Press Release

Interesting Facts About IFSC Codes.

  • RBI Authority: IFSC Codes are allocated by RBI using a standardized system for online fund transfers, not assigned by individual banks.
  • 1,30,000 Codes: As of now, RBI has assigned 1,30,000 IFSC Codes to various banks and branches.
  • Sublet Branches: Giant banks and their branches have unique IFSC Codes, while smaller banks, such as cooperative banks, may not have easily identifiable codes. They often use the codes of larger banks to process the transactions.
  • RBI’s Complete Authority: RBI has complete authority over IFSC codes right from generating, altering, assigning, to cancelling.
  • Potential for Error: If you enter an incorrect IFSC code, the transaction may fail, and the amount may revert to the sender’s account. In this case, you will get your money back, but it may take up a lot of time.
  • Inimitability: Every bank is provided with a unique IFSC Code. You can think of it as the PNR No. of the train that is given differently to each passenger. The comforting prospect is that it ensures quick, hassle-free electronic funding.
  • IFSC Codes for Payment Banks: RBI has introduced a new model where Payment banks can have their own Individual IFSC codes. However, these banks are specifically to accept deposits up to Rs. 1 lakh and offer facilities such as net banking and mobile banking.
  • Four Players in Payment Banks: There were four players, namely, Airtel, India Posts, PayTM, and Fino. These are awarded payment bank licenses as their own individual IFSC codes.

Features of IFSC Code Search Tool.

  • You can quickly access and retrieve the accurate using the IFSC code finder.
  • It has a user-friendly interface for easy accessibility.
  • You can select your preferred bank from the drop-down list.
  • This will provide you with accurate IFSC codes which prevent errors in transaction.
  • It is an easy-to-use tool that offers you codes for specific branches within India.

How to Find the IFSC Code Using IFSC Code Search?

You can search IFSC code for your preferred bank branch with a few clicks, see how to find the IFSC code,

Step 1 - Land on the Tool.

Step 2 - Select the bank name from the drop-down menu.

Step 3 - Select the State from the list.

Step 4 - Choose the city from the drop-down list.

Step 5 - Select the Branch.

Step 6 - You will get the IFSC Code along with each detail.

Benefits of Using the IFSC Code Search Tool.

Here are the benefits that come hand-in-hand with the online IFSC Code Finder -

  • Accurate Transactions: As our tool provides a valid IFSC code to the branch name, the money will be directed to the correct account without any doubt.
  • Time-saving: You don't need to visit the bank in particular; you can easily locate the IFSC code in this handy tool.
  • Online Convenience: Whenever, Wherever, this tool is meant for you. It is accessible through various online platforms.
  • Reduced Fraud and Errors: This rules out the chance of an error that may occur due to incorrect IFSC Code, but with this tool, there is no space for error.
  • Enhanced Security: It helps to prevent fraudulent activity and ensures the amount is directed to the right receipt account. You can easily search for IFSC using our tool.

How Do I Search for the IFSC Code?

Searching for an IFSC code is a straightforward process. You can use various methods for bank IFSC code search. Among all, the easiest and quickest method to find the IFSC code is to use the IFSC code finder. Visit our tool, and you just have to select the bank name, state, city, and branch. You will get not only the IFSC code but all the other geographical and contact details of the specific branch. It guarantees precision at the next level. Thus, you can . Or you can also browse through the list of IFSC Code.

What is the IFSC Code Used for?

IFSC code is necessary if you want to transfer funds to someone’s account through RTGS, IMPS or NEFT. The reason being,

  • It helps to identify specific bank branches in India.
  • It also enables electronic fund transfers.
  • It ensures accuracy while preventing fraud and errors.
  • IFSC code to branch name facilitates online banking transactions.

Benefits of IFSC Code.

Here are some benefits of the IFSC code that prove its importance.

  • IFSC code supports the efficient settlement of interbank payments.
  • It eliminates the chances of error and fraud during online transactions.
  • It helps to recognize the particular bank branch precisely.
  • IFSC has our back as it monitors and tracks financial transactions.
  • It guarantees secure and accurate e-fund transfers.

Methods to Transfer Money by Using IFSC Code.

There are three main methods for transferring money to the recipient’s account using the IFSC code, i.e., NEFT, RTGS, and IMPS.

NEFT: It is suitable for smaller amounts of transactions as there is no specified minimum limit. Also, there is no specified upper limit; however, the individual bank may impose their own restrictions. In NEFT, transactions are processed in batches at particular time intervals on a deferred net settlement basis.

RTGS: It is your go-to option if you wish to transfer a larger amount, typically two lakhs or above, with no specified maximum amount. It facilitates immediate fund transfer and real-time settlement of funds one-to-one.

IMPS: It is suitable for you if you want to transfer funds from 1 Re to 2 lakhs per transaction. It is the best option for smaller and larger transactions. Some banks also offer higher limits. The most comforting prospect is that it operates 24/7, including weekends and holidays, and allows instant fund transfers. It is convenient for time-sensitive payments.

How to Search for a Bank Name by IFSC Code?

Searching for a bank name with an IFSC code is no longer a complicated task. Simply follow the step-by-step guide for the IFSC code to branch.

Step 1 - Access the tool.

Step 2 - Input the IFSC code you already have.

Step 3 - Click ‘Submit’ to get the bank details, including MICR Code, bank name, branch, address, city, district, state, and contact.

FAQs

What is the Full Form of IFSC?

The full form of IFSC is the Indian Financial System Code.

Is It Safe to Share the Bank IFSC Code?

Yes, it is completely safe to share the bank IFSC code. These Codes are used for routing transactions to the recipient’s account and do not grant direct access to your account.

Is There Any Difference Between the CIF Number and the IFSC Code?

Yes, both are different; CIF is a Customer Information File Number assigned to each customer by the bank, while IFSC is the code the RBI assigns to each bank branch.

Is the IFSC Code Necessary?

If you wish to transfer funds from one account to someone’s account via NEFT, RTGS, or IMPS, you will compulsorily require the IFSC Code.

Can We Check the IFSC Code by Account Number?

Yes, you can also search IFSC code by account number, but for that, you must know the bank name and branch name.

Do All Banks Have the Same IFSC Code?

No, all the bank branches are assigned different IFSC codes.

Can I Use an IFSC Code for an International Transaction, or Are They Only Applicable Within a Country?

IFSC Codes are used for domestic transactions within the boundaries of India. However, you can use SWIFT codes for international transactions.

Can Someone Access My Bank Account Information Just by Using the IFSC Code?

No, the IFSC code ensures safety while routing the transactions. It cannot let others have access to your bank account information.