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Introduction

An alpha-numeric code is needed for transfers of funds between bank accounts in India; The Indian financial system code or the IFSC is the code required for all such transfers. This code refers to each banking branch which is participating in Indias three major payment and settlement systems: NEFT, IMPS & RTGS.

The IFSC code consists of 11 letters, the first four are alphabetical letters representing the bank name, and the branch is represented by the last six characters (normally numeric or occasionally alphabetic). Fifth, 0 (zero) is reserved for future use at the time being. The Bank IFS Code enables NEFT & RTGS to forward messages to the banks / branches of destination. This is the basic format of the IFSC Code

The IFSC shall be issued to all banks and branches by the Reserve Bank of India. The IFSC is an important factor for transfer of funds from your bank account to another bank account. You may use NEFT, IMPS or RTGS to transfer money to another branch. For all three of these ways, the IFSC bank account of the receiver is used to move the money to the correct branch account number.

By incorporating Internet Banking in the Indian Banking System, IFSC code has become more relevant. In the past, MICR code was used to mark the relevant banking branch where the balance has to be charged, recorded on checks or demand draft. IFSC code is popular in the modern banking sector for easy cash transactions with internet money transfers gathering popularity.

Corporation Bank IFSC Codes

Corporation Bank was recently merged with Union Bank of India and Andhra Bank. In 1980, it was nationalised, and has since then acted as the precursor for financial market reforms to grow and adapt. It was founded as the Second Public Sector Bank in 1997, and was 13 times over-subscribed to the IPO in the market. The Bank has many firsts to its credit - cash management systems, gold banking, m-commerce, on-line education loan approvals, 100% conformity to CBS and, most recently, ground-breaking attempts to introduce technology to rural areas through low-cost branch-less banking - Business Correspondent model.

How to find IFSC code of Corporation Bank Branches?

It is very easy to find the IFSC Code of any branch of Corporation Bank. The cheque book issued by your bank will have the IFSC Code of the branch printed on it.

You can also look it up on the bank’s official website. 

  • Visit the Corporation Bank Official Page
  • On the right hand side of the page, you have the quick access menu. 
  • On that menu, select ATMs/Branches. 
  • On the page, select the State/UT. 
  • It will display all the branches for the selected state. 
  • You have an ’Enter Area’ field to filter your search using City or Branch.
  • It will display the list of all the branches matching your search criteria, and you can choose the relevant branch.
  • The displayed branch details will include the IFSC Code of the branch too.

How to find the IFSC Code of Corporation Bank Branches on CreditMantri?

CreditMantri lets you search an IFSC code for every bank branch in a matter of minutes! It has a lot of other details for your usage on any bank branch. You get a one-stop-solution for all banking questions by logging into CreditMantri.

Here are the steps to find the IFSC Code of Corporation Bank Branches: 

  • Login to CreditMantri home page
  • From the top Menu bar, tap on ‘Community’ and choose ‘Resources’.
  • On this page, select ‘IFSC and MICR Codes Directory’
  • It lists all the banks with their names and logo. You can select Corporation Bank from this list.
  • You can also use the search bar on the top to find your bank quickly. You can select the bank name, state, district and branch in one shot to pull up the details.
  • It shows all the important details pertaining to the bank for your convenience.

What are the advantages of using an IFSC Code for bank transfers?

The primary application of IFSC Code is during online money transfer. India has 3 major money transfer systems; NEFT, IMPS & RTGS. All 3 systems require the IFSC Code of the recipient’s bank branch to ensure that the money is credited to the right bank account at the right branch. Here are some other advantages of using IFSC Code for banking:

  • It helps move funds to the right account in the right branch. The IFSC code is unique to every bank and branch.
  • Allows quicker and easier transfer of money between bank accounts
  • Removes the risk of fraud when using the IFSC Code
  • The IFSC Code enables a direct transfer between the sender and the receiver. When an internet transaction is initiated, notification or e-mail from both parties is received from the banks concerned, whether it is a credit or debit transaction.
  • Makes it possible for banks to verify the settlement process.
  • Promotes paperless cash transactions. You will now benefit from an electronic, paperless bank transfer with the assistance of the IFSC. It seeks to make banking environmentally sustainable. Business transactions, based on IFSC codes, have become simple, easy and paperless.

