The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT, RTGS and IMPS. The IFSC code can be found on the cheque leaf provided by the bank. The Reserve Bank of India (RBI) assigns the IFSC codes to the bank. Apart from the cheque leaf, you can also find the IFSC code on the official website of the bank and the RBI.
What is IFSC code?
IFSC ( Indian Financial System Code ). IFSC Code is a unique eleven-digit number which is a combination of alphabets and numbers. 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.
Key Features
- Helps uniquely identify a specific bank branch
- Helps eliminate errors in the fund transfer process
- Used for all electronic payment options such as NEFT, RTGS and IMPS.
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
Details of Fund Transfers Using IFSC
| Transaction Charges | |||
|---|---|---|---|
| Amount | NEFT | RTGS | IMPS |
| 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
FAQs
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 IFSC code?
- IFSC code can be found on cheque leaf and bank passbook of the respective bank.
- Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
- The IFSC code of a particular bank can also be found on the banks’ official website.