IFSC Code (Indian Financial System Code)

IFSC (Indian Financial System Code) is an 11 digit alphanumeric code which is used to identify the bank branch of your account. The first 4 characters of IFSC code represent the name of bank, fifth character is 0 and the last 6 numbers define the branch code of the bank. This code is used at the time of online fund transfer facilities like NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment System). IFSC code reduces the scope of error at the time of transaction.

Where can I search for IFSC Code?

You can search for the IFSC Code of a bank in multiple ways:

  • You can search for the IFSC code on the cheque and passbook provided by the bank
  • By visiting  website of the respective bank
  • Search for IFSC code at RBI’s website
  • Find IFSC code easily at MyLoanCare website. Select Bank, State, District and then branch.

What are the features of IFSC Code and its importance?

IFSC code helps identify a bank’s branch. It is an important tool that makes various online banking operations easy and hassle-free. IFSC enables instant fund transfer, and error-free NEFT and RTGS transfer of money with quick validation and confirmation to the customers. Some features of IFSC are listed as follows:

  • IFSC enables easy branch location and identification
  • Eases digitalization of bank operations
  • Quick transfer of funds
  • Promotes safety and saves time
  • Aids NEFT and RTGS


MICR Code (Magnetic Ink Character Recognition Code) is a 9 digit code printed at the bottom of the cheque. The first three digits define the city code, next three represent the bank code and last three digits are the code of your bank branch. A special machine is used to read these charatcers and can also be read by humans. MICR Code helps in identifying the authenticity of cheques and making cheque processing simpler and faster. Each bank branch has unique MICR code that helps RBI to identify the bank branch.

Where can I find the MICR Code?

You can identify the MICR Code of a bank in multiple ways:

  • You can find the code at the bottom of the cheque and passbook provided by the bank
  • You can get this code on the website of respective bank

What are the methods of online fund transfer using IFSC Code?

IFSC code is used to transfer funds online by using three main quick payment systems in India such as IMPS, NEFT and RTGS. These 3 fund transfer techniques can be used through net banking or mobile banking.

NEFT - NEFT means National Electronic Fund Transfer is an electronic payment system used in India for quick interbank transfer of funds. Under NEFT, the fund transfer time can range between 1-2 hours. The key benefits of NEFT are there is no limit on minimum and maximum amount transaction and is offered by all banks in India. The money transfer occurs between 8 AM to 6:30 PM from Monday to Fridays and 8 AM to 1 PM on working Saturdays. There are charges on NEFT fund transfer which vary from bank to bank. The charges are in the range of Rs. 2.5 to Rs. 25 plus GST depending upon the transaction amount.

RTGS - RTGS means Real Time Gross Settlement is one of the fastest interbank money transfer facility in India. It allows transfer of money on real time basis within 1 hour. As per RBI, there is a minimum transaction limit of Rs. 2 lakh. This facility is available on RTGS enabled bank branches. The fund can be transferred on bank working days between 8 AM to 4 PM from Monday to Friday and working Saturdays. A charge of up to Rs. 60 plus GST is levied on fund transfer depending upon the transaction amount.

IMPS – IMPS means Immediate Payment System is an electronic money transfer facility where money is transferred to the beneficiary's account within few seconds. IMPS fund transfer is secure and uses two- step verification process to perform transactions. There is no minimum limit on fund transfer but maximum limit is different for different banks. This facility is available when customer has a mobile banking or internet banking facility. The fund can be transferred 24*7 hassles free even on bank holidays. The charges attached to this facility are up to Rs. 15 plus GST depending upon fund transfer amount.

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