The Indian Financial System Code (IFSC), is a unique 11-digit alphanumeric code that is used for online fund transfer transactions done via NEFT, RTGS and IMPS.
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What is IFSC Code?
The Indian Financial System Code (IFSC) is an 11-character alphanumeric code assigned by the Reserve Bank of India (RBI) to every bank branch participating in online fund transfers. This code plays a critical role in ensuring smooth and error-free digital transactions such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service). Each branch of every bank in India has its unique IFSC, which acts like an address to pinpoint the specific bank branch where a transaction is directed.
Importance of IFSC Code
Since, each bank has many branches located at different cities, districts and villages, in order to identify them, a unique code is allotted to each which is called as IFSC Code.
IFSC code is mandatory for online money transfers via NEFT, RTGS, and IMPS, ensuring funds reach the correct bank and branch without discrepancies, IFSC enables faster verification of transactions and ensures seamless fund transfer processes across the banking system, IFSC codes streamline banking across the country, allowing transactions to take place efficiently across all cities, districts, and villages.
Structure of IFSC Code
The IFSC code comprises 11 characters, which are a mix of alphabets and numbers:
- The first four characters represent the bank name (e.g., HDFC for HDFC Bank, ICIC for ICICI Bank).
- The fifth character is always a zero (0). This is reserved for future use as per the RBI guidelines.
- The last six characters are a unique branch code that helps identify the exact branch of the bank.
What is MICR Code?
The Magnetic Ink Character Recognition (MICR) Code is a 9-digit numeric code printed on cheques using MICR technology. It allows banks to process cheques faster and ensures accuracy in clearing systems. MICR codes are used primarily for the Electronic Clearing System (ECS) and cheque clearance.
An MICR code is a 9-digit code that uniquely identifies the bank and branch participating in an Electronic Clearing System (ECS).
Structure of MICR Code
The MICR code is divided into three parts:
- The first three digits represent the city code aligned with the PIN code used for postal services.
- The next three digits indicate the bank code.
- The last three digits refer to the specific branch code.
How IFSC and MICR Codes Help in Banking
IFSC code helps in initiating instant money transfers, while MICR ensures cheque clearances happen without delays, IFSC codes make online transactions error-free, whereas MICR codes aid in automated cheque processing, Companies rely on these codes for salary disbursals, vendor payments, and other financial operations, IFSC and MICR codes are critical for direct benefit transfers (DBTs) like subsidies, pensions, and refunds.
Common Uses of IFSC and MICR Codes
- NEFT: IFSC is mandatory for transferring funds between accounts using NEFT.
- RTGS: For high-value transactions, IFSC is used to identify bank branches.
- IMPS: Immediate mobile-based fund transfers require IFSC for accurate processing.
- Cheque Clearance: MICR is used to process and clear cheques faster.
- ECS Payments: MICR ensures timely debit or credit for payments like utility bills or EMIs.
Key Differences Between IFSC Code and MICR Code
| Feature | IFSC Code | MICR Code |
|---|---|---|
| Format | 11-character alphanumeric | 9-digit numeric code |
| Purpose | Used for online fund transfers (NEFT, RTGS, IMPS) | Used for cheque processing and clearance |
| Printing Technology | Not printed with magnetic ink | Printed using MICR technology |
| Location | Passbooks, cheque books, bank websites | Bottom of cheques, passbooks |
| Unique to | Specific bank branch | Bank branch participating in ECS |
List of below All 241 Computerized Banks by ifsccodelookup.com
