What is IFSC code?

There is an alpha-numeric notation known as The Indian Financial System Code (IFSC) that is unique and lets identify the bank or its branch taking part in the system of NEFT. This code consists of 11 digits with 4 of the first alphabets denoting the bank and the 6 last characters, which are numeric or may be alphabetic, showing the bank-branch. Out of the 11 digits, the 5 th number is 0. This system of IFSC is utilized by the NEFT banking system to transfer the messages meant for the destination banks or branches.

Banks and their branches which are a part of NEFT system have the IFSC list according to the banks. And this list of IFSCs can be found in the Reserve Bank of India website which is www.ifsccode.org.in. Even banks are given directions to have the particular branch IFSC printed on the cheques which are issued to the customers by the particular branches.

What is NEFT transfer?

National Electronic Funds Transfer or acronym NEFT is a system present throughout the country by which individuals, corporates and even firms can transfer the funds via electronic media from one bank to another account belonging to any firm, corporate or any individual, if they have an account with other banks inside the country.

What is Swift Code?

ISO 9362, otherwise known as the SWIFT-BIC or SWIFT ID or BIC code or even SWIFT code means Business Identifier Codes that have approval of the International Organization for Standardization (ISO). This particular code is a unique code for identification of both financial as well as non-financial institutions. And these are codes that can be used when one needs to transfer money between international banks by wire transfers. They can also be used to exchange messages from one bank to another. In many cases, these codes can be seen on statements of account transactions.

What is MICR code?

MICR stands for Magnetic Ink Character Recognition which means a technology for recognizing the characters mainly in the banking industry. This helps in helping in the cheques processing which can also substitute the account number and routing number provided at the bottom of the cheque. Computers are nowadays programmed by this technology to read given information from printed documents such as the account numbers. These are not like barcodes or something similar that require technology reading help. But these MICR codes can be read by people.

What is RTGS transfer?

‘RTGS’ means Real Time Gross Settlement, the definition of which is real time or continuous finalizing of transfers of funds on an individual basis on order basis.

IFSC Code of Indian Banks

STATE BANK OF MAURITIUS LTD • THE THANE JANATA SAHAKARI BANK LTD • THE WEST BENGAL STATE COOPERATIVE BANK LTD • UBS AG • THE KALUPUR COMMERCIAL COOPERATIVE BANK LTD • THE SURAT PEOPLES COOPERATIVE BANK LTD • DENA BANK • HDFC BANK LTD • ICICI BANK LTD • IDBI BANK LTD • INDIAN BANK • THE TAMILNADU STATE APEX COOPERATIVE BANK LIMITED • THE SHAMRAO VITHAL COOPERATIVE BANK LIMITED • THE ROYAL BANK OF SCOTLAND NV • THE AHMEDABAD MERCANTILE COOPERATIVE BANK LTD • THE BANK OF NOVA SCOTIA • THE BHARAT COOPERATIVE BANK MUMBAI LTD • THE GREATER BOMBAY COOPERATIVE BANK LTD • THE KALYAN JANATA SAHAKARI BANK LTD • THE KARAD URBAN COOPERATIVE BANK LTD • THE KARNATAKA STATE COOPERATIVE APEX BANK LTD • THE MEHSANA URBAN COOPERATIVE BANK LTD • THE NAINITAL BANK LIMITED • THE RATNAKAR BANK LTD • INDIAN OVERSEAS BANK • SYNDICATE BANK • TAMILNAD MERCANTILE BANK LTD • VIJAYA BANK • UCO BANK • YES BANK LTD • THE LAKSHMI VILAS BANK LTD • KARNATAKA BANK LTD • THE SARASWAT COOPERATIVE BANK LTD • KOTAK MAHINDRA BANK • ING VYSYA BANK LTD • KARUR VYSYA BANK • ORIENTAL BANK OF COMMERCE • UNITED BANK OF INDIA • UNION BANK OF INDIA • STATE BANK OF TRAVANCORE • THE COSMOS COOPERATIVE BANK LTD • THE FEDERAL BANK LTD • THE JAMMU AND KASHMIR BANK LTD • PUNJAB AND SIND BANK • SOUTH INDIAN BANK • STATE BANK OF BIKANER AND JAIPUR • STATE BANK OF HYDERABAD • STATE BANK OF INDIA • STATE BANK OF MYSORE • STATE BANK OF PATIALA • PUNJAB NATIONAL BANK • STANDARD CHARTERED BANK • ALLAHABAD BANK • BNP PARIBAS • CANARA BANK • CATHOLIC SYRIAN BANK LTD • CENTRAL BANK OF INDIA • CHINATRUST COMMERCIAL BANK • CITIBANK NA • CITIZENCREDIT COOPERATIVE BANK LTD • CITY UNION BANK LTD • CORPORATION BANK • CREDIT AGRICOLE CORP N INVSMNT BANK • BASSEIN CATHOLIC COOPERATIVE BANK LTD • BARCLAYS BANK PLC • BANK OF TOKYO MITSUBISHI UFJ LTD • ABHYUDAYA COOPERATIVE BANK LTD • ABU DHABI COMMERCIAL BANK • ANDHRA BANK • AXIS BANK • BANK OF AMERICA • BANK OF BAHRAIN AND KUWAIT • BANK OF BARODA • BANK OF CEYLON • BANK OF INDIA • BANK OF MAHARASHTRA • DBS BANK LTD • DEUTSCHE BANK AG • DEVELOPMENT CREDIT BANK LIMITED • MIZUHO CORPORATE BANK LTD • NEW INDIA COOPERATIVE BANK LTD • NKGSB COOPERATIVE BANK LTD • NUTAN NAGARIK SAHAKARI BANK LTD • OMAN INTERNATIONAL BANK SAOG • PARSIK JANATA SAHAKARI BANK LTD • PUNJAB AND MAHARASHTRA COOPERATIVE BANK LTD • RAJKOT NAGARIK SAHAKARI BANK LTD • RESERVE BANK OF INDIA • SHINHAN BANK • MASHREQ BANK PSC • MAHARASHTRA STATE COOPERATIVE BANK • MAHANAGAR COOPERATIVE BANK LTD • DHANLAXMI BANK LTD • DICGC • DOMBIVLI NAGARI SAHAKARI BANK LIMITED • FIRSTRAND BANK LIMITED • HSBC Bank • INDUSIND BANK LIMITED • JANAKALYAN SAHAKARI BANK LTD • JANATA SAHAKARI BANK LTD • JPMORGAN CHASE BANK NA • KAPOLE COOPERATIVE BANK • SOCIETE GENERALE •