IFSC code different?

Answer: Yes, IFSC code is a unique alphanumeric code.

  • Is it possible to determine the IFSC code of a bank branch from the bank account deposit number held at the same bank?

Answer: No, this is not possible as the 15-digit long-term savings bank account number does not include the IFSC bank code.

  • I think I gave the wrong IFSC code when I started the NEFT transfer. What will happen to my money?

Answer: There is no need to panic as NEFT transactions will pass and benefit the intended recipient, you need to provide the final account number and the corresponding IFSC bank code. In the event that you provide the wrong IFSC code, the system has a name against the recipient name and account number to identify the error and refund. Refunds will be highlighted in your account within a few hours.

  • Can I get the IFSC code in my bank passbook?

Answer: Yes, you can access the IFSC code in the bank book. As directed by the Reserve Bank of India, banks must print IFSC and MICR codes prominently on checkbooks, account statements and checks issued by them.

Other IFSC Related Article

NEFT RTGS UPI
IMPS BHIM AEPS
NEFT Timing Digital Wallet Mobile Wallet
SBI UPI

[+] All Bank IFSC Code Click Here

 

 

 

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What is IFSC code?

The Indian Financial System Code (IFSC), is a unique 11-digit code that is used for online transactions made through NEFT, RTGS and IMPS. You can find the IFSC code on the check page provided by the bank. The Reserve Bank of India (RBI) provides IFSC bank codes. In addition to the check sheet, you can also find the IFSC code on the official website of the bank and the RBI.

In the event that you use net banking to transfer money, it is imperative that IFSC be submitted to initiate the transfer. Unless there is a merger, banks do not change or change the IFSC code.

IFSC Code: Other Key Features

  • It helps to identify a particular bank branch separately
  • It helps eliminate errors in the transfer process
  • It is used for all electronic payment options such as NEFT, RTGS and IMPS

Differences Between IFSC Bank Code and IFSC Credit Card

In the case of IFSC bank code, it varies from branch to branch. However, the IFSC credit card code of a particular bank will remain the same nationwide.

IFSC credit card code of other banks is set out in the table below:

Bank IFSC
HDFC Bank HDFC0000128
Citibank CITI0000003
Axis Bank UTIB0000400
HSBC Bank HSBC0400002
Punjab National Bank PUNB0112000
IDBI Bank IBKL0NEFT01
Yes Bank YESB0CMSNOC
IndusInd Bank INDB0000018
State Bank of India SBIN00CARDS

MICR Code: Magnetic Ink Character Recognition Code

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS) used to clear checks normally. This code can be found on the check sheet issued by the bank and is usually printed on the passcode provided by the account holder.

In the nine digits, the first three digits indicate a particular city, the next three digits indicate a particular bank code and the last three digits represent the bank branch code. For example the MICR code of the SBI branch in Kolkata is ‘700002021. Here, the first 3 digits ‘700’ are used to identify a particular city, the next three digits ‘002’ represent a particular bank code and the last three digits ‘021’ specify a bank branch code. The MICR code is used for processing and deleting checks, which are automated. The 9-digit code helps eliminate errors in the removal process, helps speed up the process and makes processing checks safer and more secure.

Bank IFSC Code Format:

A B C D 0 1 2 3 4 5 6
Code for Bank Name 0 Code for Branch Name

What is MICR Code?

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS). This code is located on the checkbook issued by the bank and is usually printed in the logbook provided by the account holder.

The main purpose of the MICR code is to erase computer-generated checks. The code helps to avoid mistakes again.

MICR code format

The first three digits of the code represent the city, the next three digits represent the bank code, and the last three digits represent the bank branch code. For example, the MICR code of the SBI branch in Kolkata is ‘700002021’. Here, ‘700 ‘represents the city, ‘002’ represents the bank, and ‘021 ‘represents the bank branch.

Check IFSC Code for Top Banks:

State Bank of India IFSC Code HDFC Bank IFSC Code Indian Bank IFSC Code
Axis bank IFSC Code Canara bank IFSC Code ICICI Bank IFSC Code

IFSC Code Search: Bank Branch

IFSC codes are the basic basis for any online banking transfer in India and a secure firefighting mechanism to verify all transactions. With the proper knowledge of IFSC codes, sending and receiving money online becomes easier and faster, as intended.

