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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.

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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 .

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.

How virtual Banking took over in India?

Before technology took over and virtual banking came into the picture, doing a bank transaction was a hassle. Then various online methods have come and made banking very easy. Few methods such ATM, online banking has changed things a lot. There was a time when employer used to give the salary to the employees either in cash or Cheques and the employee used to stand in long ques to deposit their salary into the bank. After virtual banking methods such as RTGS and NEFT came up this problem was solved now most of the employees get salaries directly into their Account.

For making these online payments, the first step is to find out the right bank. For finding the banks correctly, RBI gave a unique code to every bank which is called as IFSC code. By which you can easily find that specific bank. We can say introducing IFSC code system to the banks is a revolutionary step took by the RBI. For not only RTGS and NEFT IFSC code is used for various online money transfer methods such as UPI, IMPS.

If, the sender and receiver account is the same bank do we need to enter IFSC Code while transferring funds?

Yes, we must enter the IFSC codes if we are doing a transaction such as IMPS or NEFT. You must enter the IFSC code if you are doing an online transaction, never mind if it is an inter bank transaction or a transaction with another bank. There was a time when we need to register the payee and needdd to wait for two banking hours before we wanted to send money to someone by using NEFT. Now things have changed after methods such as IMPS and UPI took over. If you want to send money or transfer funds all you need to do is enter the payee's bank account Number and the IFSC code of the bank and click send, in the matter of the seconds' funds will get transferred.

Mobile banking services of few banks have come up with OTP method where one needs to register a payee. Alllyou need to do is enter the account number the IFSC Code and click to register. Once you click register, a one time password will come to your mobile phone and once you enter the OTP the payee will get registered instantly.

What happens when IFSC code is wrongly entered when transferring funds online?

Sometimes while entering the IFSC code or the bank account number we miss to enter a digit or a letter or sometimes we key in wrong alphabet or number. Keeping such situations in mind banks have made their online banking applications and mobile applications in such a way that if there is a mistake in the account number or IFSC code the transaction will be automatically be failed or declined. In case, your money gets deducted from your account the bank will refund your money. If, the refund doesn't happen better to visit your bank's nearest branch with the transaction reference number.

Few banks have come up with a method where you don't need to enter details such as IFSC code all you need to do enter the account number and the receiver name. The application will automatically detect the IFSC Code. This advanced option helps you do the transaction a little more easily.

Can we track a bank using IFSC Code?

Yes, we can track a bank using IFSC code. The IFSC is coded with the details of that specific bank and other details such as locality of the branch, etc. If we break down the eleven digit IFSC code, we can understand or get the details of the bank. If we see the first four alphabets of the IFSC Code represents the bank for ICICI the first four digits are ICICI. For HDFC Bank the four digits are HDFC, and for State Bank of India, it is SBIN like that every bank's IFSC code first four alphabets represent which bank is it.

Excluding the fifth digit, the remaining digits represent the bank details such as branch code and in which area is the bank etc. The branch code will be different for every bank, but there are chances this field code could be same. If, two banks are in the same area.

Can we do an online transaction without using IFSC code?

Yes, we can as there are a few banking apps which came up with options where without using IFSC Code you can add a beneficiary and can do an online transaction. For the first version of the SBI freedom application, there was an option where there is no need of adding a payee to send money, all you need to do is give the payee's account number and IFSC code and enter the amount you want to send.

Then after a while, SBI came up with the second update of SBI freedom in that the user interface and the options were changed. In this version, you need to add beneficiary first for sending money, and while adding the recipient, you will need to give the beneficiary name and account number. The application will automatically track the IFSC Code using its inbuilt software. Once the recipient is added, then you can send money using its various transaction methods such as NEFT, UPI or IMPS.

Where to find all IFSC codes?

Usually, the IFSC Codes are all released by the Reserve Bank of India. When there is a new bank that has been assigned to undertake business the country's central bank assigns an IFSC code. For example, recently there were licences that were granted to the various banks in the country, like the payent banks. Each of these banks like Airtel Bank and Paytm Bank were allocated IFSC Codes. So, for these banks you need to search the IFSC codes. You can readily find it on goodreturns.in

Latest Updates on IFSC Code

Is it safe to share Bank Account number and IFSC code?

