Home  »  IFSC Code

Find IFSC Code & MICR Codes of All Banks in India

How Can You Find the IFSC Code Using the Goodreturns.in?

All you need to do is know the name of your bank and branch. Just use the box to enter the bank name and select the branch accordingly. The drop down list will then help you find the correct IFSC Code of your bank branch. You can also get the complete details of all the branch by entering Bank IFSC & MICR Codes.

Popular Banks in India for IFSC Code

Other Banks in India for IFSC Code

What Is IFSC Code?

IFSC Code is one of the most important character codes that an individual should know or preserve in order to facilitate, electronic clearing systems (ECS), NEFT or RTGS. It consists of alpha and numeric characters which is assigned by the Reserve Bank of India (RBI) and helps to identify every bank branch in the country through this code. This helps in any form of payments electronically.

Read also Significance of IFSC Code.

What Can You Use the IFSC Code For?

You can use the IFSC code to facilitate transfer through the National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS). These are mechanisms to transfer money quickly within the same day without the use of cheques.You can first scroll down the list to find the IFSC code of the bank and branch you wish. You can then approach your bank with the IFSC code and the name of the payee to facilitate transfer. Those who are doing an online transfer through the net can use the same mechanism by keying in the IFSC code and the name of the payee.

Read also Difference between IFSC & Swift Code Funds Transfer.

What is MICR Code?

MICR code is also called the Magnetic Ink Character Recognition, and you can see the same on your cheque leaf.The function of the MICR code is largely to help in the faster processing of cheques and to enable their encashment.Each branch of a bank has a unique MICR code that helps to identify a particular branch no matter where it is located.

Read also Difference between IFSC & MICR Code.

What is NEFT (National Electronic Fund Transfer system)?

The National Electronic Fund Transfer is also called NEFT. It is a mechanism for transfer of funds online thus eliminating altogether the need for cheques.The transfer of funds through NEFT can be initiated in just a few hours for which your IFSC code is a must. Generally smaller sums are transferred through the NEFT while larger sums are done through the RTGS route.

Read also Difference between RTGS, NEFT & IMPS .

What is RTGS (Real -Time Gross Settlement)?

Real -Time Gross Settlement (RTGS) like NEFT is also a mechanism to transfer funds online. However, it is much faster and can be done quicker. The amounts involved are much larger than the NEFT. Settlement of amounts can be done rather quickly through the RTGS mechanism.

Read also Get More Information On RTGS .

What is IMPS (Immediate Payment Service)?

The Immediate Payment Service as the name suggests is a mechanism to transfer payments instantaneously. In fact, the beneficiary account is credited instantly once the instruction for transfer is made.You could transfer amount within banks as well. At the moment all banks are not offering this service.

Read also How to transfer funds instantly through IMPS .

Importance of IFSC Codes

IFSC Codes are extremely important as without the same, you cannot transfer or remit money. In India, the ISFC codes is important for transfer and remitting money. The most important thing that you need to do when transfering money is to check the IFSC codes a number of times. This would ensure that the amount reaches the beneficiary without any handicaps or concerns. We suggest that you follow the bank branches and their IFSC codes that are given on the portal. We have created a very friendly way in which you can view and check the IFSC codes. Almost all of the banks have been covered in the list, including the more recent payment banks like Airtel Bank. These banks offer you a higher interest rate then most other banks in the city. The good thing with the IFSC Codes are that now it is possible to remit money to even the most remote corners of India. In fact, if you are looking to check the IFSC codes, also do check our bank holidays list as well. This is because, even if you have the IFSC codes, you cannot remit money on a bank holiday. So, make sure that you be careful. In any case even if the amount is not remitted you would well receive the money back, so you need not worry too much.

How long does it take for IFSC transfer?

After you get the IFSC code and want to transfer money, the next important thing would be to worry about how long it takes for an IFSC transfer. Normally, the time taken is just a few minutes, because as the name siignifies, it is real time gross settlement, which means the amounts have to be setttled in real time. However, ocassionally it might take longer than usual. Before remitting money through this mechanism you must cross check the IFSC code of the branch written is correct or not. If it is then you can be rest assured that your amounts would be credited to the beneficiary account. the one good thing of remitting through the IFSC is that though it is costly, you are rest assured that the amounts would be credited. You must also understand the difference between an IFSC code and NEFT before you desire to remit amounts. Please remember that only small amounts can be sent through NEFT, while larger amounts can be sent through the RTGS. It is also not possible to make online payments through this mechanism and you would have to look at physically coming to the bank to make the payments. This is also helpful and easy mechanism.

What happens if amount not credited to the account?

So, you take the IFSC Code and use it to remit money. But, what if the account is closed or the account has been frozen? What happens in that case? In such an event, what does happen is that the amount is once again credited to the account from where it was debited in the first place. So, the question that individuals always ask is how long do I need to wait before the amount is returned back. Under normal circumstances if your IFSC code and other things are correct, you need not worry and the amount would be returned back within a few hours. However, if it is not returned back then you should contact the branch from where you sent the money in the first place. As mentioned earlier, you need to wait for a couple of hours at least, before you take a decision to approach the bank. Also, use the mobile banking service to know if the amount has been received or not. This is not only helpful but also desirable. Use also a place where you get updated and reliable IFSC code.

Using IFSC Codes for NEFT and RTGS

Those remitting money always ask the question, whether the IFSC codes for NEFT and RTGS is the same. The answer is that it is. This one code is used for both RTGS and NEFT transfer. In fact, this is one code that is used for any type of transfer that you wish to engage in. you have to also take into account that you should visit a website that offers you very reliable way to check the IFSC code. This would ensure that the amount that is being remitted has not bounced back. We suggest that you visit the goodreturns.in website to ensure that the information with regards to the IFSC code that you are using is correct. This would avoid complications with regards to the money being remitted being returned back. The IFSC codes are also valid for RTGS and NEFT transfer and not only for one. The difference between the two, is that with the former larger amounts can be sent, while it is not the case with the first. If you are having smaller amounts to send, you should use the NEFT and if you are having larger amiunts you should use RTGS. You can also send money from abroad using the RTGS mechanism.