Many resources are available online that help you get the IFSC code of the particular bank you requested. And let’s face it – you might be looking at the same thing when it comes to online transactions. In the same vein, jaavak provides a complete tool to help you get into a quick and accurate search of the IFSC Code.

The step-by-step procedure for conducting IFSC code search at jaavak.com is given below:

  1. You are already on this page as you read these instructions, scroll to the top of this page.
  2. Spreading before you is a simple ‘IFSC Code and MICR Code Guidelines’, a tool that can help you find the IFSC Code as needed. The tool has the following fields- 1) Select Bank, 2) Select Country, 3) Select Region, and 4) Select Branch.
  3. Kindly make the right choices regarding the name of the bank, the country of India where there is a bank branch, a certain state of the state and finally, a concerned branch.
  4. To answer your question, a successful page lists IFSC bank list, MICR Code, official address and phone number. All of this happens in less than 30 seconds from your first question.

IFSC Code: How It Works

Let’s take the example of the Canara Bank IFSC code to better understand what the IFSC code is and how it applies to bank sales. The IFSC code for Chandigarh’s Canara Bank branch is CNRB00001995.

  • Here, CNBR stands for the name of the bank, which is Canara Bank
  • The 5th letter, 0, is for future use
  • Another 6 letters, 01995, directly assist the RBI to identify the bank branch without error.

Now, let’s understand how IFSC works. When transferring funds to a specific fund, the person must provide the account number and code of the IFSC branch. Once the sender has provided this information, the money is sent to the account holder and IFSC helps to avoid any errors in the transaction.

In addition to the transfer of funds, the IFSC code can also be used to purchase insurance and associated funds through net banking. The Reserve Bank of India’s (RBI) National Clearing Cell monitors all transactions and IFSC code helps the RBI keep track of transactions and also make fund transfers without error.

IFSC code can also be found in your checkbook or bank passport. One can also find their IFSC bank branch code in the monthly account statement. The IFSC code for each bank and branch is different.

Importance of India Financial System Code

We need the IFSC code because it helps the RBI to monitor all banking activities without errors. A simple IFSC code can help track RBI, oversee, and securely secure all financial transactions performed by NEFT, RTGS and IMPS.

For bank customers, the IFSC code is important because most electronic wallet transfers cannot be initiated unless the IFSC code of the beneficiary / payer is provided with the bank account number.

IFSC code plays an important role in transferring money from one account to another using methods such as IMPS, NEFT and RTGS. All of these options are primarily concerned with the transfer of funds between banks but this function is done in different ways. A common thread between these various options is the IFSC banking code system.

Locate IFSC and MICR Code on a Bank Cheque

Many of the above discussions have focused on routine bank assessments. This pillar of the world of banks is a combination of many things that help to ensure that they are true and allow us to attach our full faith to its operation.

The main features of a standard bank check are shown as follows:

Obtain IFSC code from Check Bank:

In standard bank checks, it is mandatory that the IFSC code be listed. IFSC code will vary from bank to bank. In our example image: we show the location of the IFSC code in the HDFC Check.

Finding a Check Number:

Shown in typed font below the check in special font style. This is used to track check and other administrative purposes.

Get the MICR Code from Check Bank:

This is shown next to the check number. Both the Check numbers and the MICR Code are displayed in a unique ink font, the last of which can only be taken by Magnetic Character Ink Reader.

The methods used to transfer money over the Internet are using IFSC code

IFSC code can be used to transfer funds using three electronic transfer methods such as NEFT, RTGS and IMPS. These electronic wallet transfers enable customers to transfer money easily from one account to another.

Choosing electronic transfer systems reduces the chances of a transaction error because the transfer of funds is authorised only if accurate details such as IFSC bank payment code and bank account number are provided.

