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IFSC (Indian Financial System Code) is an 11-digit alphanumeric identification used for money transactions done through a bank.

This Article covers IFSC in detail:-
  1. How to find IFSC code?
  2. Benefits
  3. Uses of IFSC Code
  4. Format
  5. Details of Fund Transfer
  6. How to transfer money using IFSC
  7. IFSC & MICR
IFSC code is allotted by the Reserve Bank of India (RBI) to all banks and its branches. The IFSC code of a bank can be commonly found on a bank account passbook, cheque leaf issued by the bank or on the RBI website. Any kind of fund transfer through a bank requires a valid IFSC. The different types of fund transfers are NEFT, RTGS and IMPS.

How to find IFSC Code?

  1. IFSC code can be found on cheque leaf and bank passbook of the respective bank.
  2. Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
  3. The IFSC code of a particular bank can also be found on the banks’ official website.

Benefits of IFSC Code

  • Helps to identify a Bank and its respective branch
  • Eliminates errors in the process of fund transfer
  • Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate

Uses of IFSC Code


Format of IFSC Code

The 11 alphanumeric code of IFSC is structured in a pattern where the first four characters representing the name of the bank, while the last six characters represent the branch of the bank. The fifth character is generally 0 (zero) reserved for future utilisation. The format of IFSC is as below.
1 2 3 4 5 6 7 8 9 10 11
Bank Code 0 Branch Code

Details of Fund Transfers Using IFSC

Transaction Charges




Up to Rs. 10,000  Rs. 2.50  Min. 2  Lakhs  Rs. 5.00
Rs 10,000 – 2 Lakh  Rs. 15.00  Rs. 26  Rs. 10.00
Above 2 Lakh  Rs 25.00  Rs. 51  Rs. 15.00
* The above-mentioned charges are only indicative in nature. Each Bank has their own charges within these limits. Check charges from respective bank’s website.
NEFT – 8 A.M – 7 P.M (Weekdays)
RTGS – 9 AM – 4:30 P.M (Weekdays)
IMPS – 24 hours  365 days

How to transfer money with IFSC code?

IFSC Code enables you to transfer money in a quick, easy and hassle-free manner. RBI has assigned IFSC codes specific to each bank and its branches. Fund transfers are done through NEFT, RTGS and IMPS fund with a valid IFSC code. Let’s find out how IFSC Code works while transferring money. Assume the IFSC code of ICICI Bank, Mumbai branch is ICICI000027.
  1. The first four digits of IFSC code identify the bank, here it is ICICI Bank.
  2. The 5th digit is generally 0 (Zero).
  3. The following 6 characters 000027, identifies the specific branch of the bank
When a fund transfer is initiated by the payer be it NEFT, RTGS or IMPS. He/she has to provide the bank details such as bank name, branch, account number and the IFSC code of the payee. Once the payer provides all the required details only then will the fund be transferred to the account of the payee with the help of IFSC Code in an error-free manner. Fund transfer with IFSC code is secure, convenient and takes minutes from the time of initiation.

How to transfer Funds online?

You can now transfer funds online from one account to another using net banking function from your respective bank. The process of online transfer of funds is convenient, easy, secure and hassle-free. Online transfer saves you the effort and time spent in physically going to the bank to transfer funds. Follow the below steps to transfer your money online from one account to another.
  1. To begin with,  in order to avail the online net banking and services offered by your bank, it is essential that you get yourself registered for the above services. If you are transferring funds to the same bank and/or branch IFSC code may or may not be required.
  2. Once you have availed online and net banking services, you need to register the payee details such as name, account number, Bank, branch and most importantly IFSC code.
  3. Once you have registered the payee, you can transfer funds through NEFT, RTGS or IMPS. Choose one the above methods of payment and proceed to complete transactions.

Transfer Funds Through SMS:

Nowadays you can transfer funds through SMS on a mobile with the help of IFSC code. Let’s see how:
  1. To transfer money through the SMS, you need to first link your mobile number to your bank account by registering your phone number for mobile banking services.
  2. To register your mobile, you need to fill an application requesting mobile banking services, after which you will receive a unique 7 digit number which is otherwise known as MMID and mPin.
  3. Once you are registered for mobile services with your respective banks, you are required to create an SMS and type IMPS along with payee details like payee name, bank, branch, account number and IFSC code of the payee bank along with the sum amount you want to transfer.
  4. Once you confirm the transaction and send the SMS, you will receive a confirmation message where you will have to enter your mPin.
  5. Enter the mPin, and select ok. The fund will be transferred to the respective payee account.


Magnetic ink character recognition code (MICR) is a technology that enables faster processing of cheques by recognizing unique characters printed on the cheque. MICR consists of a 9 digit code. The first three digits of the MICR code represent the city, the next three give the bank code and the last three digits denote the branch of the bank. Similar to an IFSC code, every branch of a bank has a specific MICR code. While IFSC is used for online fund transactions, MICR is used for cheques.
Let’s understand the difference between IFSC and MICR
Used to facilitate electronic fund transfers between banks and individuals in India. MICR code is to facilitate and make cheque processing more efficient.
IFSC is an 11 character alphanumeric code. MICR is a 9-digit code.
The first four characters indicate the name of the bank. The first three digits represent the city code where the bank branch is located.
Last 6 digits represent the bank branch location. Last three digits indicate the code of the bank branch.

Monetary transactions are not limited to online transactions, NEFT, RTGS or IMPS alone. There are other banking instruments such as cheques which require a similar verification and authentication procedure. This is where Magnetic ink character recognition code (MICR) is necessary before processing a transaction for a cheque.

Benefits of MICR Code

MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.

How to find MICR Code

  1. MICR code can be found on a cheque leaf and bank passbook.
  2. You can also find MICR code on the specific bank’s website.
All you need to know about IFSC and MICR


What is UPI? Do you need IFSC for UPI

Unified Payments Interface (UPI) is a portal that allows integration of multiple bank accounts into a single mobile application. UPI basically merges several online banking features, fund routing & payments between banks and people on one platform. Each Bank provides its own UPI Application. No, you do not need IFSC for UPI but you need Aadhaar to enable UPI.

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