What is an IFSC code?
Indian Financial System Code (IFSC). It is used for electronic payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service, an interbank electronic instant mobile money transfer service (IMPS), and Centralised Funds Management System (CFMS) developed by Reserve Bank of India (RBI). The code has eleven characters "Alpha Numeric" in nature. First four characters represent bank, fifth character is default "0" left for future use and last six characters represent branch.
MICR Code: Magnetic Ink Character Recognition as printed on cheque book to facilitate the processing of cheques.
How to find IFSC code of Your branch
1. Cheque leaf: To find IFSC code of your branch, the simplest way is to refer to your cheque book. The full address of the branch is mentioned at the top left corner of a cheque leaf. At the end of the address, you will find an 11-digit code. This is your IFSC Code.
2. Passbook: Refer to the front sheet of your passbook. It mentions your account details, as well as your branch details. You can look for the IFSC Code there.
3. RBI website: Another simple way to find out your IFSC code is to refer to the official website of the Reserve Bank of India. Go to the tab for ‘IFSC codes’. Here, it is an advantage if you know the name of your branch. You select your bank from the drop-down menu and write the name of your branch. The website will give you the IFSC Code for your branch. Don’t worry if you don’t know the name of your branch. Once you choose your bank, the RBI furnishes a list of IFSC codes for all the branches of the bank. You can search for your branch and find the relevant IFSC code. Click here to go to the RBI website.
4. Bank website: Almost all banks have Branch Locator services available on their website. You can visit the bank’s official website and look for the Branch Locator tool. Click on the tool and find the IFSC Code of your branch. You can locate your branch and look for the information on the branch.
While you can use the branch name to find the IFSC Code, you can inversely also find branch by IFSC Code. You can visit the bank’s official website to find the address and details of the bank using the IFSC Code. You can even run a simple Google search of the IFSC Code and get the address of the branch it belongs to.
In case you enter an incorrect IFSC Code while making an online transfer, the funds are credited back to your account. This happens if you make a transfer to an account holder with a certain IFSC Code that does not match the bank’s database.