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If you have IFSC Code, MICR Code, Branch Code, Phone Number, Fax Number, Toll Free Number, phone number, Email Id, Address or Website of a bank branch, you can search the same using search page any time.
IFSC Code is a unique 11-digit code that can be used to transfer the fund through NEFT, RTGS and IMPS. It stands for Indian Financial System Code which is a combination of Alphabets and Number each set representing some information about the bank branch. There are 1.5 lakhs+ branch in India and each branch has its own IFSC Code. IFSC Code is a code assigned by the RBI to facilitate the customer as it helps the clearing office to locate the bank easily.
IFSC Code is an 11-digit code with contains both alphabets and numeric elements. In the IFSC Code, the first 4-digit is the bank code followed by 0 which will be used in the future when more branches will be added, the last 6-digit is the bank branch code.
IFSC Code can be found in the following places-
MICR is a short form of Magnetic Ink Character Recognition. This technology authenticates the cheque credibility and defines the legal status of the paper document. It uses a similar technology with bar codes and QR code the difference is that it is in a code which is easily understandable by a human. MICR Technology uses a special ink to print on the cheque. This ink is made of magnetic material when the cheque is inserted in the machine then it detects the Cheque. This eliminates any risk of error while processing the cheque.
MICR code is a 9-digit code that is imprinted in the cheque leaves. The first three digits of the represent the city code where the bank branch is located followed by three digit bank code and the last three digits are branch code.
MICR Code can be found in the following places-
SWIFT is a full form of Society for Worldwide Inter-bank Financial Telecommunication, it is also known as BIC Code which is an acronym of Bank Identifier Code. Both of these codes is the same and is unique to every bank. It is an 8 or 11-digit code consist of both alphabet and number. These codes are used to transfer fund all over the world meaning for international fund transfer you need to have a SWIFT Code of the bank where the account holder is maintaining his account.
SWIFT Code or BIC Code both of these codes are either 8 or 11 digit number. For 8 digits Code, the first 4 digit is bank code followed by 2 digit codes and last 2 digits is location code. For 11-digit number reset will be similar to the 8-digit number but last 3 digits remaining is the branch code.
SWIFT Code can be easily found in the following places-
|MICR Code||IFSC Code||SWIFT Code|
|9-digit Code||11-digit code||8 or 11 digit code|
|Unique to bank||Unique to bank branches||Unique to bank|
|Used in cheques and other physical bank documents to facilitate the cheque transfer.||Used in RTGS, NEFT and IMPS for fund transfer,||Used in wire transfer|
|Used only in India||Used only in India||Used all over the world|
NEFT stands for National Electronic Fund Transfer that is used to transfer fund online as well as offline. It is based on the net settlement meaning all the settlements are done on batches. For using NEFT your bank must be NEFT Enabled which can be checked on the official RBI Website. Before using the NEFT Payment get the following details-
RTGS Stands for Real Time Gross Settlement which is used to transfer amount that is bigger in value. It settles the fund in the similar batch format like NEFT. The Minimum amount that can be transferred via RTGS is Rs.2 lakhs and then there is no maximum amount. RTGS could be done 24X7 all 365 days with effect from December 14, 2020. This system is online as well as offline.
IMPS are Immediate Payment Service that transfers fund immediately. The sender and receiver accounts will be credited and debited immediately respectively. This is a 24X7 and 365 days of service used to transfer fund electronically including bank holidays. There is a limit of the amount for transferring fund and it is Rs.2 Lakhs as maximum whereas there is no minimum amount limit. This system can only be used to transfer funds online
Fund transfer could be done both online and offline.
Offline fund transfer can be done by visiting the bank branch and filling the NEFT/RTGS Form. The details like bank account number, Name and IFSC Code of the bank. After correctly filling the form you can simply deposit the form along with cash to the teller. Do not forget to collect the slip of the transaction as it is the proof of the transaction. Offline method to transfer fund can only be used for RTGS and NEFT.
Online Fund transfer is very easy and requires less effort as we can do it from our comfort of home. Online fund transfer can be used for all the three fund transfer methods. It is initiated by following these two steps but if you have already done with the first step then you do not need to follow the first step for a single account. The two-step processes are as follows-
UPI is an acronym for Unified Payment Interface that is an interface used to transfer fund without making use of IFSC Code of your bank. The funds transferred by UPI are very fast and is credited in the real-time bases. You can also request money by using ‘collect’ feature. It is developed by (NPCI) National Payment Corporation of India and regulated by Reserve Bank of India (RBI). It is a relatively new technology which uses the Virtual Payment Address VPA that generates a virtual address of your UPI Account and that address becomes a medium of fund transfer.
There are a lot of UPI Payment app by different vendors you can choose any app platform but the process will be similar
You can request the payment by following these steps-