You must have seen Indian Financial System Code (IFSC) on your cheques and the chances are that you must have used it as well. This code is used for online money transfer and is initially required to add account payee.
When you want to transfer money via Netbanking, you have to add a payee. For this, you need the concerned person’s account number and bank’s IFSC code. This code varies from one account to another but is same for similar branch. With the help of a IFSC finder, you can get the code of any bank and branch.
Where can you find IFSC code?
The code is given on the top left of the cheque. It is given below the account number and along with customer ID. If you do not have a cheque but want to transfer money, you can get it online as well. There are many IFSC code finder available online which tell you the code on the basis of bank name and branch.
What is the difference between IFSC Code and MICR Code?
Sometimes it gets confusing what is the difference between an IFSC code and MICR code. Even though they appear different, some people do not understand the difference. The overview of features of these two that make them different is given here:
- IFSC usually helps in online fund transfer in case of online transactions from one party to another, whereas MICR helps in the correct and safe process of cheque payments.
- IFSC contains 11 characters that are made up of alphabets and numerals, whereas MICR contains 9 characters – all digits.
- Magnetic Ink Character Recognition Code has been in existence in the banking sector for quite some time now, whereas Indian Financial System Code is a relatively new concept which was introduced only when NEFT (National Electronic Funds Transfer) and RGTS (Real Time Gross Settlement) came into the scene.
What is the importance of IFSC Code?
The Reserve Bank of India controls all banking affairs in India and is the single authority to issue IFSC codes to its associate banks. The record keeping of such issued IFSC codes is also taken up by RBI.
How can you search bank by IFSC code?
There are n number of IFSC code finders online. You can pick any of these and check for the bank. Below are the details that you need to fill in the code finder:
- Name of the bank
Can you search IFSC code by account number?
Yes, you can. When you transfer money via Netbanking, you have to add a payee. While doing that, you have to add the bank account in which you want to transfer the money. The details required are: bank account number, IFSC code and address. But, if you do not know the bank IFSC code, you can get it through bank account number and branch name. You can mention these two and then get the code instantly. You can then cross check the details and proceed towards payment.