List of IFSC Code, MICR code and address of all bank branches in india Find Verified IFSC code quickly to use for NEFT RTGS & IMPS transaction
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IFSC Code, MICR code List of all banks in India is given below. Click for more information about the bank and its services. To find details of other banks, use the form below.
What is IFSC NEFT transfer?
First, it is important to understand the terms NEFT and IFSC mean.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system that enables transfer of funds from one account to another without the use of physical cheques or DDs. Under this scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate account. However, both the transferring and receiving branch need to be part of the NEFT system. There are tens of thousands of bank branches that are NEFT-enabled, spread across the country.
IFSC (Indian Financial System Code) is an 11-character code that serves as a unique ID for each bank branch that participates in NEFT. If you have 2 accounts in different branches of the same bank, each branch will have a different IFSC number. You need the IFSC number of your bank branch and the beneficiary branch in order to conduct a NEFT transaction.
How does the NEFT system operate?
You need to fill an application form at your bank, providing details of the beneficiary (like name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number) and the amount to be remitted. The application form will be available at the originating bank branch where you have an account. On the form you authorize your bank branch to debit your account and remit the specified amount to the beneficiary’s bank account.
If you have net banking facilities, you can carry out the funds transfer request online, without even going to the branch to fill out the form. There is a small fee depending on the amount that is being transferred. The beneficiary does not have to pay any fee.
The NEFT system can also be used to pay credit card bills and loan EMIs. You will need to quote the IFSC of the beneficiary bank when initiating the transaction.
What are the advantages of using NEFT?
NEFT is safe, easy and quick.
- You need not send the physical cheque or Demand Draft to the beneficiary.
- The beneficiary need not visit his / her bank for depositing the cheque/DD.
- There is no chance of any loss of the physical cheque/DD or of any fraudulent encashment.
- Confirmation of credit by SMS or email.
- You can initiate an online NEFT request from home/work at your convenience without having to go to your bank during working hours.
What is IFSC RTGS transfer?
IFSC and RTGS are two separate, though linked, terms.
IFSC (Indian Financial System Code) is an 11-character code. It is a unique ID for each bank branch that participates in inter-bank electronic funds transfer in the country. If you have accounts in 2 branches of the same bank, each branch will have a different IFSC number.
RTGS (Real Time Gross Settlement) is a system of electronic funds transfer in India. You need the IFS code of the originating and destination branch in order to initiate an RTGS transaction. RTGS is primarily used for large value transactions as the minimum amount is a few lakhs, while there is no upper limit.
RT (Real Time) refers to continuous processing of fund transfer order as soon as the instruction is received (and not done at a later time), while GS (Gross Settlement) means that each transaction is processed individually and not bundled with other transactions. The beneficiary bank has to credit the beneficiary s account within 30 minutes of receiving the funds transfer message.
For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch have to be RTGS enabled. There are more than 110,000 RTGS–enabled branches across 30,000 towns and talukas in India and where you can find a list of participating branches.
In order to initiate an RTGS remittance, you need to furnish the following details to the bank:
- Amount to be remitted
- Remitting customer’s account number which is to be debited
- Name of the beneficiary bank and branch
- The IFSC Number of the receiving branch
- Name of the beneficiary customer
- Account number of the beneficiary customer
What is an IFSC IMPS transfer?
IMPS stands for Immediate Payment Service. It is an inter-bank electronic payment system in India and transactions can be initiated online (through net banking) or on phone (through mobile banking.) You can send and receive money between any two accounts in participating banks. The funds are credited instantly - as compared to physical cheques which can take some time to clear and for the funds to be credited to the account.
IFSC stands for Indian Financial System Code. It is an 11-character code (containing both letters and numbers) that serves as a unique ID for each and every branch that participates in electronic funds transfer in the country. You need to know the IFS code of the branch of the account you are sending funds to.
What is the advantage of using IMPS?
The advantage of using IMPS is that it is open for use 24 hours a day, 7 days a week, including Sundays and bank holidays. Some banks charge a nominal fee for using IMPS depending on the amount to be transferred. IMPS is instant and in real time (i.e. your order is processed as soon as you initiate it, rather than being bundled with other transactions.)
Does your beneficiary also have to register for IMPS?
If you are using IMPS online with your beneficiary’s account number and IFSC number, then your beneficiary does not have to be registered. If you use IMPS on your phone through mobile banking, then both you and your beneficiary need an MMID (Mobile Money ID). MMID is a 7 digit code that links a customer’s mobile number to his/her bank account, to ensure safety in case you enter a wrong mobile number for the beneficiary.
How can I find the IFSC Code for a bank?
There are two ways of finding the IFSC (Indian Financial System Code) for any bank-branch in India:
1. All participating bank branches will have a list of the IFSC Codes of the branches, bank-wise.
Additionally, all participating banks are advised by the RBI to print the IFS code of the branch on the cheque leaf as well as in the passbook and statement of account sent to the customer.
IFSC (Indian Financial System Code) is a unique identity for every bank-branch in India that participates in inter-bank electronic funds transfer in the country. It is an 11-character alphanumeric code that identifies every single bank branch that is part of one of the two main electronic funds transfer systems in the country.
The format of the code is as follows:
The first 4 letters represent the bank name;
the fifth character is 0 (for future use);
the last six characters (numbers or letters) represent the individual branch.
The IFS Code is a pre- requisite for any transaction on the two main electronic funds transfer systems operational in India – RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds Transfer) as well as IMPS (Immediate Payment System).
Locate IFSC and MICR Code on a Bank Cheque?
A lot of the above discussions have centered on the common bank cheque. This mainstay of the banking world is an amalgamation of a number of components that help to authenticate its genuinity and allow us to attach our complete faith in its applicability. The primary components of a typical bank cheque are illustrated as follows,
Find IFSC Code in a Bank Cheque:On a typical bank cheque, the IFSC code is compulsorily listed though the location of the same on the cheque leaf will differ from bank to bank.