  • NEFT: The full form of NEFT is National Electronic Fund Transfer. As the name implies, it affects the transfer of funds from one bank account to another. This is a popular money transfer system in India. Here, IFSC codes must be properly provided to ensure that money is transferred securely from one bank account to another. In addition to IFSC code, beneficiary name, account number and account type are required to be provided. All NEFT tasks are solved in an intelligent batch format.
  • RTGS: RTGS is a Real Time Gross Settlement dictionary. As the name suggests, it is a popular way to transfer money quickly (as well as securely) from one bank to another, without having to set the same for any waiting period. The terms used here are ‘Real Time’ (transaction is fast) and ‘Gross’ (referring to the fact that no additional charges will be charged). IFSC codes do the same in the case of NEFT – which helps to better identify participating banking branches. RTGS fund transfers are often used for high-value transactions and are quickly removed. The information required for the RTGS fund is the name of the payer, the IFSC code, the account number, and the transaction amount.
  • IMPS: IMPS, short for Fast Payment Service, is very popular. It is a new trend in India (launched in November 2010). With this service, money can be transferred instantly to all popular banks in India through a service available from a registrar, ATM or online. This program is known for its high security, speed, savings and is not limited to the highest transfer fees. One cannot initiate the transfer of an IMPS fund without providing the IFSC code.

IFSC and MICR Code: Basic Differences You Should Know

Given the table below the differences between IFSC Code and MICR Code:

IFSC Code MICR Code
IFSC is a 11-digit alphanumeric number. MICR is a 9-digit code.
IFSC is used to facilitate electronic money transfer between banks that operate in the country. MICR is used to make cheque processing simpler and faster.
In an IFSC code, the first four characters indicate the name of the bank. In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code.
In IFSC, the last six characters represent the branch code. In the MICR code, the last three digits indicate the bank branch code.

How Can You Transfer Money With IFSC Bank Account Code?

Once a person knows his or her way around banking transactions, they already know that there are two main ways to transfer a wallet. Another old-fashioned way, where you go into a bank and clear a check. While the second is an electronic method that uses methods such as IMPS, NEFT or RTGS.

When working the old-fashioned way of ‘going to the bank’ in an old school, one does not need to register a beneficiary. However, the electronic method is a little different and very secure as well.

To transfer funds with the help of technology, that person is required to meet the requirements set out below:

  • One needs to sign up for a net banking service.
  • You need to sign up for a third party transaction. (Note that in this context, the third party refers to the beneficiary from a different bank to yours.)
  • Register a beneficiary account where the funds will be transferred.

Process Involved In Making Money Transfers Online

Almost all Indian banks follow their own policy regarding third party money transfers. One thing to note here is that the process is almost always the same, except that they are written differently.

For example, let’s look at the HDFC Bank process. The steps involved are:

  • Sign in to a network banking service with a customer ID and password.
  • Click on the ‘Third Transfer’ tab and follow the basic instructions.
  • Obtaining OTP from a registered mobile number once the details have been completed and sent.

How to Register a Beneficiary Account?

  • Beneficiary registration, details such as beneficiary name, account number, IFSC bank beneficiary code, and branch name of the Bank must be provided.
  • Once the details have been submitted, the registration is complete. However, different banks have different times after which you can transfer for the first time. For example, in the case of HDFC Bank, it takes 12 hours for the data to be processed and processed.

How Can You Transfer Money With the Help of Net Banking & Mobile Banking?

Electronic transfer of funds with the help of IFSC code is an easy process once established. The process of transferring money via net banking and mobile banking is described below:

Via Net-banking:

The whole bank transfer process is given below:

  • Visit the official website of the bank.
  • Go to the net banking site.
  • Sign in with user help and password.
  • Next, select ‘Transfer funds via NEFT’ to transfer the amount to the recipient’s account. In the unlikely event that the beneficiary is not heard, that person must register for the upcoming transaction. To do this, IFSC code, bank account number, and branch bank must be provided. Once the information has been successfully submitted, it can take anywhere between 5 minutes and 12 hours, depending on your bank policy for the beneficiary’s account to be activated. After waiting for the specified hours, the money can be transferred immediately to the beneficiary’s account with a buffer for less than an hour.