A lot of us are afraid to share the Account Details such as Account number, IFSC code with someone as we will be afraid that our hard earned may get stolen. We commonly share details like account number and IFSC code at places like offices or if someone wants to send you money etc.

When it comes office or workplace, it is a must, to share details such as Account Number and IFSC Code or PAN number. For sharing the details, you don't need to worry as by sharing Account Number and IFSC code at the office with your admin department it will not bring harm to your hard earned money. As they require all those details for only one purpose and that is to credit your salary. For saving themselves from the hassle of cheques and cash. They take the details to credit your salary directly into your account.

There are few precautions which you can adopt to keep your Bank Account Safe. Those are don't share details of your debit or credit card number with anyone and in particular on the phone. Never share OTP number with anyone. Don't save your card details online and if your card is lost block it immediately.

1 August 2017
Is IFSC Code required while sending money from Paytm to Bank?

Yes, IFSC Code is required to send money to your bank from Paytm Wallet. There are different processes for sending from your wallet to bank. Here is one of the processes for sending money from Paytm Wallet to you Bank Account.

First login to your Paytm Account using the mobile application or open Paytm website on your desktop and visit Paytm website and log in to your account.

After logging in, there will be multiple options such as pay, Add money, passbook, etc. Of which you need to select Passbook option.

In Passbook option, it will show all the transaction you did and also the balance you are having in your Paytm Wallet. There will be an option there to send money to your bank, select that option.

After choosing a screen comes up asking your account details such as the beneficiary name, Bank Name, IFSC Code, Remarks, etc. There you need to fill all the details. There once you select the bank name, the first four alphabets of IFSC Code will be auto-filled as the first four alphabets of IFSC Code will be same for that specific bank. Once it is filled all you need to do is click send.

25 May 2017
Is IFSC Code required for International Money Transfer?

IFSC is Indian Financial system code, and only banks in India have this. Other banks which are not in India will not have IFSC Codes. For transferring funds internationally, one can use Paypal for sending and receiving money abroad.

Here is the method how to send and receive money internationally. For using Paypal, we will not need to have any IFSC Code. To send money using Paypal the sender and receiver both should have PayPal account. In Paypal to send money first, we need to login into our Paypal account.
There will be an option called as send payment on the top we need to click there.
In that window, there will be various fields which we need to fill in such as the email ID, Amount, etc.

This method of payment is one of the easiest ways of doing transactions internationally. There are few other methods as well by using which we can transfer money such as Western Union, Money Gram, etc.

23 May 2017
Will there be any changes in IFSC Code of the banks if the merge?

Yes, there will be a change in the IFSC Codes after the merger. Normally the IFSC Code will be in such a format that it will explain few details about the bank such as like which bank is it where is the bank exactly and few other details. Once the banks merge all these details will be changed. Take the case of State Bank of Mysore as an example the first three letters of the State Bank of Mysore is SBM, and for the State Bank of India, it is SBI. First three letters of the State Bank of Mysore used to explain that the IFSC Code belongs to that bank. Now the IFSC Code needs to explain that it is State Bank of India now. So the first four letters will change with that there will be something called area code, In IFSC Codes. So, if there are more than one bank in the same area then that code will also change. There is still no issue of new IFSC Code's after the SBI merger. SBI may issue codes shortly.

18 May 2017
Pay credit card bill using NEFT?

There are many ways by which you can pay credit card bill. But most of the process we will be using will be third party process such as for paying HDFC credit card we will be using Bill desk which is a third party payment system. To make the payments secure. A new process has come up by using which we will be feeling more secure while paying the credit card bill and the process is by using NEFT. NEFT will be more secure because the payment will happen in between the credit card holders bank and the credit card company. Whereas before first we need to pay to a third party payment system and they will pay to the credit card company. Here is how to do the payment for SBI credit card using NEFT.