Abhyudaya Cooperative Bank
Ahmedabad Mercantile Cooperative Bank
Ahmednagar Merchants Cooperative Bank Limited
Airtel Payments Bank Limited
Akola Janata Commercial Cooperative Bank
Almora Urban Cooperative Bank Limited
Ambarnath Jaihind Cooperative Bank Limited, Ambarnath
Andhra Pragathi Grameena Bank
Andhra Pradesh Grameena Vikas Bank
Apna Sahakari Bank Limited
Arvind Sahakari Bank Ltd
Australia and New Zealand Banking Group Limited
AU Small Finance Bank Limited
Axis Bank
Bandhan Bank Limited
Bank of America
Bank of Bahrein and Kuwait
Bank of Baroda
Bank of Ceylon
Bank of China Limited India Branch
Bank of India
Bank of Maharashtra
Barclays Bank
Bassein Catholic Cooperative Bank Limited
Bhagini Nivedita Sahakari Bank Limited, Pune
Bharat Cooperative Bank Mumbai Limited
Bombay Mercantile Cooperative Bank Ltd
BNP Paribas Bank
Canara Bank
Capital Small Finance Bank Limited
Central Bank of India
Chhattisgarh Rajya Gramin Bank
CITI Bank
Citizen Credit Cooperative Bank Limited
City Union Bank Limited
Coastal Local Area Bank Ltd
Credit Agricole Corporate and Investment Bank Calyon Bank
Credit Suisse AG
CSB Bank Limited
CTBC Bank Co Limited
Darussalam Cooperative Urban Bank Ltd
DBS Bank India Limited
DCB Bank Limited
Deogiri Nagari Sahakari Bank Limited, Aurangabad
Deposit Insurance and Credit Guarantee Corporation
Deustche Bank
Development Bank of Singapore
Dhanalakshmi Bank
DMK Jaoli Bank
Doha Bank Q.P.S.C
Dombivli Nagari Sahakari Bank Limited
Durgapur Steel Peoples Cooperative Bank Limited
Emirates NBD Bank (P.J.S.C)
Esaf Small Finance Bank Limited
Equitas Small Finance Bank Limited
Export Import Bank of India
Federal Bank
Fincare Small Finance Bank Limited
FINO Payments Bank
Firstrand Bank Limited
First Abu Dhabi Bank PJSC
G P Parsik Bank
GS Mahanagar Cooperative Bank Limited, Mumbai
Guardian Souharda Sahakari Bank Niyamita
HDFC Bank
Haryana State Cooperative Bank
Himachal Pradesh State Cooperative Bank Limited
HSBC Bank
Hutatma Sahakari Bank Ltd
ICICI Bank Limited
IDBI Bank
IDFC First Bank Limited
Indian Bank
India Post Payment Bank
Indusind Bank
Indian Overseas Bank
Industrial and Commercial Bank of China Limited
Industrial Bank of Korea
Irinjalakuda Town Cooperative Bank Limited
Jalgaon Janata Sahkari Bank Limited
Jammu and Kashmir Bank Limited
Janakalyan Sahakari Bank Limited
Jana Small Finance Bank Limited
Janaseva Sahakari Bank (Borivli) Limited
Janaseva Sahakari Bank Limited
Janata Sahakari Bank Limited (Pune)
Janatha Seva Cooperative Bank Ltd
Jio Payments Bank Limited
JP Morgan Chase Bank NA
JSC VTB Bank
Kallappanna Awade Ichalkaranji Janata Sahakari Bank Limited
Kalyan Janata Sahakari Bank Limited
Kalupur Commercial Cooperative Bank
Karnataka Bank Limited
Karnataka Gramin Bank
Karnataka Vikas Grameena Bank
Karur Vysya Bank
KEB Hana Bank
Kerala Gramin Bank
Kookmin Bank
Kotak Mahindra Bank Limited
Maharashtra Gramin Bank
Maharashtra State Cooperative Bank
Mahesh Sahakari Bank Limited Pune
MashreqBank PSC
Mizuho Bank Limited
Model Co-operative Bank Ltd
MUFG Bank Limited
Nagpur Nagarik Sahakari Bank Limited
National Bank for Agriculture and Rural Development
Natwest Markets PLC
Nav Jeevan Cooperative Bank Limited
New India Cooperative Bank Limited
NKGSB Cooperative Bank Limited
North East Small Finance Bank Limited
NSDL Payments Bank Limited
Nutan Nagarik Sahakari Bank Limited
Pavana Sahakari Bank Ltd
Paytm Payments Bank Limited
Prime Cooperative Bank Limited
PT Bank Maybank Indonesia TBK
Punjab and Sind Bank
Punjab National Bank
Qatar National Bank SAQ
Rabobank International
Rajarambapu Sahakari Bank Limited
Rajarshi Shahu Sahakari Bank Limited, Pune
Rajasthan Marudhara Gramin Bank
Rajgurunagar Sahakari Bank Limited
Rajkot Nagrik Sahakari Bank Limited
Rajnandgaon District Central Co-operative Bank Ltd
RBL Bank Limited
Reserve Bank of India
Samarth Sahakari Bank Limited
Sant Sopankaka Sahakari Bank Limited
Saptagiri Grameena Bank
