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Introduction

Federal Bank is one of the oldest banks in India and has been serving the Indian public since 1931. It has gradually grown pan India with more than 1200 branches. Federal Bank allows its customers to use netbanking to transfer funds to other bank accounts across India. India has three major money transfer systems namely, NEFT, IMPS & RTGS. An IFSC Code is very important while transferring money to another bank account, as IFSC Code makes sure that the amount is transferred to the correct bank account in the correct branch. IFSC Code is unique to each and every branch or every bank. It is issued by the RBI for convenient and secure fund transfers from your account.

The IFSC Code of a branch can be easily located on your cheque book or your passbook. It can also be found on the bank’s official website, RBI’s official web page, and generally on the internet. CreditMantri also offers information on the IFSC Code of a bank branch along with various other information for the perusal of the user.

What is an IFSC Code?

The Reserve Bank of India assigns a unique eleven-digit number to each bank branch called the Indian Financial System Code or the IFSC. The specific number is a combination of the two, alphabets & numbers, that are uniquely assigned to a single bank branch. The IFSC code is a basic requirement for online financial transfers, namely the Real Time Gross Settlement (RTGS), the Instant Payment Service (IMPS) and the National Electronic Fund Transfer (NEFT). Without the IFSC code, a financial exchange cannot be carried out since the IFSC code defines the bank branch where the payment is to be made.

What is the importance of an IFSC Code?

The primary function of an IFSC Code is to ensure that the funds are transferred to the right account in the right branch. IFSC Code allows for easier communication between two banks while fund transfers are carried out. Here are a few other advantages of an IFSC Code:

  • It helps transfer money to the right account in the right branch. The IFSC code is unique to each bank or branch.
  • Allows for a quicker and easier transfer of money between bank accounts
  • Removes the risk of fraud or cheating when you use the IFSC Code
  • The IFSC Code makes a direct transfer between the sender and the receiver. If an electronic transaction takes place, all sides get updates or e-mails from the banks involved, whether it is a credit transaction or a debit transaction.
  • Render it much easier for banks to verify the settlement process.
  • Promotes transactions in paperless money. You will now benefit from an electronic, paperless bank transfer with the aid of the IFSC. It aims to make banking eco-friendly. Business transactions, based on IFSC codes, have become simple, fast and paperless.

How to identify an IFSC Code?

The IFSC code consists of 11 characters, the first four are alphabetical letters representing the name of the bank, and the branch number is represented by the last six characters (usually numeric or occasionally alphabetical). The fifth digit is automatically set to 0 (zero); as it is reserved for future use. The Bank IFSC Code enables NEFT & RTGS to send messages to banks / destination branches.

Where can I find the IFSC code of a Federal Bank branch?

Federal Bank has more than 1200 branches across India. Since the IFSC Code is an important piece of information required for bank transfers, it is easily available through a number of sources.

On your Federal Bank cheque book and passbook

Your bank branchs IFSC Code is always printed on your passbook and cheque book. Your cheque book and passbook have a lot of important information regarding your bank branch. Your branch name, branch address, contact number and IFSC Code are some of the information you can find there. However, they will only have the IFSC Code of your bank branch and not the other branches. If you need the IFSC Code of other branches, follow one of the below methods.

On Federal Bank Official Webpage

You can find the IFSC Code for any Federal Bank branch on the official webpage. On the right side of the page, you can find the ‘quick access’ menu. Click on that to find the ‘Locate Us’ option. Scroll on it to bring up other options. Here, you can click on ‘Branches & ATMs’ option. On this page, you can search for a particular branch using the branch name. The displayed details of the branch will include the IFSC Code.

On the RBI website

The official RBI website has a separate section to find the IFSC Code for all banks. Login to the official RBI website. Scroll down to the bottom of the page to find More Links.  Choose IFSC / MICR Codes from this list. Here you can pick the name of the bank from the drop-down list and enter the name of your branch to find the IFSC code.

On the Internet

You can do a simple search on the Internet for the ‘Federal Bank IFSC Code and there are a dozen websites that will provide you with the details.

How to find the IFSC Code of Federal Bank on the CreditMantri website?

CreditMantri will allow you to search the IFSC code for any bank branch within seconds. It has a host of other information for your use pertaining to all departments of Federal Bank. Youll get a one-stop solution to all banking needs by logging in to CreditMantri.

Here are the steps to find the Federal Bank Branch IFSC Code:

  • Login to the CreditMantri Home Page
  • Click Community from the top menu bar and choose Resources.
  • Pick IFSC and MICR Codes Directory from this list.
  • It lists all banks with names and logos of their own. You can select the Federal Bank from the list of banks on this page.
  • You can also use the search bar at the top to quickly find your bank. You can choose the name of the bank, state, district and branch in one shot to get the details.
  • It provides all the important information about the bank for your convenience.

What is the difference between IFSC & MICR Code?

Both IFSC and MICR are used for financial transfers in banks. They are used to transfer money by NEFT, RTGS. However, there is a distinction in the uses of these two and many people are still uncertain about the definition and significance of these concepts.

MICR Code: MICR Code, stands for Magnetic Ink Character Recognition. This can be seen on all checks at the bottom white line known as the MICR Band. This code can also be used for overseas transfers. This is used to improve the security of transactions.

MICR is a very old process used to ensure the protection and security of negotiable instruments and enable the collection of checks. The MICR code includes the specifics of the check, such as the serial number, the 9-digit number. The first three digits represent the city, the next three represent the bank, and the last three digits indicate the branch. RBI has implemented the code to make NEFT (National Electronic Fund Transfer) fast and effective. As the MICR code is written with a special magnetic ink, it is also easy to identify fraud cases by testing the magnetic scanner.

IFSC Code: IFSC code is the Indian Finance Scheme code, specifically recognises all NEFT active bank branches. This coding is used for electronic payment system implementations such as RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), CFMS (Centralized Funds Management Systems). In order to transfer money, one has to know the IFSC code so that the recipient gets the funds directly into his account. There is no physical dispatch of checks between the clearing house and the banks involved. This special coding scheme is used for instant money transfer over the Internet.

So basically, the distinction is, the IFSC Code is used when remitting money by NEFT and RTGS. On the other hand, the MICR code is used only in cheque leaves. So this is largely due to the search method, while the IFSC Code is largely due to the NEFT and RTGS programmes, and the same is also shown on the check leaves for convenience. Although, it must be remembered that both are remarkably different from each other.

FAQs

1. Which is safer? IFSC or MICR?

Both of them are safe in their own accord. IFSC is used for online transfers and MICR is used for cheque remittances. Both of them follow high security standards for a safe fund transfer.

2. What is the key difference between NEFT, IMPS & RTGS?

The key difference between these 3 payments systems is the transfer amount limit and the timings during which you can transfer the money.

3. Is IFSC and Swift Code the same?

No, they are different. The key distinction between the two codes is that IFSC is needed when transferring funds within the country and SWIFT code is needed when transferring funds abroad.

4. Is it possible to transfer funds without the IFSC Code?

If you are going for a bank transfer, it is not possible. But, if you are choosing other transfer methods like e-wallet or UPI, you won’t need the IFSC Code.

5. What is the information required to do a bank to bank money transfer?

In order to transfer money to another bank account, you need the beneficiary account number, account name, account type, and the respective branch IFSC Code.

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