With Mobile Banking:

Here’s how to transfer money from one bank account to another using IFSC code using advanced banking:

  • The first thing a person needs to do is to register a 10-digit mobile banking number by linking it to a bank account. To register, that person is required to complete a form after which a start-up kit containing MMID (a unique 7-digit number) and mPin is provided. This kit is similar to the one one gets with a bank card.
  • After registration is complete, sending money via SMS is easy. First, that person needs to select ‘IMPS’. Next, each person needs to provide the beneficiary account number, IFSC code, and the amount they want to send. After confirming the transaction, that person is required to type mPin. By doing so, the money is successfully transferred from the account to the beneficiary’s account.

What is a UPI (Unified Payments Interface)

Basically the new payment structure introduced by the Reserve Bank of India under the leadership of former Raghuram Rajan and the support of tech scion Nandan Nilekani. In short, the UPI is said to be the next generation payment method that is expected to harness the growing power of smart phone technology and the equal increase in smart phone users in the country. It enables you to make money transactions between any two bank accounts with the help of a smart phone. While the UPI payment system allows for online and offline payments, such as net banks and swipe cards, it is much more complex and complex at the same time.

Frequently Asked Questions on IFSC and MICR codes

  • What is the full IFSC form?
  • Answer: The full IFSC form is the Indian financial plan code.
  • Why is IFSC used?
  • Ans: IFSC or Indian Financial System Code is an 11-digit code used to distinguish all bank branches within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.
  • How can you search for a bank name with IFSC code?
  • Ans: It is very easy to get a bank name using IFSC code. The first four letters of the IFSC code represent the name of the bank. Therefore, if the bank name is ICICI, the IFSC code will look like ICIC0001420.
  • What is the meaning of the MICR code?

Ans: MICR stands for Magnetic Ink Character Character Recognition. It is a special ink that is sensitive to magnetic field. Printed at the bottom of the check.

  • What is the use of the MICR code?

Ans: MICR is a technology that helps ensure the start of checks or other paper documents. It is mainly used by banks to process checks quickly. The MICR code assists the RBI in locating a bank branch.

  • How can I transfer money from one bank account to another online?

Ans: You can transfer money from one bank account to another using online mode using methods such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), Payment Service (IMPS), and Unified Payment Interface (UPI).

  • Are IFSC and SWIFT code the same?

Answer: No, IFSC and SWIFT codes are not the same. IFSC is used to transfer funds within India, while the SWIFT code is used to transfer funds at the international level. In addition, SWIFT is a banking identification code while IFSC is used to identify a specific branch of a bank.

  • If the bank branch is converted, will the IFSC code change?

Answer: No, if the bank branch location is changed, the IFSC code will not change. If a bank account is transferred from one bank to another, only then will the IFSC code be changed.

  • Is the IFSC code the same as the branch code?

Answer: No, the IFSC code does not match the branch code.

  • Where can the IFSC code be found in a check sheet?

Answer: IFSC code is usually located in the upper part of all check sheets on or near the bank branch address.

  • Is IFSC code required in IMPS?

Ans: IFSC code is required for IMPS only if a person transfers money using a bank account number. If MMID recipient is not available, they will need to add a recipient as a payer, where details such as bank account number, name and IFSC are required.

  • Where can I find the MICR code check?

Ans: The MICR code is printed on the lower part of all check sheets provided by banks.

  • Is IFSC code different?

Answer: Yes, IFSC code is a unique alphanumeric code.

  • Is it possible to determine the IFSC code of a bank branch from the bank account deposit number held at the same bank?

Answer: No, this is not possible as the 15-digit long-term savings bank account number does not include the IFSC bank code.

  • I think I gave the wrong IFSC code when I started the NEFT transfer. What will happen to my money?

Answer: There is no need to panic as NEFT transactions will pass and benefit the intended recipient, you need to provide the final account number and the corresponding IFSC bank code. In the event that you provide the wrong IFSC code, the system has a name against the recipient name and account number to identify the error and refund. Refunds will be highlighted in your account within a few hours.

