IFSC Code & MICR codes

What is the full form of IFSC?

The full form of IFSC is Indian Financial System Code.

Why is IFSC used?

IFSC or Indian Financial System Code is a 11-digit alphanumeric code that is used to uniquely all bank branches within the National Electronic Funds Transfer (NEFT) network by the Reserve Bank of India.

How to search for bank name by IFSC code?

It is very easy to find the bank name using the IFSC code. The first four characters of the IFSC code represents the bank name. So, if the bank name is HDFC, then the IFSC code will look something like HDFC0004053.

What is the meaning of MICR code?

MICR stands for Magnetic Ink Character Recognition. It is a special ink that is sensitive to magnetic fields. It is printed on the bottom of a cheque.

What is the use of MICR code?

MICR is a technology that helps in verifying the originality of cheques or other paper documents. It is used mainly by banks to process cheques faster. The MICR code helps RBI in identifying the bank branch.

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

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

If a bank branch is changed, will the IFSC code change?

No, if the location of a bank's branch is changed, then the IFSC code will not change. If the bank account is shifted from one branch of the bank to another, only then will the IFSC code be changed.

Are IFSC and SWIFT code same?

No, the IFSC and SWIFT codes are not the same. IFSC is used for transferring funds within India, while SWIFT code is used for transferring funds at an international level. Moreover, SWIFT is a bank identifier code while IFSC is used to identify a specific bank branch.

How many digit IFSC code is?

There are 11 digits in the IFSC code.  

Who creates IFSC code?

The IFSC code aids in the identification of a specific bank branch. The Reserve Bank of India gives a unique eleven-digit number known as the Indian Financial System Code, or IFSC, to each bank branch. 

Does IFSC code depend on branch?

Yes. Each branch has its own IFSC code. No two branches even those of the same bank will share the same IFSC code. 

Is IFSC code same as branch code?

No, IFSC code is not the same as branch code.

Where is the IFSC code located on the cheque leaf?

IFSC code is generally present on the top part of every cheque leaf or near the bank branch address.

How can I know my IFSC code by account number?

The easiest way to know your IFSC code through your account number is to know the following details. The first four digits of the code will be the name of the bank. So, if you have an account with the HDFC bank, then the first four digits will be HDFC. The fifth and sixth digits will always be 0. The last five digits will be the first five digits of your account number.

Does the IFSC code change after account transfer?

Unless the bank merges with another bank, there will be no change in your IFSC code. However, if you get your branch in which you hold a bank account changed, then your IFSC code will change.

Is IFSC code required for IMPS?

IFSC code is required for IMPS only if the individual is transferring money using bank account number. If the receiver's MMID is not available, then he/she needs to add the receiver as a payee, for which details such as bank account number, name, and IFSC are required.

Where can I locate MICR code on cheque?

MICR code is printed on the bottom part of every cheque leaf provided by banks.

Is IFSC code unique?

Yes, IFSC code is a unique alphanumeric code.

Is it possible to determine the IFSC code of a bank's branch from the savings bank account number hosted in the same bank?

No, it is not possible as the 15-digit long savings bank account number does not include the bank's IFSC code.

I think I have provided the wrong IFSC code when initiating a NEFT funds transfer. What will happen to my money?

There is no need to panic as for a NEFT transaction to go through and benefit the intended recipient, you are required to provide the latter's account number and the corresponding bank's IFSC code. In case you provide wrong IFSC code, the system with tally against the recipient's name and account number to identify the mistake and refund the money. The refund will be highlighted in your account within a couple of hours at the maximum.

Can I access the IFSC code from my bank passbook?

Yes, you can access the IFSC code from the bank passbook. As per a directive from the Reserve Bank of India, banks must print the IFSC and MICR codes prominently on the passbooks, account statements and cheques issued by them.

Do all banks have the same IFSC code?

No, all the banks have a different IFSC code. In fact, a bank with two different branches will have a unique IFSC code of its own. For example, the IFSC code of an HDFC branch in Koramangala in Bangalore will be different as compared to the IFSC code of an HDFC branch in Indiranagar in the same city.

Is it safe to share IFSC code?

Yes, you can share your IFSC code. In fact, in order to send or receive money through net banking, the IFSC code is one of the details that you will have to share.

Can we transfer money without IFSC code?

No, you will need your IFSC code to transfer money to another bank account through net banking, NEFT or RTGS.

What happens if the account number is right but the IFSC code is wrong?

If your IFSC code is wrong but the account number is right then the transfer of the amount will most likely be canceled. However, if any other person has the same account number as your beneficiary’s, then the money is most likely to be transferred to their account.

What is a MICR reader?

MICR means Magnetic Ink Character Recognition. The MICR reader is used to identify and process cheques.

Is MICR code the same for all customers?

Every branch of a bank will have a unique MICR code. Hence, your MICR code will be the same as someone who holds a bank account in the same branch as your bank.

How do you read a MICR line?

The MICR line from the left will include a nine-character routing number, 12-character account number, and a four-character check number.

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