In our example image: we are displaying the location of the IFSC code on a HDFC Cheque.
Locating Cheque Number: Displayed in a typewritten font at the bottom of the cheque in special font style. This is primarily used for tracking the cheque and for other administrative purposes.
Find MICR Code in a Bank Cheque: This is displayed next to the cheque number on cheques offered by all banks in India.
Both Cheque number and MICR Code are displayed in a unique font and ink, and the latter can only be picked up by a Magnetic Character Ink Reader.
Different Modes of Transferring Money with the Help of IFSC Code?
Transferring money electronically with the help of IFSC code isn’t as hard as it seems. In reality, it’s quite simple once you have set it up. In this page, we will deal with transferring money through various modes with the help of IFSC Code.
- Through an app:
Smartphone apps are literally everywhere these days. Want food, order it through an app and you will get your delivery within a few minutes. Want groceries, order them through an app and have them delivered within the same day. This way, our day-to-day life has integrated itself with apps and you can use one to transfer funds to a beneficiary.
Here’s how you can do it in a few basic steps. To do this however, you need to have your net banking system activated for your account.
- Download the net banking application of your bank. It can be found in Google Play Store or any other app stores in other OS-based phones.
- Open the app, enter the credentials like your customer ID and password to gain access to your account.
- Now choose ‘Transfer funds through NEFT’. In case, you haven’t already added the beneficiary, you should register them for future transactions. To do this, you will need to type in the IFSC code, bank account number, and the bank branch. Once you are done submitting this form, it take anywhere between 5 minutes to 12 hours, depending on your bank’s policy for the beneficiary account to be activated. After waiting for the stipulated hours, you can now instantly transfer money to a different account with a buffer of less than an hour.
That thing you thought was obsolete can actually help you transfer money if you have the IFSC code. Here’s how you can do so with an SMS.
To be able to do this though, you need to have registered your phone number for mobile banking by linking it to your bank account. If you are registering for the first time, you need to fill a form after which you will receive a starter’s kit which will include an MMID (a unique 7 digit number) and mPin. This kit you receive is similar to the one you get with your debit card.
Sending the money through this is quite simple. First you need to compose an SMS and type in IMPS, followed by the beneficiary’s account number, IFSC, and the amount you want to send. After confirming the transaction, you will receive a message wherein you have to type in your mPin. Press okay after entering the pin and you will have successfully transferred the money.
These are the two of the simplest ways through which you can electronically transfer money with the help of an IFSC code.
What is the difference between NEFT, RTGS and IMPS?
NEFT, RTGS and IMPS are all electronic funds transfer systems in operation in the country. All three systems ensure speedy, safe and convenient transfer of funds between accounts within the country. Instead of using physical instruments like cheques or DDs, these electronic payment systems allow you to transfer money without the danger of loss or fraudulent encashment of cheques. It is a far quicker and more convenient way to transfer money, especially if you have access to online/mobile phone banking facilities. NEFT and RTGS were introduced around 20 years ago, while IMPS was introduced in 2010.
Below is a comparison of the three systems in key categories:
|National Electronic Funds Transfer||Real Time Gross Settlement||Immediate Payment Service|
|Launched by||RBI||RBI||National Payment Corporation of India|
|Medium of initiating order||-Branch visit or |
|-Branch visit or |
|Limit||Small Value transfers. No max or min limit specified by RBI, each bank sets own limit (but for cash remittances, Rs. 50,000 limit per transaction)||Large Value transfers. Minimum value – Rs 2 lakhs No maximum limit, left to each bank||Encrypted messaging format – Rs. 50,000 per account per dayUnencrypted messaging format – Rs. 1000 per account per day|
|Basis of settlement||Transactions settled in batches. 12 batches on each weekday and 6 batches on Saturday||Done in real-time (continuously) and on an order-by-order basis. Not bundled with other transactions||Transactions settled individually and instantly|
|Time taken for credit to appear in beneficiary account||Can take up to 2 hours. If done late in the day, transaction will go through only the next day||Beneficiary account should be credited within 30 minutes of order initiated||Instant|
|Timings||( As of July 15) Mon-Fri 8 am-7 pm Sat 8 am-1 pm but varies depending on each bank’s timings.||(as of July15) Mon-Fri : 9am-4:30pm Sat: 9am-2pm Done continuously throughout the day. Timings vary depending on bank’s customer timings||Available 24x7 including Sundays and bank holidays|
|Fees||(as of July 2015) Inward – No fee Outward - |
-Up to Rs 10,000: not exceeding Rs 2.50 plus service tax
- Rs. 10,000-Rs. 1 lakh: not exceeding Rs 5 plus service tax
- Rs. 1lakh-Rs.2 lakhs : not exceeding Rs. 15 plus tax
- Above Rs. 2 lakhs: not exceeding Rs.25 plus tax.
|(as of July 2015) Inward – No fee Outward – |
Rs 2 -5 lakhs : Not exceeding Rs. 30 per transaction
Above Rs. 5 lakhs: Not exceeding Rs. 55 per transaction
|Some banks offer it free, some banks charge for the service.|
|Requirements||NEFT-enabled originating and beneficiary branches plus |
1.Beneficiary account number
2. IFSC number of beneficiary branch
|RTGS enabled originating and beneficiary branches plus |
1.Benficiary account number
2. IFSC number of beneficiary branch
|For order initiated online: |
1.Beneficiary’s account number
2.IFSC number of beneficiary branch
For order initiated on phone:
1.Beneficiary’s registered mobile number and
2.Beneficiary’s MMID (Mobile Money Identifier)