How to Know the IFSC Code of a Particular Bank in India

IFSC is an acronym for Indian Financial System Code and is a unique, 16-digit alphanumeric code that assists interbank, intrabank, and electronic fund transfer throughout India. The IFSC code is used to transfer funds either through the National Electronic Fund Transfer System or NEFT or through the Real Time Gross Settlement or RTGS methods. These are the two primary payments and settlement systems for fund transfer in India.

What is the Format of the code?

The IFS code is an eleven-character code where the first 4 characters are the alphabets and represent the name of the bank.  The last six characters of the code can either be number or alphabetic, but are generally number, and represent the branch where the bank is situated. The fifth character of the code is always a 'zero' and is reserved for future use. The IFS code is used by various electronic funds transfer systems like the NEFT or RTGS to forward, route or direct messages to the destination banks or their respective branches.

How to find the IFS codes of Different Banks in India?

The IFS code of their respective banks can be crucial for customers as all transactions of electronic fund transfers depend on it. In general, IFS codes help identify different banks as well as their corresponding branches and ensure accuracy by eliminating errors that tend to occur during various transactions, including NEFT, RTGS, and IMPS.

There are different ways in which a customer can identify the IFS code of his or her bank.

Through the Account Statement

The account statements of each of the banks generally list the IFS codes of their respective branches. The IFS Code of the particular bank and branch is in the form of a red box at the bottom of the account statement.

Through the Cheque Book

Each checkbook leaf has the IFSCode of the bank and branch marked at the top left of every check.

Using the Bank's Website

The banking system of today is connected to the Internet and works synonymously with the World Wide Web.  Each bank has its own, dedicated website allowing customers not only to seek information but also perform various online transactions. In this view, the bank's website also mentions the IFS codes of its branches. The IFS Code of each bank, as well as its corresponding branch, is mentioned on the bank's website. For example, you can get the ICICI Bank IFSC code by logging on to their website.

Using the RBI Script

You can also find the IFS Codes of different banks as well as their branches using the RBI or the Reserve Bank of India's website. To do this, you need to login to the RBI website, click on the option called 'Scripts' and from there, click on the option named 'IFSCM.' Once you click on the link, you will be redirected to a page.  You have to enter the bank name, its location in your city, and the name of the branch.

 For example, if you want to find an ICICI Bank IFSC code located in the Vijayanagar area in Bangalore. You must enter ICICI Bank, Bangalore, the location of the branch of the bank, as well as the name of the branch, which could be Vijayanagar or any other name.

While the account statement, the checkbook, the bank's website as well as the RBI script give you information regarding the IFS code of a particular bank and its branch, some things don't give you such information. For example, you can't find an SBI IFSC code if you know just the bank account number. Also, IFS Codes of the different banks are subject to change from time to time upon the discretion of the bank.

What Transaction Methods Make Use of the IFS Code?

The three primary banking transaction or payment methods, namely, the RTGS, NEFT and the IMPS make use of the IFS code for various transactions involving the transfer of funds from one bank account to the other using the internet or mobile banking methods. Each of these transaction systems is different from the other and hence, function in different ways.

The NEFT system

NEFT stands for National Electronic Fund Transfer and is an electronic fund transfer banking system used throughout the country for interbank fund transfer. Under this system, the transaction time ranges between one and two hours. There is no maximum or minimum amount of money for transferring at a given time, which is one of the most significant advantages of this system. When money is transferred using this system, it reflects in the payee's bank account between 8 am and 6.30 pm on weekdays, and between 8 am and 1 pm on working Saturdays.

These timings are not implemented strictly and can vary from one bank to the other. Also, when funds are transferred using this method, the payer may incur certain charges which may range from INR 2.5 to INR 25 along with taxes. These charges usually depend on the amount of money involved in the transaction.

The RTGS System

RTGS is an acronym for Real-Time Gross Settlement. It is one of the fastest known interbank fund transfer systems in India. It allows you to transfer funds within one hour and in real-time. However, there is a minimum transaction limit of INR 2 Lakhs imposed by the RBI for this type of fund transfer. Also, the system allows you to transfer funds only during the working hours of the bank, which is usually from 8 am to 4 pm on weekdays and on working Saturdays. Additionally, your bank must be RTGS-enabled for you to perform the transaction. You may be charged up to INR 60 along with taxes for these types of transfers depending on the amount of money involved in the transaction.

The IMPS System

An IMP is an acronym for Immediate Payment System and is a banking electronic fund transfer system that allows the immediate transfer of funds from one account to the other. Such fund transfers are highly secure and use a two-step verification process to secure each transaction. While there is no minimum transaction amount for such fund transfers, there is a maximum amount, and this maximum amount varies from one bank to the other. Also, this type of fund transfer is available throughout the day, week, month, or year, and even on bank holidays. You may be charged up to INR 15 along with taxes for performing this type of transaction, but it still depends on the amount of money involved in the transaction.

Summing It Up!

Therefore, the IFSC code of a bank such as ICICI Bank IFSC code can be crucial for all the three types of transactions, RTGS, NEFT as well as IMPS. It may also require you to enter them in some of these transactions. You can find the IFS code of your bank using any of the methods mentioned above. Alternatively, you can also manually search for them using the Internet. The IFS code of the different banks is readily available online in various banking as well as financial websites.