List of IFSC code, MICR code and addresses of all bank branches in India. Find verified IFSC codes quickly to use for NEFT, RTGS & IMPS transactions.
(used for RTGS and NEFT transactions)
The full form of MICR is Magnetic Ink Character Recognition. As the cheque usage increased in the country, the manual systems put in place for sorting and clearing cheques became inadequate and required mechanisation of process/ procedures to complete the tasks in time and accurately. This gave birth to Magnetic Ink Character Recognition (MICR) technology-based mechanised clearing systems which use MICR code parameter on cheques as the basis for clearing. It necessitated the allotting of MICR codes to every bank branch which was then encoded on every cheque issued by a branch participating in MICR clearing. Introduced in 1986, MICR clearing still handles a large number of cheques (around 5 million) every day. The MICR code structure is as under:
|CITY CODE||BANK CODE||BRANCH CODE|
The above limitation in MICR code was sought to be overcome with the introduction of the Indian Financial System Code (IFSC) as routing code. The IFSC is an eleven-digit alpha-numeric code based on the pattern followed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The IFSC format is given below:
|BANK IDENTIFIER||ZERO(RETAINED ZERO FOR FUTURE USE)||BRANCH IDENTIFIER|
The IFSC code is alpha numeric comprising of 11 characters, first four identifying the bank, fifth is numeric (kept 0) and last six characters identify the bank branch. Presently, the codes are alpha-numeric, and conform to the SWIFT BIC code. In the pre-CBS era, at most of the banks, the transactions were required to be sorted branch-wise and sent to respective branches for processing. This required each branch to be uniquely identified by a code. Real Time Gross Settlement System (RTGS) introduced in 2004 and National Electronic Funds Transfer System (NEFT) introduced in year 2005 work on the basis of Indian Financial System Code (IFSC).
IFSC stands for Indian Financial System Code. IFSC Codes play an important role when money is transferred from one account to another through methods such as IMPS, NEFT and RTGS. All these options are fundamentally concerned with inter-bank money transfer but perform this task in different ways.
Gullakh offers a quick search tool to help you in a speedy and accurate IFSC Code search. How to access and utilize this tool? Read on…
Inter Bank Transfer enables electronic transfer of funds from the account of the remitter in one Bank to the account of the beneficiary maintained with any other Bank branch. There are two systems of Inter Bank Transfer - RTGS and NEFT. Both these systems are maintained by Reserve Bank of India.
NEFT stands for National Electronic Fund Transfer. The NEFT rides on the Structured Financial Messaging Solution (SFMS) which is basically designed for both inter-bank and intra-bank exchange of messages between the bank branches. As such, every branch is required to have the unique branch IFSC to enable the systems to route the message to the intended branch. All NEFT messages flow to National Clearing Cell (NCC), Nariman Point, Mumbai (from originating banks through the Hub) for netting and thereafter are segregated and sent to respective banks by NCC for affording the credit to beneficiary’s accounts. Fund transfer transactions are settled in batches as opposed to the continuous, individual settlement in RTGS. Presently, NEFT operates in hourly batches from 8 am to 7 pm on week days and 8 am to 1 pm on Saturdays.
RTGS stands for Real Time Gross Settlement - This is a system where the processing of funds transfer instructions takes place at the time they are received (real time). Also the settlement of funds transfer instructions occurs individually on an instruction by instruction basis (gross settlement). RTGS is the fastest possible interbank money transfer facility available through secure banking channels in India.
Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.
As stated above, NEFT operates in hourly batches. Currently there are twelve settlements from 8 am to 7 pm on week days. Therefore, the beneficiary can expect to get the credit for the transactions put through between 8 am to 5 pm on weekdays on the same day. For transactions settled in the 6 and 7 pm batches on week days, the credit will be afforded either on the same day or on the next working day.
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.
Mobile Money Identification Number (MMID) is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.
IMPS Inward and Outward transactions are available 24X7. There are no holiday restrictions on IMPS outward and inward transactions. IMPS outward transactions are allowed to transfer collective of Rs. 2,00,000/- per day.
Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties' bank accounts.
All payments are instant and 24/7, regardless of your bank's working hours!