  • Can I get the IFSC code in my bank passbook?

Answer: Yes, you can access the IFSC code in the bank book. As directed by the Reserve Bank of India, banks must print IFSC and MICR codes prominently on checkbooks, account statements and checks issued by them.

Other IFSC Related Article

NEFT RTGS UPI
IMPS BHIM AEPS
NEFT Timing Digital Wallet Mobile Wallet
SBI UPI

[+] All Bank IFSC Code Click Here

 

 

 

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What is IFSC code?

The Indian Financial System Code (IFSC), is a unique 11-digit code that is used for online transactions made through NEFT, RTGS and IMPS. You can find the IFSC code on the check page provided by the bank. The Reserve Bank of India (RBI) provides IFSC bank codes. In addition to the check sheet, you can also find the IFSC code on the official website of the bank and the RBI.

In the event that you use net banking to transfer money, it is imperative that IFSC be submitted to initiate the transfer. Unless there is a merger, banks do not change or change the IFSC code.

IFSC Code: Other Key Features

  • It helps to identify a particular bank branch separately
  • It helps eliminate errors in the transfer process
  • It is used for all electronic payment options such as NEFT, RTGS and IMPS

Differences Between IFSC Bank Code and IFSC Credit Card

In the case of IFSC bank code, it varies from branch to branch. However, the IFSC credit card code of a particular bank will remain the same nationwide.

IFSC credit card code of other banks is set out in the table below:

Bank IFSC
HDFC Bank HDFC0000128
Citibank CITI0000003
Axis Bank UTIB0000400
HSBC Bank HSBC0400002
Punjab National Bank PUNB0112000
IDBI Bank IBKL0NEFT01
Yes Bank YESB0CMSNOC
IndusInd Bank INDB0000018
State Bank of India SBIN00CARDS

MICR Code: Magnetic Ink Character Recognition Code

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS) used to clear checks normally. This code can be found on the check sheet issued by the bank and is usually printed on the passcode provided by the account holder.

In the nine digits, the first three digits indicate a particular city, the next three digits indicate a particular bank code and the last three digits represent the bank branch code. For example the MICR code of the SBI branch in Kolkata is ‘700002021. Here, the first 3 digits ‘700’ are used to identify a particular city, the next three digits ‘002’ represent a particular bank code and the last three digits ‘021’ specify a bank branch code. The MICR code is used for processing and deleting checks, which are automated. The 9-digit code helps eliminate errors in the removal process, helps speed up the process and makes processing checks safer and more secure.

Bank IFSC Code Format:

A B C D 0 1 2 3 4 5 6
Code for Bank Name 0 Code for Branch Name

What is MICR Code?

Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps to identify a specific bank branch that is part of the Electronic Clearing System (ECS). This code is located on the checkbook issued by the bank and is usually printed in the logbook provided by the account holder.

The main purpose of the MICR code is to erase computer-generated checks. The code helps to avoid mistakes again.

MICR code format

The first three digits of the code represent the city, the next three digits represent the bank code, and the last three digits represent the bank branch code. For example, the MICR code of the SBI branch in Kolkata is ‘700002021’. Here, ‘700 ‘represents the city, ‘002’ represents the bank, and ‘021 ‘represents the bank branch.

Check IFSC Code for Top Banks:

State Bank of India IFSC Code HDFC Bank IFSC Code Indian Bank IFSC Code
Axis bank IFSC Code Canara bank IFSC Code ICICI Bank IFSC Code

IFSC Code Search: Bank Branch

IFSC codes are the basic basis for any online banking transfer in India and a secure firefighting mechanism to verify all transactions. With the proper knowledge of IFSC codes, sending and receiving money online becomes easier and faster, as intended.

Many resources are available online that help you get the IFSC code of the particular bank you requested. And let’s face it – you might be looking at the same thing when it comes to online transactions. In the same vein, jaavak provides a complete tool to help you get into a quick and accurate search of the IFSC Code.

