What does IFSC Code stand for?

IFSC refers to “Indian Financial System Code” which is a unique eleven character alphanumeric code provided by the Reserve Bank of India. It is used to identify specific bank branches for online transactions. This code is essential for smooth and secure digital fund transfers in India and helps you to locate the exact bank branch. The different types of fund transfers are NEFT (National Electronic Funds Transfer), RTGS (Immediate Payment Service) and IMPS (Real Time Gross Settlement).

Understanding the Format of the IFSC Code

The IFSC code has a straightforward format:

• Bank Code: The first four characters are the bank code which is specific to each bank. (e.g., SBIN for State Bank of India).
• Zero: The fifth digit is always zero for future use.
• Branch Code: The remaining six digits of the code are the branch code which can be either numeric or alphabetic. 

For instance, in SBI IFSC Code "SBIN0003456", SBIN is the abbreviation of State Bank of India and 003456 is one of its branches

Benefits of IFSC Code

• Fast & secure payment transfer: IFSC code provides quick and secure electronic transfer. 
• Facilitates online banking: IFSC codes are utilized for seamless internet banking transactions.
• Instant money transfer: Transfer funds immediately using NEFT, RTGS or IMPS. 
• Error-free money transactions: It minimizes the chance of mistakes during find transfers. 
• Paperless cash transaction: Supports eco-friendly, digital banking methods. 
• Immediate payment validation: Confirms the transaction details instantly and ensures accuracy. 

How to Know the IFSC Code of Your Branch

Finding the IFSC code of your bank branch is easy. Here’s how you can access it:

• Passbook: You can check the front pages where bank details are listed. 
• Chequebook: IFSC code can also be found on every cheque issued by your bank. 
• Official bank website: The IFSC code of a bank can also be found on its official website.
• RBI website: The Reserve Bank of India website provides verified information about bank codes. 

What does MICR Code stand for?

MICR refers to Magnetic Ink Character Recognition. It is banking technology employed in cheque processing, enabling easy and secure transactions in a fast way. MICR code is an exclusive code through which you are able to trace the bank and branch of the transaction. Through this technology, scanning and reading of cheques is made possible with the use of special ink which eliminates mistakes and makes the process faster.

Understanding the Format of the MICR Code

MICR code is a 9-digit code usually printed at the bottom of a cheque.

• City code: The first three digits represent the city code. 
• Bank code: The next three digits depict the bank code. 
• Branch code: The last three digits identify the branch code.

Benefits of MICR Code

• Allows fast and error-free cheque processing. 
• Enables faster clearance of cheques.
• Makes banking more convenient for customers. 
• Recognized by banks globally. 
• Prevents the risk of check fraud.

How to Know Your MICR Code

You can find your MICR code printed at the bottom of any cheque leaf. Usually, The MICR code is printed next to the cheque number. Alternatively, you can simply search online or on the official RBI website. Remember, this code is essential for ensuring secure and efficient cheque transactions. 

What is an IFSC and MICR Code Checker?

An IFSC Code Checker is an online tool that allows you to quickly verify the Indian Financial System Code of any bank branch in India. By using an IFSC code finder you can 

• Ensure that the IFSC code you are using for the transaction is correct.
• Avoid mistakes in online fund transfers. 
• Confirm the bank branch details associated with the IFSC code. 

Simply enter the bank name and branch details and the tool will provide you with correct IFSC code. Alternatively, if you already have an IFSC code, you can use the checker to know bank details.

How to Use Chartered ONE’s IFSC Code Checker

Using our IFSC code finder is simple.

• Visit our IFSC Code Checker page. 
• Input the name of the bank you are looking for. 
• After selecting the bank, choose the state and district where the bank is located. 
• You may also need to enter the specific branch location. 
• Once you provide the details, the tool will display the correct IFSC code for that branch.
• Start your search with Chartered ONE's IFSC Lookup Tool and enjoy secure online banking.