Characteristics of IFSC Code ?
Let us talk about some general features or characteristics of IFSC Code. Now that you know that IFSC is used for some Online Payment methods such as NEFT, IMPS etc. IFSC is a very important feature that makes the procedure of transferring money easier.
You can transfer Funds instantly through IFSC Code. To know IFSC Code, all you need to know about the Bank name and its branch and that’s it. Here below are some main features of IFSC Code:
IFSC code is unique for all branches of any banks which is very convenient to make any Instant Payment. This way also helps customers to make hassle free or error free payment.
With the help of IFSC Code, you don’t need to be worried of anything except entering correct digit and details. IFSC is also compulsory to make any Online Instant Payment via NEFT, RTGS or IMPS.
What is the Format of IFSC Code ?
Here is the time to talk about the Format of IFSC Code. IFSC code is 11 characters with the mixture of Alphabetic and Numbers. In these 11 characters of IFSC Code, First 4 characters represent the Code of Bank. The 5th Character of IFSC of all banks is always remain 0.
Last 6 characters of IFSC Code shows the specific branch code of any bank. This is the complete format of IFSC Code which everyone should know. You all may easily find out the IFSC Code of any of the bank of India from here right away. We want you to know some basic details of IFSC Code all the time.
Why is IFSC Code so Important?
Well IFSC Code is very important because IFSC Code helps us transferring big amount funds in a short or immediate time period. If you are in haste and want to make some urgent payment and that payment need to be transferred right away then you have to know receivers bank Details included IFSC Code.
At that time, you will be using IMPS which is called Immediate Payment System. IFSC Code is permanently used by RBI to check all Online Transactions performed by individual. Reserve Bank of India purposely assign this code so that numbers of errors get reduced while making Online Payment.
How to use IFSC Code ?
Till now we all know very well about IFSC Code that this code helps us making Online Payment. While making online Payment, one must know few details which are Bank Account Number, Name of Receiver and IFSC Code.
If you are familiar with all above details then only you are able to make payment via IMPS, NEFT or RTGS. If you are going to pay for Credit Cards, that will also require IFSC Code. So you must enter IFSC Code, while making Electronic Fund Transfer or Credit Cards Payment. We want all of you to be aware for all important things regarding IFSC Code.
Process of Transferring money by using IFSC Code ?
The process of sending funds by using IFSC Code is quite simple. Every client can easily check out this process of transferring Money by using IFSC Code from here. In short, there are three Online Modes of processing any Payment. You should be knowing about all these payment methods now.
At the time of making payment, first you have to select one of the three main processes which are NEFT, IMPS and RTGS. Lets discuss about these three process in detailed information:
NEFT is the online process to transfer money via Online Mode. NEFT means National Electronic Fund Transfer. IFSC Is must to send money through NEFT. Important thing is that through NEFT, your initiated payment will just take few hours and receiver will be getting the payment message. Generally NEFT is successfully in sending smaller amounts of money.
If you want to send the big amount of funds then you should not use NEFT method. For the big amount, we will learn more payment methods through below passages. All in all, you can use NEFT method for small payment transfers but use of IFSC is mandatory in this case.
RTGS stands for Real Time Gross Settlement. RTGS Payment method is one of the fastest interbank money transfer facilities in India. As per the Reserve Bank of India rules, you can initiate minimum payment of Rs. 2 Lacs by RTGS Mode of Payment.
In this case also we need to have IFSC Code and then we can transfer money. This facility of RTGS is only available on RTGS enabled bank branches. Well if you don’t know about the IFSC Code then RTGS Payment method is also not for you. IFSC Funds can only be transferred on working days between 8 AM to 4 PM. TO make this payment, a charge of Rs. 60 Plus GST will be applicable.
IMPS means Immediate Payment System which is also electronic or you can say Online Money Transfer Method. This is the quickest money transfer tool in all banks. With the IMPS Method, money is received by beneficiary in few seconds.
This feature is available which the customer has mobile banking or internet banking activated. Most of the people use IMPS feature only to make quick payment. The amazing thing about IMPS is it works 24 hours and 7 days of week including the bank holidays. IMPS is one of the best mode of payment which is being used in India now days.
How can we search for IFSC Code Online ?
Searching for IFSC Code is no big task now days. You may easily find out the IFSC Code of any of the bank in India through this page. For that, all you need to provide us some basic information such as Name of Bank and the Location of Bank and that’s it.
All you need to go down below and check out the column in which you can easily get to know about IFSC Code Online. To know about the IFSC Code of any Bank, you don’t need to go anywhere but to be active here. You can bookmark us as well for using this Feature of knowing IFSC Code in future.
What is MICR Code ?
MICR Code is the 9 digit code which is known as Magnetic Ink Character Recognition Code. This (MICR) Code is also written on the bottom of Cheque. MICR Code helps making the processing of Cheque simpler and faster. Each Bank branch of India uses the unique MICR Code.
You should know that first 3 digits of MICR Code informs about the City Code. Next 3 digits of MICR Code define the Bank Code and Last 3 digits tell about Bank branch code. All the bank branches have their own MICR Code and these code mainly used to process Cheque payment faster.
How to check MICR Code from IFSC Code ?