The step-by-step procedure for conducting IFSC code search at jaavak.com is given below:

  1. You are already on this page as you read these instructions, scroll to the top of this page.
  2. Spreading before you is a simple ‘IFSC Code and MICR Code Guidelines’, a tool that can help you find the IFSC Code as needed. The tool has the following fields- 1) Select Bank, 2) Select Country, 3) Select Region, and 4) Select Branch.
  3. Kindly make the right choices regarding the name of the bank, the country of India where there is a bank branch, a certain state of the state and finally, a concerned branch.
  4. To answer your question, a successful page lists IFSC bank list, MICR Code, official address and phone number. All of this happens in less than 30 seconds from your first question.

IFSC Code: How It Works

Let’s take the example of the Canara Bank IFSC code to better understand what the IFSC code is and how it applies to bank sales. The IFSC code for Chandigarh’s Canara Bank branch is CNRB00001995.

  • Here, CNBR stands for the name of the bank, which is Canara Bank
  • The 5th letter, 0, is for future use
  • Another 6 letters, 01995, directly assist the RBI to identify the bank branch without error.

Now, let’s understand how IFSC works. When transferring funds to a specific fund, the person must provide the account number and code of the IFSC branch. Once the sender has provided this information, the money is sent to the account holder and IFSC helps to avoid any errors in the transaction.

In addition to the transfer of funds, the IFSC code can also be used to purchase insurance and associated funds through net banking. The Reserve Bank of India’s (RBI) National Clearing Cell monitors all transactions and IFSC code helps the RBI keep track of transactions and also make fund transfers without error.

IFSC code can also be found in your checkbook or bank passport. One can also find their IFSC bank branch code in the monthly account statement. The IFSC code for each bank and branch is different.

Importance of India Financial System Code

We need the IFSC code because it helps the RBI to monitor all banking activities without errors. A simple IFSC code can help track RBI, oversee, and securely secure all financial transactions performed by NEFT, RTGS and IMPS.

For bank customers, the IFSC code is important because most electronic wallet transfers cannot be initiated unless the IFSC code of the beneficiary / payer is provided with the bank account number.

IFSC code plays an important role in transferring money from one account to another using methods such as IMPS, NEFT and RTGS. All of these options are primarily concerned with the transfer of funds between banks but this function is done in different ways. A common thread between these various options is the IFSC banking code system.

Locate IFSC and MICR Code on a Bank Cheque

Many of the above discussions have focused on routine bank assessments. This pillar of the world of banks is a combination of many things that help to ensure that they are true and allow us to attach our full faith to its operation.

The main features of a standard bank check are shown as follows:

Obtain IFSC code from Check Bank:

In standard bank checks, it is mandatory that the IFSC code be listed. IFSC code will vary from bank to bank. In our example image: we show the location of the IFSC code in the HDFC Check.

Finding a Check Number:

Shown in typed font below the check in special font style. This is used to track check and other administrative purposes.

Get the MICR Code from Check Bank:

This is shown next to the check number. Both the Check numbers and the MICR Code are displayed in a unique ink font, the last of which can only be taken by Magnetic Character Ink Reader.

The methods used to transfer money over the Internet are using IFSC code

IFSC code can be used to transfer funds using three electronic transfer methods such as NEFT, RTGS and IMPS. These electronic wallet transfers enable customers to transfer money easily from one account to another.

Choosing electronic transfer systems reduces the chances of a transaction error because the transfer of funds is authorised only if accurate details such as IFSC bank payment code and bank account number are provided.

  • NEFT: The full form of NEFT is National Electronic Fund Transfer. As the name implies, it affects the transfer of funds from one bank account to another. This is a popular money transfer system in India. Here, IFSC codes must be properly provided to ensure that money is transferred securely from one bank account to another. In addition to IFSC code, beneficiary name, account number and account type are required to be provided. All NEFT tasks are solved in an intelligent batch format.
  • RTGS: RTGS is a Real Time Gross Settlement dictionary. As the name suggests, it is a popular way to transfer money quickly (as well as securely) from one bank to another, without having to set the same for any waiting period. The terms used here are ‘Real Time’ (transaction is fast) and ‘Gross’ (referring to the fact that no additional charges will be charged). IFSC codes do the same in the case of NEFT – which helps to better identify participating banking branches. RTGS fund transfers are often used for high-value transactions and are quickly removed. The information required for the RTGS fund is the name of the payer, the IFSC code, the account number, and the transaction amount.
  • IMPS: IMPS, short for Fast Payment Service, is very popular. It is a new trend in India (launched in November 2010). With this service, money can be transferred instantly to all popular banks in India through a service available from a registrar, ATM or online. This program is known for its high security, speed, savings and is not limited to the highest transfer fees. One cannot initiate the transfer of an IMPS fund without providing the IFSC code.

