IFSC Code - MICR Code - IFSC Code Finder

A unique 11-digit alphanumeric code, IFSC (Indian Financial System Code) aids online fund transactions in India. The code ensures the smooth processing of online transactions made through National Electronic Fund Transfer (NEFT), Real-Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS). The IFSC is assigned by the Reserve Bank of India (RBI) and each bank branch is bestowed with a unique code. The code remains unmodified unless the bank goes through a merger, with a recent example being Syndicate Bank’s merger into Canara Bank, which resulted in the change of the former’s IFSC.

The IFSC is listed on your cheque leaves; additionally, you can also find the IFSC code listed on the bank’s official website as well as on the RBI website.

The key features of the IFSC code are as follows:

• Helps identify a specific bank branch

• Eliminates errors when initiating fund transfer

• Aids smooth payment through electronic payment options such NEFT, IMPS and RTGS

The IFSC is an extremely important part of the Indian banking system. The IFSC code also aids consumers when making financial transactions. Fund transfers cannot be initiated unless the beneficiary’s unique IFSC is added along with the account number. This mechanism ensures that the fund transfer occurs smoothly and without error.

Put simply, the IFSC system enables the RBI to track and maintain all financial transactions that are made through RTGS, IMPS, and NEFT.

The IFSC code is listed at the top of the cheque leaf near the bank account number. To break down the code, the first four characters signify the name of the bank, while the remaining characters (either numeric or alphabetical) represent the specific branch.

Fortunately, there is no need to worry even if you provide the wrong IFSC code while initiating an electronic fund transfer. This is because you also provide the beneficiary’s account number. In case you provide the incorrect IFSC code, the system will automatically detect the error while cross-referencing the provided name and account number. In this case, the money will be refunded to your bank account and get reflected within a few hours.

What is the Difference Between a Bank Branch’s IFSC Code and a Credit Card’s IFSC Code?

It’s a common mistake to get confused between a bank’s IFSC code and a credit card IFSC code. However, the defining distinction between the two is that while a bank IFSC code varies from branch to branch, those assigned to credit cards of individual banks remain the same. For example, the IFSC code assigned to a branch of Axis Bank based in Mumbai will differ from one given to a branch in Nashik. On the other hand, the IFSC code for an Axis Bank credit card will remain the same irrespective of the branch one avails it from. However, this is only one of the many things that set the two types of IFSC Codes apart from each other. Below is a table that points out the various ways in which the two differ. Read on to know more.

Every IFSC code that is issued by RBI to a bank branch follows a specific format and each portion of the same holds a different meaning. Below is a table that contains the breakdown of the bank IFSC code format. Read on to know more about the bank IFSC code format.

1. Bank IFSC Code Format:

Put simply, IFSC codes are essential to initiate fund transfers to another bank account. In addition to the IFSC code, the payer also has to provide the account holder’s name and the bank account number to complete the transaction. Post this, the funds that have been transferred will be routed to the account of the payee in a near-seamless manner and mostly within a matter of minutes. An IFSC code ensures that the right payee receives the funds that they are due at the right time.

Now that you have understood all of the above, it is time to take a look at yet another code that is used frequently at the time of performing a set of specific banking-related transactions, all of which involve the processing of cheques. It goes by the name of Magnetic Ink Character Recognition, or MICR, code code. Read on to know more about MICR Code.

A Magnetic Ink Character Recognition Code is used to ensure that the banks that are involved in financial transactions involving cheques are financial institutions which are recognised by the RBI. Typically, an MICR code is required by an individual at the time of them filing the application documents pertaining to financial instruments like investment portfolios, lumpsum mutual funds and SIPs, amongst others. Unlike IFSC, a MICR Code is 9 digits-long and is usually found on a cheque’s bottom left corner. Additionally, a MICR code performs the functions of a barcode for the relevant financial institutions involved in the transaction, but these barcodes can be read and told apart by naked human eyes.

1. MICR Code Format:

Much like in the case of a bank IFSC code format, different portions of a MICR code mean different things. What you will find below is a table that will help you make sense of the different parts of the same. Read on for more.

Now, we will take a look at how to find IFSC code in cheque books as well as how to find MICR code in cheques that one will eventually use for the aforementioned purposes. What you will find below is a paragraph that points out their approximate locations. Read on for more.

One can easily spot MICR as well as IFSC codes on a bank cheque leaf. As far as MICR Codes are concerned, they can typically be found at the bottom of a cheque. That particular section of the cheque usually houses three sets of numerical figures, the second one of which is the MICR code. An IFSC Code of the bank branch through which an individual has received the cheque book in question, on the other hand, can be found on the top left corner of the cheque leaf under the logo of the bank.