Find list of IFSC code, MICR code and addresses of all bank branches in India for NEFT, RTGS & IMPS transactions.
IFSC stands for Indian Financial System Code. IFSC code is actually an eleven digit alpha-numeric code which is used to make out a bank branch for E-transactions like RTGS, NEFT and IMPS. IFSC code is a key that is made of both numerical and letters. The alphanumeric code differs for every single bank branch of banks.
If you are looking for the IFSC and MICR code of any bank, then you can easily find it printed on the cheque leaf of the specific bank branch. You can also find it on the official website of all banks and some other external monetary comparison portals. These comparison portals provide you with information on the particular bank IFSC code. After entering into these portals’ main page, just select the specific bank branch you are looking for along with the details like district and state. Once you are done with this, the site will get you to a display page that not only gives the IFSC code for the specific branch, but also the address and contact number of the branch along with the MICR code.
In those eleven digits, the first four letters stand for the bank name. The fifth character ‘0’ is used for future reference and the remaining six characters symbolize the particular branch code of a bank.
It requires to be stated clearly that IFSC code is a mandate for people to make money transfers using options such as RTGS, NEFT and IMPS. If you wish to have a faultless funds transfer, quoting the right IFSC code is extremely important. It is also indispensable to get the correct IFSC code from the payee too. IFSC code is assigned to every bank by RBI (Reserve Bank of India) to rationalize the money transfer process all over India.
SBI IFSC code for Paramagudi branch is SBIN0000756 whereas for Iyer bungalow Madurai it is SBIN0000105. SBI has lots of branches and IFSC code is used to identify the specific branch involved in the transaction.
Canara Bank IFSC code for Madurai Iyer bungalow branch is CNRB0006115 whereas for Madurai Tallakulam branch is CNRB001012.
With IFSC codes, Reserve Bank of India can easily make out where money has been transferred from and where they finish up. In short, RBI can easily know the start and end points. This makes them continuously monitor all the transactions and helps them efficiently carry out transaction processes. By using IFSC codes you can get rid of silly errors too. Also, you don’t have to wait in long queues in your local branch just to do a smaller transaction.
MICR is Magnetic Ink Character Recognition and it is used to authenticate the originality of paper documents mainly cheque leaves to make the process simpler and this technique is mostly used in the clearance process. The MICR line is made of special symbols and numbers that have a routing, check and account number. The check number does make every MICR line distinctive and protects against any silly error that may lead to a duplicate check number. Next comes the routing number and it is a code assigned to the financial institution where the checking account is positioned and the check account number is the beneficiary’s checking account number. Every bank has specific IFSC and MICR code and so the banking procedures can be done without any confusions and annoyances. These days, most transactions are done through online portals and these distinctive codes make your banking process safe.
IFSC Code lets you make fund transfer in a fastest and hassle-free way. Reserve bank of India has given IFSC codes to every bank and its associated branches. You can transfer funds using NEFT, RTGS and IMPS with an appropriate IFSC code. When a money transfer via NEFT, RTGS or IMPS is initiated by the payer, he has to give some important details like name of the bank, its branch, bank account number and finally the IFSC code of the recipient. Once the payer has given all the needed details, then the amount will be transferred to the recipients account in an error-free way just with the help of IFSC code. E-transactions using IFSC code is very convenient and will take a fraction of seconds to complete a transaction.
NEFT – In this procedure, the sender has to provide the beneficiary name, account type and account number of the beneficiary bank branch along with IFSC code. In NEFT transactions, funds are settled in a batch-wise system.
RTGS – This sort of transaction is used for higher amounts. The processing of money transfer takes place in real time and settlement of finances happens on an individual basis as per the step by step instructions. In addition, this is the best ever most rapid interbank money transfer option available in India. The sender should provide payee name, account number, amount and IFSC code the beneficiary bank branch.
IMPS – With this method, the sender can send the money to the recipient bank straight away on a real-time basis. IFSC code is a mandate for all IMPS transactions.