IFSC and MICR Code: Basic Differences You Should Know

Given the table below the differences between IFSC Code and MICR Code:

IFSC Code MICR Code
IFSC is a 11-digit alphanumeric number. MICR is a 9-digit code.
IFSC is used to facilitate electronic money transfer between banks that operate in the country. MICR is used to make cheque processing simpler and faster.
In an IFSC code, the first four characters indicate the name of the bank. In the MICR code, a combination of the fourth, fifth and sixth digit indicate the bank code.
In IFSC, the last six characters represent the branch code. In the MICR code, the last three digits indicate the bank branch code.

How Can You Transfer Money With IFSC Bank Account Code?

Once a person knows his or her way around banking transactions, they already know that there are two main ways to transfer a wallet. Another old-fashioned way, where you go into a bank and clear a check. While the second is an electronic method that uses methods such as IMPS, NEFT or RTGS.

When working the old-fashioned way of ‘going to the bank’ in an old school, one does not need to register a beneficiary. However, the electronic method is a little different and very secure as well.

To transfer funds with the help of technology, that person is required to meet the requirements set out below:

  • One needs to sign up for a net banking service.
  • You need to sign up for a third party transaction. (Note that in this context, the third party refers to the beneficiary from a different bank to yours.)
  • Register a beneficiary account where the funds will be transferred.

Process Involved In Making Money Transfers Online

Almost all Indian banks follow their own policy regarding third party money transfers. One thing to note here is that the process is almost always the same, except that they are written differently.

For example, let’s look at the HDFC Bank process. The steps involved are:

  • Sign in to a network banking service with a customer ID and password.
  • Click on the ‘Third Transfer’ tab and follow the basic instructions.
  • Obtaining OTP from a registered mobile number once the details have been completed and sent.

How to Register a Beneficiary Account?

  • Beneficiary registration, details such as beneficiary name, account number, IFSC bank beneficiary code, and branch name of the Bank must be provided.
  • Once the details have been submitted, the registration is complete. However, different banks have different times after which you can transfer for the first time. For example, in the case of HDFC Bank, it takes 12 hours for the data to be processed and processed.

How Can You Transfer Money With the Help of Net Banking & Mobile Banking?

Electronic transfer of funds with the help of IFSC code is an easy process once established. The process of transferring money via net banking and mobile banking is described below:

Via Net-banking:

The whole bank transfer process is given below:

  • Visit the official website of the bank.
  • Go to the net banking site.
  • Sign in with user help and password.
  • Next, select ‘Transfer funds via NEFT’ to transfer the amount to the recipient’s account. In the unlikely event that the beneficiary is not heard, that person must register for the upcoming transaction. To do this, IFSC code, bank account number, and branch bank must be provided. Once the information has been successfully submitted, it can take anywhere between 5 minutes and 12 hours, depending on your bank policy for the beneficiary’s account to be activated. After waiting for the specified hours, the money can be transferred immediately to the beneficiary’s account with a buffer for less than an hour.

With Mobile Banking:

Here’s how to transfer money from one bank account to another using IFSC code using advanced banking:

  • The first thing a person needs to do is to register a 10-digit mobile banking number by linking it to a bank account. To register, that person is required to complete a form after which a start-up kit containing MMID (a unique 7-digit number) and mPin is provided. This kit is similar to the one one gets with a bank card.
  • After registration is complete, sending money via SMS is easy. First, that person needs to select ‘IMPS’. Next, each person needs to provide the beneficiary account number, IFSC code, and the amount they want to send. After confirming the transaction, that person is required to type mPin. By doing so, the money is successfully transferred from the account to the beneficiary’s account.

