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Introduction

HSBC is one of the world’s largest banking and financial services organisations. The company has served more than 40 million customers through its various global businesses: wealth and personal banking, commercial banking, and global banking & markets. In India, the bank operates 26 branches across 14 cities. It offers retail banking solutions to its customers.

Customers of HSBC Bank can use their netbanking facility to carry out various banking transactions related to their account. Fund transfer is an important part of online banking. Customers need the IFSC Code of the beneficiary bank branch to transfer the accounts to the correct account. HSBC Bank IFSC Code can be found easily on your cheque book, internet banking account or the mobile banking app.

What is an IFSC Code?

The Reserve Bank of India assigns a distinct eleven-digit number to each bank branch called the Indian Financial System Code or the IFSC. The particular number is a mixture of the two, alphabets and numbers, that are uniquely allocated to a single bank branch. The IFSC code is a simple component for on-line financial transactions, 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 because the IFSC code specifies the bank branch where the money is to be transferred.

Decoding IFSC Codes

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.

What is the importance of an IFSC Code?

The main purpose of the IFSC Code is to ensure that the funds are allocated to the correct account in the appropriate branch. The IFSC Code enables exchange between two banks as the transferring of funds is carried out. Here are some of the other benefits of the IFSC Code:

  • It helps to move funds to the correct account in the right bank. The IFSC code is unique to every bank or branch.
  • Allows a faster and easier transfer of money between bank accounts
  • Removes the possibility of theft or hacking by using the IFSC Code
  • The IFSC Code shall allow a direct transfer between the sender and the recipient. When a digital transaction takes place, both parties will get alerts or e-mails from the banks concerned, whether it is a credit transaction or a debit transaction.
  • Enable it much easier for banks to validate the settlement process.
  • Promotes purchases of paperless currency. 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, fast and paperless.

How to find the IFSC code of a HSBC bank branch on the CreditMantri website?

CreditMantri would allow you to check the IFSC code for any bank branch within seconds. It has a wealth of other information that can be used for all branches of HSBC Bank. By logging in to CreditMantri, youll get quite a one-stop solution for all banking needs.

Here are the steps to locate the HSBC Bank Branch IFSC Code:

  • Login to the website of CreditMantri
  • Click the Community button in the top menu bar and pick the Resources button.
  • Choose the IFSC and MICR Codes Directory section from this selection.
  • It lists all banks with names and logos of their own. You can select HSBC Bank from this page.
  • You could also use the lookup bar at the top to quickly access your bank. You could choose the name of the bank, state, district and branch in one shot to get the details.
  • It gives you all the details you need about the bank for your ease of access.

What are the other ways to find the IFSC Code of an HSBC bank branch?

HSBC Bank has more than 26 branches in India. It is necessary to use the correct IFSC code to transfer the money to the appropriate bank account. HSBC Bank has a dynamic website that provides all the information necessary for your transfer of funds. It is very easy to find the HSBC Bank Branch IFSC Code;

On your HSBC Bank cheque book and passbook

The IFSC Code of your bank branch is always written on your passbook and cheque book. Your checkbook and passbook have a lot of important information about your bank branch; your branch name, branch address, phone number and IFSC code are some of the things that you will find there. They can, though, just have the IFSC Code of your bank branch, not the other branches. If you need the IFSC Code for other branches, please follow one of the methods below.

On HSBC Bank Official Netbanking platform

You can find the IFSC Code through your HSBC Bank NetBanking login. Once you login to your Netbanking account with your username and password, your account information will have the IFSC Code of the branch.

On the HSBC Bank Mobile Banking platform

HSBC Bank has a mobile banking platform that provides a number of different banking related services to all its customers. Once you login to your mobile banking account, you can find the IFSC Code of your branch there.

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 ‘HSBC Bank IFSC Code and there are a dozen websites that will provide you with the details.

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. 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.

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. How can I transfer money using IFSC code?

It’s very simple to transfer money through your Netbanking account with the help of IFSC:

  • Login to your Netbanking account.
  • Choose Fund Transfers and go to the Add Payee option.
  • To add a payee, you need to input the recipient’s name (as on the account), correct account number and the branch IFSC Code.
  • You can find the branch IFSC Code on the bank website or on CreditMantri.
  • Once you have added the payee, you can transfer funds to them via NEFT, IMPS or RTGS instantly.

4. 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.

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