What is the IFSC Code?

Here is the IFSC full form - Indian Financial System Code. It is a unique 11-digit alpha numeric code allotted by RBI to specific bank branches in India as per their specific address.

You can think of it as the special address of the bank branch, just like our home has a special address. Each bank has a different IFSC code, as it helps to identify a specific bank on various online platforms used for electronic money transfers counting NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement), & IMPS (Immediate Payment Service). This is a mandatory code that you need while sending money to someone using net banking.

You need it while you’re sending money from one bank account to another bank account, other online payments, setting up automatic bill payments, and other online transactions. Even if you wish to send an X-amount to someone’s bank account, you will need to know their bank’s IFSC code and account number. The comforting prospect is that it ensures that money reaches the right branch of the bank.

“The first four characters are “alphabets” which shows the name of the bank, the fifth character is always zero, while the last six characters are “numerics” which indicates the specific branch address”

If you don’t know yours, you can use IFSC Code search tool or IFSC code finder and save your time while getting accurate code.

What is the Importance of the IFSC Code?

Here is why IFSC code brings light into certain areas,

Unique Branch Identification: Each bank in India holds a unique IFSC code to ensure that online transactions are routed to that particular bank.

Facilitates Electronic Transactions: IFSC code number allows you to make online transactions within the country including NEFT, RTGS, and IMPS.

Reduce Errors and Frauds: RBI uses a standardized code system that reduces the chances of errors and fraud in electronic transactions.

Verification of Payee Details: When you’re making a transfer, especially to a new recipient, the bank's IFSC code ensures that you’re sending money to the right account.

Key Features of IFSC Code.

  • Consisting of a Unique 11-digit alphanumeric code.
  • It is used for identifying the particular bank branches.
  • Created 4 components: bank code, branch code, zero, and checksum digit.
  • Mandatory for NEFT, RTGS, and IMPS transactions in India.
  • Allows e-fund transfers and online transactions.
  • It guarantees accuracy and security in e-transactions.
  • This prevents errors in routing funds to the wrong destination.

"Gen Z and Millennials rely on net banking like superheroes need their powers, and just like a secret code, IFSC is the key that makes it work”

Features That Mybankdetail Provide to Find the IFSC Code.

If you want to find IFSC code, MyBankDetail offers three options, have a look at it,

Search IFSC Code by Bank:

Learn how to search IFSC Code of the Bank:

Step 1 - Select the Bank Name

Step 2 - Select the State

Step 3 - Pick up the City

Step 4 - Choose the Branch

And You’ll get your IFSC Code details on your screen.

Validate IFSC Code:

Learn how to check IFSC Code,

Step 1 - Enter the IFSC code that you already have.

Step 2 - Click on Submit.

Step 3 - Once you submit, you will get each and every geographical detail of the bank counting, MICR number, bank name, branch, address, city, district, state, and contact.

Browse Bank for IFSC Code:

You will be given a list of the banks, and you will have to select your bank from the list to know the IFSC code of your bank branch. This is how you can find all bank IFSC code easily.

Methods to Transfer Money Using IFSC Code.

The first thing is that online fund transfer is possible through 3 main payment services namely RTGS, NEFT, and IMPS which mandate IFSC code requirements. Just note that RBI has brought NEFT and RTGS into existence while NPCI (National Payments Corporation of India) introduced IMPS. There are three sorted ways to send money to your receipts using IFSC code, have a look at how,

Methods to Transfer Money Using IFSC Code.

Payment Service NEFT RTGS IMPS
Process NEFT is based on DNS (Deferred Net Settlement) and has scheduled batches for fund transfer Real-time, immediate fund transfer and on gross basis Instant fund transfer i.e., available for 24/7
Minimum Fund Transfer No minimum limit or you can say just re. 1. Typically, 2 lakh Rs. No minimum limit or you can say just re.1
Maximum Fund Transfer No Maximum limit No upper Limit Varies by bank, generally up to 2 lakh rs.
Operational Timings Available 24/7 & 365 days (including bank holidays and weekends) Available during specific hours on working days Available 24/7 & 365 days (including bank holidays and weekends)
Inward Transaction charges No charges No charges Some banks may charge for inward transactions.
Settlement Speed Settle may take up to 2 hours. Immediate fund transfer Instantaneous settlement

Difference Between IFSC Vs. MICR.

Difference Between IFSC Vs. MICR.

Stands for Indian Financial System code Magnetic Ink Character Recognition
Facilitates It identifies specific bank branches to facilitate electronic fund transfer in India. Processing paper-based transactions, such as cheques in an efficient and secure manner.
Use Used in e-fund transfers through NEFT, RTGS and IMPS Used in quick process and clearing of cheques.
Consists of 11- alpha numeric characters 9 numeric characters
Components First Four digit Bank name, 5th- Zero, and last-6 digits branch code. 3-character city code, 3-character bank code, 3-character branch code.
Issued and developed by Reserve Bank of India Reserve Bank of India
Example HDFC0000123 110240002


Who Created the IFSC Code?

IFSC, a unique 11-digit alpha numeric code is created, developed, allocated, and maintained by RBI (Reserve Bank of India) for each branch in India.

What is IFSC RTGS?

IFSC is a unique combination of 11 characters, while RTGS is Real-time gross settlement system that requires IFSC codes to enable real-time, high fund transfers from one bank account to another.

What is IFSC NEFT?

NEFT is a Net Electronic Fund Transfer system that requires an IFSC code i.e., 11-digit alpha-numeric code to enable batch-based money transfer between banks within India.

What is an IFSC IMPS Transfer?

IMPS is a Immediate payment Service System that requires an IFSC code to allow instant, 24/7 fund transfers between banks in India.

Is the IFSC Code Required for IMPS?

Yes, IFSC code is mandatory for IMPS as it ensures that the money is directed to the correct recipient's bank branch.

Is the IFSC Code Only for India?

Yes, IFSC code is only specific to India. It is used for domestic electronic fund transfers within the banks of the country.

Can We Pay Without the IFSC Code?

Well, if you are transferring funds via RTGS, NEFT and IMPS, the IFSC code is mandatory. Whereas, for certain domestic payment methods such as UPI (Unified Payment Interface) within the country, you may not require IFSC if you are transferring money through a registered UPI ID.

Is the IFSC Code Available on the Cheque?

The answer is a big YES. You will find the IFSC code printed on the cheque leaf, typically near the branch address.

Are IFSC Codes Used Outside of India?

No, IFSC codes are specified to the boundary of India and are not used in any other country.

Can I Transfer Money Without the IFSC code?

No, if you wish to transfer electronic funds to another account via RTGS, Internet Banking or NEFT, you will compulsorily need IFSC code.