What is a UPI (Unified Payments Interface)

Basically the new payment structure introduced by the Reserve Bank of India under the leadership of former Raghuram Rajan and the support of tech scion Nandan Nilekani. In short, the UPI is said to be the next generation payment method that is expected to harness the growing power of smart phone technology and the equal increase in smart phone users in the country. It enables you to make money transactions between any two bank accounts with the help of a smart phone. While the UPI payment system allows for online and offline payments, such as net banks and swipe cards, it is much more complex and complex at the same time.

Frequently Asked Questions on IFSC and MICR codes

  • What is the full IFSC form?
  • Answer: The full IFSC form is the Indian financial plan code.
  • Why is IFSC used?
  • Ans: IFSC or Indian Financial System Code is an 11-digit code used to distinguish all bank branches within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.
  • How can you search for a bank name with IFSC code?
  • Ans: It is very easy to get a bank name using IFSC code. The first four letters of the IFSC code represent the name of the bank. Therefore, if the bank name is ICICI, the IFSC code will look like ICIC0001420.
  • What is the meaning of the MICR code?

Ans: MICR stands for Magnetic Ink Character Character Recognition. It is a special ink that is sensitive to magnetic field. Printed at the bottom of the check.

  • What is the use of the MICR code?

Ans: MICR is a technology that helps ensure the start of checks or other paper documents. It is mainly used by banks to process checks quickly. The MICR code assists the RBI in locating a bank branch.

  • How can I transfer money from one bank account to another online?

Ans: You can transfer money from one bank account to another using online mode using methods such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), Payment Service (IMPS), and Unified Payment Interface (UPI).

  • Are IFSC and SWIFT code the same?

Answer: No, IFSC and SWIFT codes are not the same. IFSC is used to transfer funds within India, while the SWIFT code is used to transfer funds at the international level. In addition, SWIFT is a banking identification code while IFSC is used to identify a specific branch of a bank.

  • If the bank branch is converted, will the IFSC code change?

Answer: No, if the bank branch location is changed, the IFSC code will not change. If a bank account is transferred from one bank to another, only then will the IFSC code be changed.

  • Is the IFSC code the same as the branch code?

Answer: No, the IFSC code does not match the branch code.

  • Where can the IFSC code be found in a check sheet?

Answer: IFSC code is usually located in the upper part of all check sheets on or near the bank branch address.

  • Is IFSC code required in IMPS?

Ans: IFSC code is required for IMPS only if a person transfers money using a bank account number. If MMID recipient is not available, they will need to add a recipient as a payer, where details such as bank account number, name and IFSC are required.

  • Where can I find the MICR code check?

Ans: The MICR code is printed on the lower part of all check sheets provided by banks.

  • Is IFSC code different?

Answer: Yes, IFSC code is a unique alphanumeric code.

  • Is it possible to determine the IFSC code of a bank branch from the bank account deposit number held at the same bank?

Answer: No, this is not possible as the 15-digit long-term savings bank account number does not include the IFSC bank code.

  • I think I gave the wrong IFSC code when I started the NEFT transfer. What will happen to my money?

Answer: There is no need to panic as NEFT transactions will pass and benefit the intended recipient, you need to provide the final account number and the corresponding IFSC bank code. In the event that you provide the wrong IFSC code, the system has a name against the recipient name and account number to identify the error and refund. Refunds will be highlighted in your account within a few hours.

  • Can I get the IFSC code in my bank passbook?

Answer: Yes, you can access the IFSC code in the bank book. As directed by the Reserve Bank of India, banks must print IFSC and MICR codes prominently on checkbooks, account statements and checks issued by them.

Other IFSC Related Article

NEFT RTGS UPI
IMPS BHIM AEPS
NEFT Timing Digital Wallet Mobile Wallet
SBI UPI

[+] All Bank IFSC Code Click Here

 

 

 

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