IFSC Code, MICR Code and Branch Code of all NEFT Enabled Bank Branches in India

What is IFSC Code?

IFSC (Indian Financial System Code) is the 11 digits unique code (Letters + Numbers) used to identify the individual bank branches that show the enrollment of different online transactions. In the 11 characters first four digits are to represent the Bank the second 6 digit to identify the branch and the remaining one is Zero.

Bank Code (Alphabetical) + 0 + Branch Code (Numeric)

EX: IFSC code of SBI begins with"SBI" and a sample of SBI IFSC code is"SBIN0011659"

IFSC is used to transfer money online with IMPS, NEFT & RTGS method. You can easily find this number printed on your checkbook, given by your Bank, as well as on the front page of the passbook.

RBI assigns an IFSC code for each branch, and no online transaction can be done without using this 11 digit code. Only in rare cases, banks make any changes in this code of any branch. In most cases, it happens when they collaborate with other banks.

It plays a vital role in the reduction of error during the transaction. In most cases, the money gets reverted to the sender account if any mistake happens in the code, but only a rare chance occurs when it gets credited to any other person. That's why it is advised to double-check the code before initiating the transfer.

What is IFSC NEFT transfer?

NEFT (National Electronic Funds Transfer) is an electronic fund transfer system for sending money from one to another account safely within the country. To send money using NEFT, You must have the receiver details such as their Bank Account Number, Bank Branch, Bank IFSC Code, and the Account Holder Name along with the other information.

There are lots of benefits of using NEFT as it is safe and secure, Reliable & Error-free, Paperless, Send anytime, and most importantly, there is no min and max transaction limit. But every bank has its policies.

Sending money using NEFT is very easy if you have all the essential details required to finish the transaction.

• Log in to your net banking account

• Add essential payee details such as

• Account Number

• Holder Name

• IFSC Code

• Type of account (Current/Saving)

• Choose NEFT as a payment mode

• Hit Submit

In NEFT transactions, every Bank has its NEFT charges depending on the amount you are transferring. The money will be deducted from the sender's account only. If you are not able to do NEFT transactions, do visit your nearest branch and ask them the procedure along with your account credentials.

What is IFSC RTGS transfer?

RTGS (Real Time Gross Settlement) is one of the fastest means of money transfer in India; It allows you to transfer money in real-time within 30min - 1hr. RBI has lots of rules and regulations over the money transaction that's why you can't pay more than Rs. 2 Lakh at a time. 

As it allows you sending money in real-time whereas it also has a limitation that you can't make any transaction on non-working days of Bank and timing is also limited from (9 AM to 5 PM) on Monday - Friday where on Saturdays from 9 AM -2 PM/

Whenever you make a transaction using the RTGS a charge of up to Rs. 60+ gets deducted as GST whereas it can be less or more depending upon the amount of marketing you are making.

The procedure to use RTGS is the same as the NEFT; you have to verify that your bank account is RTGS enabled and you have the correct IFSC of the receiver.

Nowadays RTGS is getting costly as it charges Rs. 30 for the transaction of Rs. 2-5 Lakh, but as you increase the limit of Rs. 5 Lakh, it will cost you Rs. 55.