Well this is very easy process to know about the MICR Code of any bank through the IFSC Code. You will easily find the option online in so many portals which will help you knowing MICR Code by just entering your IFSC Code. If you also want to check your MICR Code from IFSC Code then you must follow below main instructions for that:
1. At first you have to visit at our portal and click on Home Button.
2. Now find out the genuine link and then you will be asked about entering your IFSC Code.
3. Enter the IFSC Code and click on the Submit Button.
4. Here you are with Bank Name, Branch Name, Contact Details and MICR Code as well.
To use this feature, you should be having strong internet connection.
Where is IFSC & MICR Code Printed on Cheque ?
You can easily find out the MICR Code as well as IFSC Code on your cheque. We are now going to inform you where on the cheque MICR and IFSC Code are printed. All you need to take out your cheque and follow our instructions. We are considering that you have your cheque in hand.
Now just have a look on top of your cheque and you will find that IFSC Code is clearly printed on middle top of your cheque. Whereas MICR will be found on bottom of the cheque right in the Center. Well you can also find out MICR and IFSC on your bank issued Passbook.
What are the Differences between IFSC Code and MICR Code ?
Here comes time when we can show you some major differences of MICR and IFSC Code. All you need to have a glance here and find out some important difference of IFSC and MICR Code. IFSC Code is 11 digits alphanumeric Code where as MICR is 9 digits Numeric Code.
IFSC is only used for sending Funds via Electronic method and MICR is used to faster processing of clearing cheques. MICR Code and IFSC Code both are developed by Reserve Bank of India or RBI. These both are completely different from each other and Both the codes have their own importance. Those who deals in Cheques use MICR Code and those who deals in Online Payments use IFSC Code.
What Happens if IFSC Code is entered incorrect while making Online Payment ?
This is the mostly asked questions that what will happen if we enter the IFSC Code incorrect? Well in this case, most of the time your balance got deducted but not reaches to the beneficiary account as you entered the wrong information.
Well if this happens then your money is completely safe and it will be refunded to you within some days as per the policy of the Bank. Most of the time it happens when we enter incorrect IFSC or receiver shares wrong IFSC with us, in that case you don’t need to be worried. At first, be very careful while making Online Payment.
Is this possible to make an online transaction without using IFSC code ?
Well now days we have so many banking Mobile Applications on which you can easily Transfer Money to each other without even knowing the IFSC Code. In this case, you have to make sure that beneficiary has attached their bank accounts with the specific Mobile Banking Application.
If the receiver is not on the Mobile Banking Application then you have to enter the IFSC Code with no choice. If you don’t have recipient with Mobile Banking then you have to enter his Name as per Bank details, Account Number and IFSC Code as well. Check further information of IFSC Code from here anytime.
Where do we find all IFSC codes ?
Everyone of you who are reading this page information right now are informed that we provide all IFSC Codes of all Banks of India here. On the bottom of this page, you may easily find out the process to check out all Banks IFSC Code.
We know that huge numbers of people search for the IFSC Code every day. Well you can easily bookmark us by pressing CTRL + D from your Keyboard and we will inform you the best information here. You don’t need to go to any other portal when we are giving you all services of knowing IFSC Code of all Banks here only.
Q1: What is IFSC Code full form of IFSC ?
Ans: IFSC is 11 characters unique code which is issued by RBI for all Banks branches to make Online Fund Transfers easily. Full form of IFSC is Indian Financial System Code.
Q2: How many digits are there in IFSC Code & MICR Code ?
Ans:There are total of 11 Alphanumeric (Alphabetic and Numeric both) Characters in IFSC Code and 9 Numeric digits in MICR Code.
Q3: How can one know about bank name with the help of IFSC Code ?
Ans:Every IFSC First 4 characters indicates the Bank Name of Bank Code. You can clearly see your bank names by just checking first 4 characters of IFSC Code.
Q4: How to we find BSR code from IFSC Code ?
Ans:Well the answer of this question is no one can find out the BSR Code with the help of IFSC Code. Basic Statistical Return Code or BSR Code is 7 digits code which is also provided by Reserve Bank of India.
Q5: Who is responsible to issue IFSC code ?
Ans:Reserve Bank of India is only authorized to issue the IFSC Code of all Banks. No one except RBI can issue IFSC Code to any Bank.
Q6: Is Swift code and IFSC code the same ?
Ans:SWIFT Code and IFSC Code both have separate purpose. SWIFT Code is only used when you have to make payment Internationally while IFSC Code helps sending payment Nationwide.
Q7: How can I know my bank branch IFSC code ?
Ans:Customers can find out the Bank Branch IFSC Code on their Cheque, Bank Passbook, by visiting the official bank portal, RBI Website and on our portal as well.
Q8: is sharing IFSC code safe or not ?
Ans:Yes, you can share IFSC Code and Bank Account Number to anyone. There is no need to worry in sharing IFSC Code. Knowing your IFSC Code is mandatory for those who are going to make payment to you.
Q9: How to know branch code with IFSC Code ?
Ans:Last 6 Digits of any of the IFSC Code is their Branch Code. So if you want to know about Branch Code then you need to just have a look on IFSC Code and note down last 6 digits.
Q10: Is IFSC Code required for IMPS ?
Ans:Definitely, IFSC Code is must for the IMPS Transfer. There are generally two ways of IMPS which are Using A/C Number and IFSC Code and Second one is using Registered MMID and Registered Mobile Number.
Q11: What is Cheque and What is Cheque Number ?
Ans:A Cheque is a paper which is especially made for ordering payment to pay particular amount of funds from a Person’s account to another account. Cheque is used to make safe, secure and convenient payment by a person. Cheque number is 6 digit number which is mentioned on bottom left corner of your Cheque.