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HSBC IFSC Code

The country's central bank (RBI) has specified three ways in which we can remit money. These include the popular NEFT, RTGS and IMPS. However, to undertake these transactions, we must have the IFSC Code allotted by RBI to each bank and the specified branch.

The HSBC IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'HSBC', stand for the name of the bank, the fifth character is always 'zero' for future use and the final six characters specify the 'exact branch address'.

How to Search for HSBC IFSC Codes?

If you are searching for the IFSC code of your home branch, you can use two mechanisms to search. In the offline mode you will find it written on your cheque book, which has been given to you by the HSBC branch. If you are looking for online IFSC Code of HSBC you can find here in Goodreturns.

State Wise HSBC IFSC & MICR Code

About HSBC

Uses of HSBC IFSC Code

The method of transferring funds from one bank account to another was once a lengthy one.

If we look at the past era to make a payment, a person had to visit the bank branch first and then wait until the balance was transferred and credited to the other account. With the introduction of electronic transfer strategies such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service) systems being introduced by banks and financial institutions, this time-consuming approach is now widely popular across the country for making online transactions and fund transfer. Gratitude of the Reserve Bank of India (RBI) programme to streamline nationwide online money transactions, these platforms now allow individuals to send funds using a fast and safe mechanism. The Reserve Bank of India has issued a unique 11-digit alphanumeric code to each bank branch of the respective banks operating in the country to enable transactions using NEFT, RTGS, and IMPS. This IFSC code enables the RBI to manage the electronic transactions that emerge and also helps to distinguish both the sender and the recipient banks engaged in the transfer or transaction. A set of 11 characters representing both alphabets and numbers is the IFSC code. The first four characters cover the name of the bank, while the fifth character is 0. The figure or code of a bank branch occupies the last six characters.     

Significance of HSBC IFSC Code for Using NEFT & RTGS Facility of The Bank

With the introduction of the NEFT and RTGS methods of wireless transfer, transferring money electronically has become simpler and quicker. Both facilities guarantee security and are the easiest way to transfer funds within India. The methods you can use both services to enable an electronic money transfer are provided below.

NEFT (National Electronic Funds Transfer)

Customers of HSBC can use the National Electronic Funds Transfer facilities from Monday to Saturday between 8:00 am to 7:00 pm. This fund transfer facility is not available on the holidays and the second and fourth Saturdays. The requests for transfer will be reviewed regularly in hourly batches. However, the transfer will be accepted on the next working day if requests were submitted after 4:15 pm. This service can be accessed by HSBC customers online or by visiting a branch. There is no higher or lower cap on NEFT transfers, but on transactions made online, there is an upper limit of Rs. 15 lakhs per day. The prices listed below are HSBC's charges for offering this service to its customers:

  • Up to Rs. 10, 000 - Rs. 2.50 + applicable tax per transaction
  • From Rs. 10, 001 to Rs. 1,00,000 - Rs. 5 + applicable tax per transaction
  • From Rs. 1,00,001 to Rs. 2, 00, 000 - Rs. 15 + applicable tax per transaction
  • Rs. 2,00,001 and above - Rs. 25 + applicable tax per transaction   

RTGS (Real Time Gross Settlement)

The quickest way of money transfer in India is Real Time Gross Settlement. As soon as the application is received, that is, on a "real time" basis, the money transfers are accepted and processed. Transaction is made independently and there is no aggregation or bundling of several transactions together under RTGS. This system ensures that it is definitive and can not be taken back until a request for an RTGS transaction is issued. Rs. 2 lakhs is the minimum amount that can be transferred through this mechanism without an upper cap. HSBC limited the amount of money that can be transferred to a beneficiary i.e. Rs 15 lakhs per day. They will have to reach an HSBC branch for those who wish to transfer amounts greater than the cap to make the transfer processed. HSBC's customers can use the RTGS service from Monday to Saturday between 8:00 a.m. to 4:00 p.m. In the event that requests for transfer are submitted after 4:00 pm or on holidays, they will be processed on the next working day. On second and fourth Saturdays, this service is not open. To render RTGS fund transfer method charges applied by HSBC Bank are as follows:

  • For an amount of Rs. 2, 00, 000 to Rs. 5, 00, 000- Rs. 25 per transaction
  • For an amount Rs. 5, 00, 001 and above- Rs. 50 per transaction

Does HSBC IFSC Code Is Required To Make Fund Transfer Using MMID?

To make banking convenient for them, HSBC Bank has introduced its customers a lot of services. Mobile banking services, Online banking, etc. HSBC Mobile Banking consumers can download HSBC Mobile Banking app from their mobile phone's respective app store. Let’s know about what is MMID code and how it functions before covering the main heading. The complete MMID form is known as Mobile Money Identification Number, which is a component of the Immediate Payment Service (IMPS). Generally, there are two types of services using which you can initiate fund transfer through IMPS i.e. MMID, and the other using the bank account number of the beneficiary. Using the MMID service, first of all, you need to create your MMID code for this service through net banking facility or by visiting directly to your nearest bank branch. Once your MMID is created you can use the same and your registered mobile number with the bank in order to make fund transfer. The IFSC code is not needed for this service. The receiver should have a pre-generated MMID if you want to transfer money through this service. Using the Account Number facility is the conventional way to transfer funds. You can transfer money here using the account number of the receiver and his bank branch's IFSC code. This is a very simple task and a convenient one.   

HSBC MICR Code

It is a technique used in the printing of MICR codes in the banking industry. The magnetic link is recorded so that even though it is stamped on, figures can be interpreted. Banks use a cheque reading system that helps to easily arrange the cheques by defining the bank and the branch code.

Layout of MICR Code

  • The city is represented in the first three digits (City Code).
  • The particular bank is represented by the next 3 digits (Bank Code)
  • And the respective bank branch is represented by the last 3 digits (Branch Code)

For instance:

  • MICR Code of Ahmedabad- 380039002
  • Branch name (Greater Kailash) of Ahmedabad: 110039006 (MICR code)

How and where I can find HSBC Bank MICR code?

You can find the MICR code of your specific bank branch through the below listed ways:

Cheque leaf issued by HSBC Bank- MICR code can be located on the cheque leaf issued to you by the bank

Bank Passbook: You can also locate the MICR Code of HSBC on the passbook.

Online banking frameworks: In order to find the MICR code of your particular bank branch, you can log in to the net banking portal of the bank.

Other ways: By visiting the official site of RBI and Goodreturns.in portal you can find the MICR code of your specific bank branch.   

HSBC SWIFT Code

SWIFT is a platform that transfers and collects financial transaction information across the world. The HSBC SWIFT code is a specific identifier that must be issued at the time of making international fund transfers and is in the standard Bank Identifier Code (BIC) format. The code helps banks to establish contact about international transfers. To avail the Swift Code, you need to contact HSBC's Customer Service Department. A SWIFT Code is a standard Bank Identifier Code (BIC) format that is used to specify a specific bank or branch. SWIFT codes consist of 8 characters or 11 characters. All 11-digit codes refer to particular branches, whereas the head or main office is referred to with 8-digit codes (or those ending in 'XXX'). Let’s understand the structure of HSBC SWIFT Code. 

SWIFT Code / BIC: HSBCINBB or HSBCINBBXXX

Bank / Institution: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

Branch Name: MAIN BRANCH MUMBAI

Address: 52/60 MAHATMA GANDHI ROAD

City: MUMBAI

Postcode: 400001

Country: India

On the above listed HSBC SWIFT Code the first four letters ‘HSBC’ represent the bank code i.e. THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

  • The next two letters ‘IN’ represent the country code
  • The next two letters ‘BB’ represents the location
  • And the last four letters ‘XXXX’ represent the branch code, optional - 'XXX' for head office (letters and digits).

HSBC Credit Card Payment Using IFSC Code Through NEFT

There are several ways for HSBC credit cardholders to make their credit card payments on or before the deadline. Cardholders can use both online and offline medium to pay their credit card dues. The most common form, however, is HSBC Credit Card Payment through NEFT, which is preferred by customers because they can initiate credit payment on the go using this medium or service. 

Procedure to make HSBC Credit Card Payment using IFSC through NEFT

By adding your HSBC Credit Card as a beneficiary on your online banking or mobile banking account, you can pay all your unpaid credit card bills by using NEFT. To complete these transactions, you will have to follow a few basic steps that are listed below to make sure that the funds are successfully transferred:

  • Visit HSBC Net Banking page and sign in to your account using the required credentials i.e. username and password.
  • Now go the ‘Fund Transfer’ option and click on ‘NEFT’
  • Now select the ‘Add / Manage beneficiary’ option in order to add the specifics of your HSBC credit card.
  • Under the beneficiary account number section, the 16-digit credit card number is entered.
  • The IFSC Code to be specified is HSBC0400002.
  • Once you are done with submitting all the required details, click on ‘Confirm’
  • Your beneficiary will be added within 30 minutes, once your submitted details are verified
  • Once your HSBC Credit card is recorded as a beneficiary you have to select NEFT transfer option and enter the amount that you are willing to transfer
  • Now you will get an OTP on your registered mobile number, enter the OTP on the required field and complete the transaction
  • Once your fund transfer is complete, you will get a confirmation via SMS on your mobile number

How NEFT is beneficial for the customers of HSBC Bank?

In a bank that is NEFT-enabled, NEFT transactions can be done by any account holder. What you have to do is trigger the facility through mobile and internet banking. You can make online transfers conveniently, including HSBC credit card payments, once you have received your username and password. With NEFT Transfers, you have several privileges that make your credit card bill payments one of the most flexible payment methods. Some of the key advantages of NEFT are listed below: 

  • You can use NEFT service by your mobile banking or net banking account anytime and anywhere
  • The Reserve Bank of India tracks every NEFT transaction, making this a safe and stable mechanism for initiating fund transfers
  • Through NEFT there are no restrictions on minimum and maximum amount of fund transfers
  • The charges are extremely minimal for NEFT transfers.
  • NEFT is a service accessible throughout the nation. 

NEFT Charges

NEFT charges are applicable which are extremely minimal to each transaction that you initiate, as stated above. These charges are not applicable if you are doing any inward transactions to render your HSBC card payments. The standard NEFT charges (per transaction) are:

  • Amount up to Rs 10000: Rs.2.50 + GST
  • Amount above Rs.10000 and up to Rs.1 lakh: Rs.5 + GST
  • Amount above Rs.1 lakh up to Rs. 2 lakh: Rs.15 + GST
  • Amount above Rs.2 lakh up to Rs. 5 lakh: Rs.25 + GST

HSBC Bank NEFT/RTGS Form

HSBC as a whole is known as the (full form) Hong Kong and Shanghai Banking Corporation. It is also based in India and commenced its operation in 1855. RTGS is a real-time gross settlement in complete form and is an electronic transfer method of funds that HSBC has now introduced with its banking services. Transactions made during the day can take at least 5-6 hours to complete since a one-time transaction takes up fewer resources and prohibits frequent use of the database. Here we will know about how to fill HSBC NEFT/RTGS form in order to make fund transfer using NEFT or RTGS. 

 The new timelines were enforced from 7 am to 6 pm, according to the RBI. However, according to the information given by HSBC bank, that is * only provided for this 31st March 2020 is

  • Extended Mobile Banking – 5:55 pm to 7:55 pm
  • Extended Net Banking - 5:55 pm to 7:55 pm

This means that the time of the RTGS is extended to 31st March on that day and not to other days per month. 1 April 2020 is an annual bank closure and the transactions taken offline will be accepted on the next working day as a scheduled holiday, and NEFT transactions will be handled as usual.   

HSBC Bank Timings

HSBC Bank has its branches across India and is a multinational bank. HSBC Bank Timings should be made known to customers who want to visit the bank.HSBC Bank has declared that all its branches in India will open, but with revamped timings, in the middle of the ongoing outbreak of Coronavirus in India and the ensuing lockdown. In August, however, the bank reinstated its regular operating hours from Monday to Saturday (except 2nd & 4th Saturdays) from 10:00 AM to 4:00 PM. The bank takes additional measures for the customers in order to allow them to visit the bank or their respective branch. In addition to this, all banking facilities are also available at the bank as regular, including account opening, passbook updating, cash deposit and withdrawal, cheque clearing, money transfers, and government transactions, and money exchange services. It means that, without sanitising and without wearing a face mask, no customer is authorized to visit or enter the bank. It means that, without sanitising and without wearing a face mask, no customer is authorized to share the bank. Other steps are coordinated by the bank, such as adequate queues and temperature scans. Unless it is extremely required, customers must prevent visiting the branch to access even the basic services due to the current situation of COVID. 

