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List of IFSC code, MIRC code and addresses of all banks in India
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 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.
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.
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:
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:
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
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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