Search IFSC Code | Find Bank IFSC Code in India - Masters India

IFSC, Indian Financial System Code, is an alphanumeric 11 digits unique code assigned by Reserve Bank of India (RBI) to identify every bank branch in India effortlessly. The main idea behind the introduction of the IFSC code was to enable hazel-less inter-bank electronic funds transfer.

For instance, if a person has two accounts in different branches of the same bank, then in such case IFSC number will differ for each bank branch.

The format of this 11 digits alphanumeric code is as follows:

• The first 4 characters will be letters representing the bank name;
• The 5th character is a digit i.e., 0 which is kept constant for the future use;
• The last 6 characters can be either number or letter representing the individual branch.

In case you do not want to use Demand Drafts or cheques, you should know IFSC number of both the transferring and the transferee bank branch to transfer funds electronically. There are thousands of bank branches spread across the country that participate in the electronic fund transfer.

The electronic fund transfer can take place via Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Immediate Payment System (IMPS). These are the safer, speedier and lesser cumbersome systems of money transfer when compared with other traditional modes of money transfer such as cheques.

Generally, banks do not update or change their IFSC codes unless there is amalgamation/merger. For instance, State Bank of India (SBI) recently changed IFSC codes of all the branches across India, after five associate banks and one other bank merged with it.

Now let us see some key features of the IFSC code:

• Helps in identifying specific bank branch
• Used for RTGS, NEFT & IMPS fund transfer
• Helps in eliminating errors in the process of fund transfer

IFSC and NEFT are two inter-linked terms. Let us understand the term NEFT. NEFT or National Electronic Funds Transfer is a fund transfer system used nationwide that helps in safe transferring of money from one account to another. All the settlements of NEFT are carried out batch-wise. However, transfer of funds can only take place if the sending and receiving banks are NEFT-enabled. IFSC Code of the bank branch is a must to transfer money, along with other details such as bank branch, bank account number and account holder name etc.

Procedure to transfer money using IFSC NEFT

The online procedure for IFSC NEFT is mentioned below:

Timings of IFSC NEFT

Anyone can initiate IFSC NEFT money transfer at the operation hours of 8:00 AM to 7:00 PM from Monday to Saturdays except second and fourth Saturday. Further, it shall be noted that IFSC NEFT transfer takes place in hourly batches

Note: NEFT transactions cannot be carried out or credited on public and bank holidays. However, the transferor can queue their NEFT for the payee and wait, till the next operational working hour and day.

What are the advantages of using NEFT?

Here is the list of advantages that one can enjoy using IFSC NEFT

• A safe, easy and quick way to transfer the money
• No need to draw Demand Drafts or cheques to the payee or beneficiary
• Fewer visits to the bank as you can initiate IFSC NEFT from the home or workplace at any time online
• No fraudulent encashment
• SMS or email confirmation of the money transfer

IFSC and RTGS are two inter-linked terms. Let us understand the term RTGS

RTGS is an acronym for Real Time Gross Settlement is a fund transfer system used countrywide that helps in quick money transfer from one account to another. In RTGS, Real Time (RT) refers to uninterrupted transferring of funds as soon as the instruction of fund transfer is received and Gross Settlement (GS) means that each fund transfer settlement is carried out individually. It shall be noted the payment is irrevocable and final as settlements of the funds occur in the books of Reserve Bank of India. However, to transfer funds via RTGS, both the sending and the receiving bank branch have to be IFSC & RTGS enabled.

Amount prescribed for IFSC RTGS

Through RTGS one can remit the minimum amount of 2 Lakhs INR, whereas, the maximum transferring limit is 10 Lakhs INR per day. However, some amount of service charge will apply to each RTGS transaction.

Prescribed time for IFSC RTGS

Generally, RTGS transactions get transferred in the real-time in simple words, the receiver gets the transferred amount as soon as the instruction is given by the sender. However, the fund gets credited in the account of the receiver within 30 minutes of receiving the fund transfer message. The funds get reversed to the sender bank within 1 hour or before the end of the operating day, whichever is earlier in case if the funds do not get remitted to the receiver's bank account.

Details required for IFSC RTGS

To initiate an RTGS fund transfer, you need to mention the following details to the bank:

• The amount which has to be remitted
• Beneficiary's name
• Beneficiary's account number
• Beneficiary's bank and branch name
• IFSC of the beneficiary's bank branch

IFSC and IMPS are two inter-linked terms. Let us understand the term IMPS

IMPS, Immediate Payment Service, an instant and a secure fund transfer system which is used across India. IMPS transactions can be initiated either online using net banking or on phone using mobile banking. As the name suggests the funds are immediate transfers to the beneficiary's bank account, unlike cheques that take some time to clear and credit to the beneficiary account.

How to Register for IMPS

Here are the steps for IMPS registration

Mobile Banking

• Activate mobile banking services of the bank.
• Download the mobile banking application or use the SMS facility in case if your bank has an SMS IMPS facility.
• Create MPIN and keep your Mobile Money Identifier (MMID) ready received from the bank at the time of registration.
• Note: Sender and the payee or beneficiary should have a valid MMID, in case of mobile banking

Online Banking

• Name of the beneficiary
• Account number of the beneficiary
• IFSC number of the bank branch of the beneficiary

IMPS transaction limit

• Normally, for an account-based transaction, the maximum limit is 2 Lakhs INR per transaction
• For MMID based transaction the maximum limit is 5,000 INR per day

Benefits of using IMPS

Following is the list of benefits of using IMPS:

• Money can be transferred 24x7 and on all 365 days
• Using IMPS money can be transferred in a split-second
• IMPS is a secure and safe way of fund transferring
• Different modes can be used for fund transfers under IMPS

Is it mandatory for the beneficiary to register for IMPS?

In the case of net banking, you just need to have an account number of the beneficiary and IFSC code. If you are using mobile banking for IMPS fund transfer, then in such a scenario you and beneficiary need to have a valid MMID*. *MMID is a unique code having seven digits that are issued by the bank at the time of registration.

NEFT, RTGS and IMPS are systems through which one can transfer funds country-wide electronically. These systems of fund transfer ensure quick, safe and secure transaction between accounts, especially when you have online or mobile phone banking facilities access. But to transact the money through these funds transfer systems you need to have IFSC of the beneficiary's bank account including name and account number of the beneficiary. NEFT and RTGS were set forth two decades back, where as IMPS was brought forward in 2010.The key differences between these fund transfer systems are listed below: