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Find Indian Bank IFSC & MICR Code

Indian Bank 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 Indian Bank IFSC Code is an 11-digit alphanumeric code having special 4 characters, 'IDIB', 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 Indian Bank 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 Indian Bank branch. If you are looking for online IFSC Code of Indian Bank you can find here in Goodreturns.

State Wise Indian Bank IFSC & MICR Code

About Indian Bank

Role of Indian Bank IFSC Code For NEFT And RTGS Fund Transfer

Indian bank has made it very convenient for its customers to easily and securely transfer money to other Indian Bank accounts as well as accounts maintained with other banks across India.

Indian bank offer NEFT and RTGS fund transfer facility for online and secure transactions. 

NEFT

NEFT, or National Electronic Funds Transfer, is a highly secure electronic payment system for carrying out fund transfers between banks throughout India. A NEFT transaction can be carried out by any customer of a CBS division without any cap on the amount of the transfer. Non-customers of a bank can only carry out NEFT transactions for cash transfer of a maximum amount of Rs 50,000. Funds can be transferred from any bank account on the same day, granted that the branch is NEFT approved. To facilitate NEFT transactions, customers must have information such as the recipient's name, account number , address, bank and branch IFSC code. Timings for NEFT transactions are scheduled for weekdays between 8 AM and 7 PM. Customers can only conduct NEFT transactions between 8 am and 1 PM on Saturdays. On an hourly basis, all NEFT transactions will be carried out. 

RTGS

Another way of rendering electronic payments which is used for high value payment methods is RTGS or Real Time Gross Settlement. RTGS transactions are much faster because they take place in real time, meaning that the transaction is handled as soon as commands have been received by the bank. So transfers are conducted only once at a time, as soon as they are approved. The minimum sum for an RTGS transaction is Rs 2 lakh and the customer must include the required information, such as the name of the beneficiary, the account number, the address, the name of the bank and branch and the IFSC code for the branch to which the money is being transferred.     

Online Ways To Find Indian Bank IFSC Code

A significant component of the fund transfer system is the Indian Bank IFSC Code, as it lets customers prevent failures during the fund transfer method. The Indian Bank IFSC enables the RBI to keep records of all the nationwide transactions that are carried out. To find the Indian Bank's IFSC Code for your branch, you must follow the online methods mentioned below.

Find Indian Bank IFSC Code By Visiting Goodreturns

The full database of appropriate Indian Bank IFSC codes for customers is available on the official Reserve Bank of India website. The best online medium for discovering the IFSC code of any Indian bank branch is either third-party finance portals or the bank's website. Goodreturns.in provides a comprehensive table bearing IFSC codes for Indian Bank branches throughout India. On a 24x7 basis, the IFSC and MICR code of their bank branch can be conveniently and effectively identified by any customer by visiting Goodreturns.in portal. To find the IFSC and MICR code of any Indian Bank branch at your convenience, follow the steps mentioned below.

  • Visit Goodreturns.in and select ‘Banking’ from the top menu bar of the homepage
  • Now under the drop-down menu of banking click on ‘IFSC Code’
  • Now you need to select your bank, state, city and branch from the drop-down list
  • Once you are done click on the ‘Find Bank’ option and the IFSC code of your branch along with the MICR code, contact number, branch address, name of the branch, branch code, etc will appear immediately on the same page.     

Different ways to locate the IFSC and MICR codes of Indian Bank

Customers can use the possibility below to find the IFSC and MICR codes of the Indian Bank.

Via Cheque Book of the bank- Account holders can find the IFSC Code for their branch by searching at a Indian Bank cheque book provided by the Indian bank. The IFSC at the top of the page and the MICR code at the bottom of the page are included in the cheque respectively.

Via Passbook of the bank- The typical bank account details of an account holder are listed on the front page of the passbook. This crucial detail includes the account number, the address of the account holder and the IFSC code of the associated branch of the bank. Hence, when hunting for an IFSC, a passbook is convenient.

Via Mobile Bank of the bank- The Indian Bank Mobile Banking app also offers an alternative to check the specific IFSC and MICR code of your respective branch.

Via Net Banking Portal of Indian Bank- Indian Bank offers its customers the Netbanking platform to reap the benefits of several online banking services which they can enjoy from their luxury in their home or office. Therefore, an account holder can locate the IFSC code of his / her respective branch using the Net banking service.   

Indian Bank MICR Code

The MICR code is a 9-digit number that can be located in the cheque book of your Indian bank account. This code is used for cheques to be processed more quickly. For instance: MICR Code of the Digboi Branch, Assam is 786019003, and MICR Code of Gaya Branch, Bihar is 823019096.

Ways to find Indian Bank MICR Code

One can find MICR code of his / her bank branch by following the ways below:

Indian Bank Cheque Book: The MICR code can be found printed on the bottom of a cheque sheet.

Indian Bank Passbook: Another way that can be used to get the Indian Bank MICR Code is the Passbook that is issued to the account holders by the bank.

Indian Bank Net banking and Mobile Banking: To find the same, customers can log into the Indian Bank Netbanking Account or the Mobile Banking App of the bank. 

Indian Bank Swift Code

SWIFT is a platform that transfers and collects financial transaction information across the world. The SWIFT code of the Indian Bank is a specific identifier that is in the usual format of the Bank Identifier Code (BIC) and must be issued when international fund transactions are made. The code helps banks to maintain contact about international transactions.   

Key difference between Indian Bank IFSC, MICR and SWIFT code

Before initiating a fund transfer, please give a consideration to the below difference between Indian Bank IFSC, MICR and SWIFT code for a better understanding.

IFSC Code

  • Full form of IFSC- Indian Financial System Code
  • A unique identification code that is necessary for the electronic transfer of funds through the NEFT, RTGS and IMPS systems
  • This code has 11 alphanumeric characters that varies from branch to branch of a particular bank

MICR Code

  • Full form of MICR: Magnetic Ink Character Recognition
  • The MICR code uses magnetic ink which makes it easy to handle a large number of cheques.
  • This code has 9-digits which again differ across branches of a particular bank

SWIFT Code

  • Full form of SWIFT: Society for Worldwide Interbank Financial Telecommunication
  • The Swift code helps to recognise the financial institution more quickly, thereby allowing an immediate international transfer of money
  • This code has 8 to 11 characters respectively

Structure of Indian Bank SWIFT Code

A SWIFT code is a common form for Business Identifier Codes (BIC), which is also known as a SWIFT number. They are used by banks and financial institutions to classify themselves internationally. A form of international bank code or ID, it states who and where they are. While transferring funds across banks, these codes are used, especially for overseas wire transfers or SEPA payments. These codes are also used by banks to pass messages with each other. An 8-11 character code is a SWIFT / BIC that recognizes your country, city, bank, and branch details. 

Indian Bank SWIFT Code details

  • SWIFT code: IDIBINBBMAS
  • Swift code (8 characters): IDIBINBB
  • Branch Name: INDIAN BANK
  • Branch address: NEW NO 2, JEHANGIR STREET, OLD NO 26/27, CREST BUILDING, 2ND FLOOR
  • Branch code: MAS
  • Bank Name: Indian Bank
  • City: Chennai
  • Country: India

Break down of Indian Bank SWIFT Code

SWIFT Code of Indian Bank is IDIBINBBMAS

  • Here, ‘IDIB’ represents the bank code, then ‘IN’ represents the country code, the next two letters ‘BB’ represents the location and the last three digits represent the branch. 
  • Bank code A-Z: The first four letters represent the bank, it basically looks like a shortened form of the name of the bank.
  • Country code A-Z: The next two letters represent the country where the bank is located.
  • Location code 0-9 A-Z: 2 characters, which consist of letters or numbers. It states where the Head Office of that bank is located.
  • Branch Code 0-9 A-Z: 3 digits which specify a specific branch. 'XXX' reflects the head office of the bank.

Indian Bank - IMPS(Immediate Mobile Payment Service)

Indian Bank's customers can transfer funds from one bank account to another using their mobile phone via the Immediate Mobile Payment Service (IMPS). This 24/7/365 instant electronic mobile money transfer service provides users the advantage of real-time transfer of funds, ensuring the beneficiary with immediate credit. A mobile phone, a legitimate Mobile Money Identifier (MMID) and an MPIN are all important for carrying out the fund transfer through IMPS.

Eligibility required for Indian Bank IMPS service

Customers need to fall under the following requirements to be eligible for the Indian Bank IMPS fund transfer:

  • The customer must have an Indian Bank account and must have his or her mobile number identified / registered with the bank.
  • In order to transfer funds from your mobile phone to the recipient, you should have a legitimate Mobile Money Identifier (MMID) linked to a bank account (savings account, salary account, or current account).
  • To allow a transfer from one account to another, you need to have a valid MPIN.
  • Only funds can be received from customers who do not have an MPIN.

Features and benefits of Indian Bank IMPS

Customers can initiate the use of the Indian Bank IMPS fund transfer service to allow instant electronic mobile money transfers. Here are some of the advantages of this facility.

  • In a single day, customers can transfer up to Rs.50,000 using IMPS
  • The recipient immediately receives the transfer.
  • The service is accessible 24x7x365
  • Even on bank holidays, public holidays and Sundays, IMPS fund transfer can be initiated anywhere and at any time.
  • It is possible to make IMPS transactions to cover energy bills, top-up DTH, pay credit card bills, cover educational fees, buy travel tickets and more
  • The use of IMPS can be facilitated by all consumers having an Indian bank account.
  • Customers can either use their Mobile Money Identifier (MMID), their mobile number, or the bank account number and IFSC code of the bank to trigger an IMPS fund transfer.
  • If the transaction is made, a message confirming the transaction will be sent to both receiver and sender
  • IMPS fund transfer service is completely free of charge

Procedure to transfer funds using Indian Bank IMPS Fund Transfer

There are 2 methods through which an Indian Bank customer can use the IMPS fund transfer facility to transfer funds:

Internet Banking Service Provided By Indian Bank: In order to make an IMPS transfer using one's online bank account, the user must first add the payee and then transfer the money once the bank has approved the payee account. Once a recipient is added, the details for subsequent transfers will be recorded.   

Steps to add beneficiary

  • Visit Indian Bank net banking portal and sign in to your account using the user id and password
  • Select  “Fund Transfer” and click on “Add Payee” from the same bank or “Add Payee” from a bank other than Indian Bank
  • Now enter the required details of the beneficiary i.e. Account name, account type, bank account number and IFSC code.
  • Now enter the mobile number of the beneficiary
  • Once the process is completed the bank will send you a confirmation message for the same on your registered mobile number

Steps to initiate IMPS transfer

  • The payee will usually be confirmed within 30 minutes by the bank. Click on "Fund Transfer" again once that is completed.
  • Now select IMPS as the method of fund transfer
  • Now select “IMPS using IFSC code” or “IMPS using MMID” and enter the amount that you are willing to transfer
  • Please click on "confirm." If necessary, enter the OTP or enter the selected grid numbers on your debit card.

Via SMS

An Indian customer can remit funds to whom he / she wants to via SMS also.What he / she has to do is to send SMS details of the MMID and mobile number of the beneficiary and his / her MMID. The following are the measures to enable the IMPS fund transfer via SMS.

The customer is required to send SMS details to 9444394443 in the specified format-

Enter the mobile number of the beneficiary first, then enter MMID of the beneficiary, then amount you want to transfer, then enter MPIN and your MMID.

Recipient’s details required for Indian Bank IMPS

The Indian bank customer must first enter the details of the beneficiary in order to facilitate the transfer. One can either transfer funds using the MMID of the beneficiary or the IFSC code of the bank or the beneficiary's account number (when the transaction is carried out online). 