The process is pretty simple. The first step is to add the credit card as a beneficiary to your account. In this process, the bank will ask for few details such as the account number IFSC Code and the name of the account holder. The Account number for the credit card will be the 16 digit credit card number, for sbi card IFSC Code is SBIN00CARDS and account holder name will be as per your name on the card and the bank should be filled as SBI CREDIT CARD. Once the process is completed, you can pay the bill as you normally do a NEFT transfer.

16 May 2017
SBI new circular pushing towards digital economy?

SBI is introducing mobile wallet which is called as State Bank buddy. By using this wallet, we can withdraw cash from the ATM. This is going to be the best part of this Application. SBI has limited ATM free transaction for Basic Savings Banks deposit account to four transactions per month. From the fifth transaction, Rs 25 per transaction will be charged. Whereas for the normal Saving Bank accounts the number of the transaction remains the same. Eight free transactions using ATM of which you do free five transactions at SBI ATM and three at other bank ATM in Metro cities. When it comes to non-metro cities there will be ten free transactions of which you can do five free transactions at SBI ATM and five at Other Bank ATM. Sending and receiving money through online method charges remains the same. So it is better to send and receive money using online payment methods. For most of the methods, you may need to check the IFSC Codes. You can find any banks any branch IFSC Code on goodreturns.in

15 May 2017
New additions to IFSC code of payment banks

There are new payments banks that have been launched by the Reserve Bank of India. The question now is how do we find the IFSC Code of these payment banks. In fact, the various payment banks like Airtel Payments Bank, Ujjivan Financial all have a IFSC Code that you can trace the bank with. What are the advantages of these IFSC Bank. The one advantage of these banks is that they tend to give higher interest rates. For example, some banks like Airtel Bank can give you an interest rate of as high as  7 per cent in the savings account. However, all the accounts here do not have IFSC Code where you search and get the codes. So, next time you are investing, it would be a good idea to open an account at Airtel Bank or one of the payment banks who have an IFSC Code and give you a very good interest rate. This is good from an investment pont of view as well.

13 May 2017
Is IFSC Code required for Aadhar payment system and UPI?

There are many payments, and money transfer systems that have come up after demonetization like Mobile Wallets, Bhim UPI app, Aadhar Payment system. These applications and services were there before demonetization. But not much used. Now at most of the grocery shops and other business, we can do payments using mobile wallets, Credit Card, Debit Card.

For paying for groceries and other business using Mobile Wallets and credit and debit cards is needed when it comes to some big payments like house rent then it cannot be sent using electronic wallets and also there will be very few owners who will have a point of service machine. So for doing such transactions, we can use apps such as UPI app. By using the UPI app, the payment will be very easy. For doing this, all you need to have is owners Virtual payment address or Account number and IFSC Code. As the Aadhar payment service is not yet launched, so it is not yet announced we will we need IFSC code for using Aadhar Payment Service.

12 May 2017
Stricter code for banks on loan recoveries

While bank IFSC Code is one thing, getting recoveries is altogether a different thing for the banking industry in India. The Reserve Bank of India has tightened the norms for NPA recoveries and it is now increasingly difficult for individuals to get away with loan defaults.  Banks in the country have been increasingly worried about the recovery. It may also no longer be easy for individuals to default on their loans to banks and get away with the same. In fact, banks are now taking the initiative to recover amounts even before it becomes a non performing asset.

In any case, if you are looking to transfer money into banks, if you are a defaulter, you can use the IFSC Code. It is important to verify and than transfer the amount to the bank, so there is absolutely no chance of the money coming back without a transfer.

11 May 2017
Stricter code for banks on loan recoveries

While bank IFSC Code is one thing, getting recoveries is altogether a different thing for the banking industry in India. The Reserve Bank of India has tightened the norms for NPA recoveries and it is now increasingly difficult for individuals to get away with loan defaults.  Banks in the country have been increasingly worried about the recovery. It may also no longer be easy for individuals to default on their loans to banks and get away with the same. In fact, banks are now taking the initiative to recover amounts even before it becomes a non performing asset.

In any case, if you are looking to transfer money into banks, if you are a defaulter, you can use the IFSC Code. It is important to verify and than transfer the amount to the bank, so there is absolutely no chance of the money coming back without a transfer.

11 May 2017

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