What is IFSC code?
The Indian Financial System Code (IFSC), is a unique 11-digit code used for NEFT, RTGS and IMPS transaction funds. You can find the IFSC code on the check page provided by the bank.
Who provides the IFSC code?
The Reserve Bank of India (RBI) provides IFSC bank codes.
How to create IFSC code?
IFSC code is the eleven-digit code issued by the Reserve Bank of India (RBI). The first part of the code consists of four letters representing the bank. The next character is zero set for future use. The last 6 letters are the main identification of the branch.
How does the IFSC code work?
Electronic Money Transfers in India are developed alpha-numeric called Indian Financial System Code. This code only identifies each bank branch participating in two residential and payment systems in India, namely, National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).
Is the IFSC code and the branch code the same?
No. The IFSC code represents the 11-character Indian financial system code and is issued to identify the bank and its branch. The branch code is part of the IFSC code
Is the IFSC code the same for all branches?
All bank branches will have a different code and no two branches (even in the same bank) will ever be the same. In the IFSC code, the first 4 digits of the IFSC represent a bank and the last 6 letters represent a branch.
Is the IFSC code the same as the CIF code?
CIF represents the customer profile file and contains the details of all account holder accounts. The account number and CIF remain the same, but the IFSC code (as specified by the branch) will change.
Is the IFSC code the same as the Swift code?
No.
Differences between IFSC code and Swift code
The main difference between the two terms is that IFSC is required for transfers within the country and the SWIFT code is required for international transfers.
See also: Swift Code finder tool for NEFT enabled banks in India
How do you get the IFSC code?
IFSC code can be found on the check page and the relevant bank pass letter.
Banks and the relevant branch list of IFSC codes can be found on the Reserve Bank of India website.
The IFSC code of a particular bank can also be found on the official website of the banks.
How do I get the IFSC code for my bank?
One can find the IFSC code above the Check leaf next to the account number or bank passcode.
See also: IFSC Code finder tool for NEFT enabled banks in India
Are the IFSC code and the MICR code the same?
Magnetic Character Recognition Code (MICR) is a technology that enables the processing of checks faster by identifying different characters printed in the check. MICR has a 9-digit code. The first three numbers of the MICR code represent the city, the next three provide the bank code and the last three digits indicate the bank branch. Similar to IFSC code, all bank branches have a specific MICR code. While IFSC is used for online wallet transactions, MICR is used for checks.
See also: MICR code finder tool for all NEFT enabled banks
Differences between IFSC code and MICR code
IFSC Code
It is used to facilitate the transfer of electronic funds between banks and individuals in India.
IFSC is an 11-character code.
The first four letters indicate the name of the bank.
The last 6 digits represent the bank branch location.
MICR Code
MICR code to simplify and streamline check processing.
MICR 9-digit code.
The first three digits represent the city code where the bank branch is located.
The last three digits represent the bank branch code.
Find the IFSC Code of Top 10 Banks in India
· State Bank Of India IFSC Code
· Kotak Mahindra Bank IFSC Code