MMID: For a customer, a Mobile Money Identification number is a seven-digit code that is specific. The MMID is linked to the customer's bank account. In an MMID code, the first four digits are the bank's unique code. The MMID can be generated by a customer via their internet banking account, at an ATM or via a mobile banking app or SMS. The below-listed specifics are required to specify for those transferring funds through the MMID.

  • Name, mobile number and MMID of the beneficiary

IFSC Code: The customer of the Indian Bank can also transfer funds using the account number and the beneficiary's IFSC code of the bank. To execute a transaction using the IFSC method, enter the details listed below. The IFSC code helps to find the recipient’s bank branch. 

  • Name, account number and IFSC Code of the beneficiary’s bank branch

Indian Bank NEFT Form

Indian Bank provides the facility for fund transfer via NEFT to its customers. Through visiting the bank and filling out the Indian Bank NEFT Form, or online via mobile banking or internet banking, customers can use the NEFT service.

Steps to fill Indian Bank NEFT Form

Indian Bank NEFT services are available in 2 forms.

Online

By providing the following specifics, customers can fulfill the Indian Bank NEFT Form online.

  • Name, account number, Indian Bank IFSC code / other Bank IFSC Code of the recipient
  • Amount to be remitted
  • Account type of the recipient
  • Choose NEFT as the fund transfer option if transferring through online

Offline

By providing the following specifics, customers can fill out the Indian Bank NEFT Form offline.

  • Name, account number, IFSC code of the recipient
  • Amount to be remitted
  • Account type of the recipient
  • Name, account number and IFSC code of the sender
  • Account type of the recipient as well as the sender

Indian Bank NEFT Timing and Limit

As per the Reserve Bank of India (RBI), up to Rs.50,000/- cash remittance is allowable only during offline transactions and there is no cap for online transactions. Cash remittance is also allowed for non-customers up to Rs.50,000/- only. NEFT exists on weekdays in hourly batches from 8 am to 7 pm and from 8 am to 1 pm on Saturday respectively. 

Indian Bank MMID

The modern era is an example of the innovative variety of services and products that people can use to effortlessly handle their lifestyles. If we take technology and innovation into consideration, it takes us to the context of the financial system, where more development has been made in revolutionary progress than can be considered. The modern strategies put in place by banks for transferring money have helped customers to send and receive money in a safe and secure way. With IMPS, a sender or bank customer can transfer funds almost instantly to the account of another individual keeping a bank account, whether with the same bank or another. As the IMPS platform is available round the clock, at any time of the day, and even on a holiday, a customer can transfer money to another account in a seamless way. IMPS, also regarded as the Immediate Payment Service, is a way to quickly transfer money. IMPS can be operated using a mobile phone on which the Indian bank's banking application has been activated. IMPS has a depth insight since it allows the holder of a bank account to transfer funds directly and instantly to the account of the beneficiary or payee. And even IMPS service can be used at online sites, merchant stores and even you can pay your credit card bill from the comfort of your home or office.   

How to transfer funds to the beneficiary?

NEFT, RTGS and IMPS are typically the most common facilities that are used by an individual to make a fund transfer to another individual. From both, IMPS is usually perceived to be more versatile and acceptable for a regular holder of a bank account. Let's take a closer look at the attributes of those facilities that make them appealing to a customer:

  • Online transaction platforms are open during the year, mostly at all hours of the day. IMPS is available 24 x 7, although it is possible to use NEFT and RTGS within limited operating hours. This implies that customers no longer have to wait in a long queue to deposit money into his or her account, or to withdraw or make a transfer to another individual.
  • Customers can finally, at the convenience of their home, access banking facilities. They don't have to walk out of their residence now to deposit money, withdraw money or transfer money respectively.
  • The convenience of digital transactions exists mostly when a customer is willing to do the same, even on a bank holiday, national holiday, anytime and anywhere.

Requirement to use IMPS service

Through IMPS, an individual can transfer funds almost immediately to the account of another individual keeping a bank account, either with the same bank or another. As the IMPS facility is accessible 24/7, at any time of the day, and even on a holiday, a customer can transfer money to another account.  

 

 

 

 

 

 

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