HSBC NEFT And RTGS Timings

HSBC Bank's NEFT transactions are handled from Monday to Saturday between 8:00 AM and 7:00 PM (except Saturday 2nd & 4th). Banks will not as guided by the RBI, enforce any charges on the online transfer of funds through the NEFT framework. Account holders can therefore easily conduct NEFT transfers via HSBC Net-banking. HSBC Bank's RTGS transfers are conducted from Monday to Saturday (except Saturday 2nd & 4th) between 8:00 AM to 4:30 PM.

HSBC Bank Working Hours

The schedules are applicable to all bank operating days. The bank is open on the 1st, 3rd, and 5th Saturdays of the month, on weekdays. Though on the 2nd, 4th Saturday, Sunday, and public holidays, the bank is not open for business. Notice that operating hours can vary from branch to branch.

  • HSBC Bank Timings on working days (Monday to Friday): 10:00 AM to 4:00 PM
  • HSBC Bank Timings on Saturday (1st, 3rd, 5th Saturday of each month): 10:00 AM to 4:00 PM
  • HSBC Bank Timings on Saturday (2nd, 4th Saturday of each financial month) and Sunday: Bank is closed

HSBC Safe Deposit Locker and Lunch Timings

A standardized lunch break is not approved by HSBC Bank. Staff take their lunch in sequence in order not to annoy the customer. During their lunch hour, customers can visit the bank's branch to perform business as well. The regular time for lunch is about 1 or 2 pm. Whereas the Safe Deposit Lockers can only be run within the working hours of the bank. Any additional time that a customer can run his locker at the bank is not provided by the bank. Customers who wish to use this facility can also do so by requesting it by visiting the branch of the bank during its working hours.    

How to transfer funds through NEFT and RTGS at HSBC bank?

For ease of fund transfer using RTGS or NEFT, all the banks in India provide net banking facilities. In this manner, a simple transfer of the funds can be rendered to the account of the beneficiary. All banks provide two forms of facilities to transfer the funds very conveniently from one account to another one. These services are known as National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS). RTGS is commonly used to transfer a large value i.e. 2 lakhs and above. From 9 a.m. to 4:30 p.m. on Weekdays and from 9 a.m. to 2 p.m. on Saturdays, RTGS transactions are processed. There are no minimum or maximum caps in the NEFT on the funds to be transferred. In the lower to medium range of transactions, it is favoured. NEFT is an electronic transfer system of funds that works on the basis of a Deferred Net Settlement (DNS) that handles batch wise transactions. In DNS, the settlement takes place until the specific cut-off period for all transactions is received. That's why in NEFT, the funds are not instantly transferred but take a few hours to settle the transactions.     

Key benefits for transferring funds using NEFT or RTGS online

  • You can use net-banking services to transfer funds from your home or office.
  • Secure, convenient and fast transfer of funds
  • 24x7x365 service, which implies that you can use this service anytime, anywhere and even on the go.
  • No waiting or standing queues to wait 
  • It is a safe and less time-consuming method for transferring funds
  • You do not have to request and submit a cheque to the beneficiary, which saves your time and efforts too.
  • As soon as the funds are transferred, you get instant confirmation of the confirmation of your transaction via SMS and email from your bank.

Key things to consider before transferring funds through NEFT/RTGS online

  • In your account, you must add the payee/ recipient to whom you wish to transfer the funds to.
  • Section of the RTGS/NEFT system should be the source and destination bank branches.
  • Before rendering RTGS/NEFT, check the amount entered twice.
  • You will receive verification of your bank's transfer of funds via SMS or email.

How to add beneficiary in your HSBC bank account?

By following the below-given steps you can successfully add a beneficiary/recipient in your HSBC account:   

 

 

 

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