How to transfer money using IFSC code?

Money transfers through Netbanking is very simple. You just need the recipients account number and branch to initiate a fund transfer. There are 3 ways to transfer money from your bank account; NEFT, IMPS & RTGS

  • Login to the banks official Netbanking page using the username and password. You must first add the recipient to the account as a beneficiary.
  • Pick the Add option and input the name of the beneficiary, the number of the beneficiary account, the account form and the interbank transfer cap in the fields given.
  • Later, enter the IFSC code for the beneficiary bank site.
  • Now press the Accept Terms of Service (Terms and Conditions) button followed by Confirm
  • You will now receive an OTP to authorise the transfer of the beneficiary to your account. It will take a couple of hours to link the beneficiary to your account.
  • To remit funds to the Inter-Bank Payee, select the Inter-Bank Transfer option.
  • Choose the beneficiary from the list of beneficiary accounts and choose the transfer type as NEFT/IMPS/RTGS.
  • Enter the amount to be transferred and press Accept Terms of Service followed by Confirm.
  • You will be asked to enter an OTP to validate the transaction.
  • You may be required to enter an OTP to confirm the transaction. 
  • Upon validation, the amount will be transferred to the beneficiary account.

FAQs

1. Is the IBAN number and the IFSC Code same?

IBAN number is your International Banking Account number. It is used for international money transfers only. Whereas, IFSC Code is used for domestic bank transfers. They are not the same.

2. Can I transfer money without IFSC code?

The answer is both yes and no. In order to transfer money via Netbanking, IFSC code is needed. Netbanking allows you to transfer money via NEFT, IMPS & RTGS. However, in recent years, UPI money transfers or e-wallet money transfers have gained popularity. These methods only consider the mobile number linked to yours and the recipient’s bank account, and hence does not require the IFSC for a bank to bank money transfer.

3. What will happen if I enter an incorrect IFSC while transferring money?

The chances of making an error with the IFSC code are less as the page will display the branch details once you enter the IFSC Code, while adding the payee. In spite of that, if you have entered an incorrect IFSC Code, the transfer will match the account number of the recipient and send the money to that account. The chances of a bank having the same account number in two different branches is slim and hence the money will land in the correct account eventually. However, it is imperative that you double check the IFSC Code before initiating the transfer.

4. Where can I find the IFSC codes of a bank?

IFSC Codes can be found on the official website of all the banks. You can also find them from the CreditMantri website. Go to ‘Community’ and choose ‘Resources’. On this page, select ‘IFSC and MICR Codes Directory’. Here, you can choose the bank and the respective branch to find the IFSC Code.

5. Can 2 bank branches have the same IFSC Code?

It is impossible for 2 bank branches to have the same IFSC Code.

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Latest & Update Ifsc Code Corporation Bank News

Corporation Bank Customers: Make Sure to Update your IFSC Codes before 1st April9 Mar 2021

The existing IFSC codes for Corporation Bank will not be applicable after 1st April 2021. This move comes due to the merger of Corporation Bank and Andhra Bank with Union Bank of India. Existing Corporation Bank customers are requested to update thei...

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The existing IFSC codes for Corporation Bank will not be applicable after 1st April 2021. This move comes due to the merger of Corporation Bank and Andhra Bank with Union Bank of India. Existing Corporation Bank customers are requested to update their branch IFSC codes and intimate the same to all remitters. You can find the updated IFSC code for your branch using any of the following methods: 1: Visit the website of Union Bank of India and navigate to the amalgamation centre 2: Call the customer care at 1800-208-2244/1800-425-3555/1800-425-1515 3: SMS IFSC <old IFSC> to 09223008486. New Corporation Bank IFSC codes will start with UBIN09.

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