IFSC Code

The IFSC plays a crucial role in enabling electronic or online fund transfers through various services like NEFT, RTGS, IMPS, or UPI. It serves multiple purposes, including:

1. Facilitating Electronic Transfers:
   IFSC is essential for conducting secure and efficient electronic fund transfers, ensuring that the funds reach the correct beneficiary.
   
   

2. Tracking Financial Transactions:
   The code aids both the respective bank and the RBI in monitoring and maintaining records of all financial transactions conducted through online payment services. This contributes to a transparent and accountable financial system.
   
   

3. Identifying Beneficiary’s Branch:
   When making an online payment to another bank, the IFSC is necessary for recognizing the specific branch of the beneficiary where the funds are intended to be credited.
   
   

4. Preventing Fraudulent Activities:
   IFSC enables the unique identification of banks and their branches, providing an added layer of security. This helps customers avoid fraudulent activities and ensures the legitimacy of online fund transfers.

The IFSC code serves diverse purposes, ensuring seamless fund transfers and financial transactions. Here are some key applications:

1. Electronic Funds Transfer:
   IFSC facilitates quick and hassle-free online fund transfers. Users need to provide the beneficiary’s bank account number, branch details, and IFSC code for smooth electronic transactions.
   
   

2. Credit Card Bill Payments:
   IFSC is also utilized for making credit card bill payments. This simplifies the process, allowing users to conveniently settle their credit card dues using mobile devices, tablets, or computers.

• IFSC Code Search Tool:
  Visit the IFSC Code search tool page. Choose the specific bank, select the state, city, and the bank branch. The IFSC code, along with other necessary details, will be displayed on the right-hand side of the page. Users also have the option to search for banks using the IFSC Code.
  
  

• Netbanking/Mobile Banking:
  Account holders can find the IFSC Code on their bank’s netbanking portal or mobile banking application.
  
  

• Reserve Bank of India (RBI) Website:
  Users can visit the official website of the Reserve Bank of India (RBI) to look for the IFSC Code.

• Locating IFSC Code on a Passbook:
  You can find both the IFSC and MICR codes conveniently on the first page of the passbook issued by the bank.
  
  
• Finding IFSC Code in a Cheque Book:
  Simply check the top section of the cheque leaf provided by the specific bank to find the IFSC code.

Electronic or online fund transfers using NEFT, RTGS, and IMPS are facilitated through the use of IFSC codes. NEFT (National Electronic Fund Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment System) are three primary payment services used for online fund transfers. Each service has its characteristics:

 1. NEFT (National Electronic Fund Transfer):

• Process:  Based on Deferred Net Settlement (DNS), funds are transferred in half-hourly batches from 12:30 am to 12:00 am.

• Minimum Transfer Limit:  Re. 1

• Maximum Transfer Limit:  No limit

• Operational Timings:  Available 24×7, 365 days.
  
  

  2. RTGS (Real-Time Gross Settlement):

  • Process:  Real-time and gross basis fund transfer, with money credited to the beneficiary’s bank branch instantly.
  • Minimum Transfer Limit:  Rs. 2 lakh
  • Maximum Transfer Limit:  No limit
  • Operational Timings:  7 am to 6 pm on all working days.
    
    

    3. IMPS (Immediate Payment System):

  • • Process:  Real-time and instant interbank fund transfer process, considered a secure and fast mode of fund transfer.
    • Minimum Transfer Limit:  Re. 1
    • Maximum Transfer Limit:   Rs. 2 lakh
    • Operational Timings:   Available 24×7, 365 days.
      
      

      IMPS Participating Banks
      
      

      Bank	Maximum Limit per Day
      Axis Bank	Rs 2 lakhs
      Punjab National Bank	Rs 5 lakhs
      State Bank of India	Rs 5 lakhs
      HDFC Bank	Rs 2 lakhs
      Kotak Mahindra Bank	Rs 5 lakhs
      Bank of India	Rs 5 lakhs
      Bank of Baroda	Rs 50,000
      AU Small Finance Bank	Rs 10 lakhs
      Canara Bank	Rs 2 lakhs

      Central Bank of India	Rs 2 lakhs
      City Union Bank	Rs 5 lakhs
      DBS	Rs 2 lakhs
      ICICI Bank	Rs 5 lakhs
      IDBI Bank	Rs 50,000
      Indian Bank	Rs 2 lakhs
      Indian Overseas Bank	Rs 2 lakhs
      IndusInd Bank	Rs 2 lakhs

      Federal Bank	Rs 10 lakhs
      Standard Chartered Bank	Rs 5 lakhs
      Union Bank of India	Rs 5 lakhs
      YES Bank Ltd	Rs 2 lakhs
      RBL Bank	Rs 5 lakhs
      UCO Bank	Rs 5 lakhs
      IDFC Bank	Rs 2 lakhs
      Tamilnad Mercantile Bank Limited	Rs 50,000

      HSBC Bank	Rs 30 lakhs
      Karur Vysya Bank	Rs 2 lakhs
      South Indian Bank	Rs 2 lakhs
      Paytm Payments Bank	Rs 5 lakhs
      India Post Payments Bank Limited	Rs 2 lakhs
      JIO Payments Bank	Rs 2 lakhs
      Airtel Payments Bank Ltd	Rs 2 lakhs
      Punjab and Sind Bank	Rs 5 lakhs