Saraspur Nagrik Cooperative Bank Limited, Saraspur
Saraswat Cooperative Bank Limited
Satara Sahakari Bank Limited
Saurashtra Gramin Bank
SBER Bank
SBM Bank India Limited
Shikshak Sahakari Bank Limited
Shinhan Bank
Shivalik Small Finance Bank Limited
Shri Chhatrapati Rajashri Shahu Urban Cooperative Bank Limited
Shri Veershaiv Cooperative Bank Limited
Shree Kadi Nagarik Sahakari Bank Limited
Smriti Nagrik Sahakari Bank Maryadit
Sir M Visvesvaraya Cooperative Bank Limited
Societe Generale
Solapur Janata Sahakari Bank Limited
South Indian Bank
Sree Charan Souhardha Cooperative Bank Ltd
Standard Chartered Bank
State Bank of India
Suco Souharda Sahakari Bank Limited
Sumitomo Mitsui Banking Corporation
Surat National Cooperative Bank Limited
Suryoday Small Finance Bank Limited
Sutex Cooperative Bank Limited
Tamilnad Mercantile Bank Limited
Telangana State Coop Apex Bank
Textile Traders Cooperative Bank Limited
The Adarsh Cooperative Urban Bank Limited
The Ajara Urban Cooperative Bank Limited, Ajara
The A.P. Mahesh Cooperative Urban Bank Limited
The Akola District Central Cooperative Bank
The Akola Urban Cooperative Bank Limited
The Akola-Washim District Central Cooperative Bank Ltd., Akola
The Ahmednagar District Central Co-Operative Bank Ltd
The Andhra Pradesh State Coop Bank Limited
The Bank of Nova Scotia
The Banaskantha Mercantile Cooperative Bank Ltd
The Baramati Sahakari Bank Limited
The Burdwan Central Co-operative Bank Ltd
The Cooperative Bank of Rajkot Limited
The Cosmos Cooperative Bank Limited
The Delhi State Cooperative Bank Limited
The Gadchiroli District Central Cooperative Bank Limited
The Greater Bombay Cooperative Bank Limited
The Gujarat State Cooperative Bank Limited
The HASTI Cooperative Bank Limited
The Jalgaon Peopels Cooperative Bank Limited
The Kalyan Janata Sahakari Bank Ltd
The Kangra Central Cooperative Bank Limited
The Kangra Cooperative Bank Limited
The Karad Urban Cooperative Bank Limited
The Karanataka State Cooperative Apex Bank Limited
The Kerala State Cooperative Bank Limited
The Kolhapur Urban Co-op Bank Ltd
The Kurmanchal Nagar Sahakari Bank Limited
The Malad Sahakari Bank Ltd
The Meghalaya Co-operative Apex Bank Ltd
The Mehsana Urban Cooperative Bank
The Mumbai District Central Cooperative Bank Limited
The Muslim Cooperative Bank Limited
The Municipal Cooperative Bank Limited, Mumbai
The Nainital Bank Limited
The Nasik Merchants Cooperative Bank Limited
The Navnirman Cooperative Bank Limited
The Nawanagar Cooperative Bank Ltd
The Nilambur Cooperative Urban Bank Limited, Nilambur
The Odisha State Cooperative Bank Limited
The Pandharpur Urban Cooperative Bank Limited, Pandharpur
The Pusad Urban Cooperative Bank Limited, Pusad
The Punjab State Cooperative Bank Ltd
The Rajasthan State Cooperative Bank Limited
The Satara District Central Cooperative Bank Ltd
The Shamrao Vithal Cooperative Bank
The Sindhudurg District Central Coop Bank Limited
The Surat District Cooperative Bank Limited
The Surath Peoples Cooperative Bank Limited
The Tamil Nadu State Apex Cooperative Bank
The Thane Bharat Sahakari Bank Limited
The Thane District Central Cooperative Bank Limited
The Udaipur Urban Cooperative Bank Limited
The Urban Cooperative Bank Limited
The Varachha Cooperative Bank Limited
The Vijay Cooperative Bank Limited
The Vishweshwar Sahakari Bank Limited
The West Bengal State Cooperative Bank
The Zoroastrian Cooperative Bank Limited
TJSB Sahakari Bank Limited
Tumkur Grain Merchants Cooperative Bank Limited
UBS AG
UCO Bank
Ujjivan Small Finance Bank Limited
Union Bank of India
United Overseas Bank Limited
Unity Small finance Bank Limited
Urban Co operative Bank Limited Bareilly
Utkarsh Small Finance Bank
Uttar Pradesh Cooperative Bank Limited
Uttarakhand State Cooperative Bank Limited
Vasai Janata Sahakari Bank Limited
Vasai Vikas Sahakari Bank Limited
Vikas Souharda Co-operative Bank Limited
Woori Bank
Yes Bank
Zila Sahakri Bank Limited Ghaziabad