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Introduction

IDBI Bank is an Indian government-owned financial banking organization, formerly known as Industrial Development Bank of India, headquartered in Mumbai, India. It was established in 1964 by an Act of Parliament, to provide credit and other financial facilities to assist the development of the Indian industrial sector. IDBI is currently the 10th largest development bank in the world in terms of reach, with 3700 ATMs, 1995 branches, including one overseas branch at Dubai, and 1382 centres.

IDBI Bank offers online banking services to its customers. Funds transfer is an important part of online banking. Indian banking system has 3 major fund transfer systems namely, NEFT, IMPS & RTGS. All 3 payment systems require the IFSC Code of the beneficiary bank branch to do the fund transfer successfully.

How to use CreditMantri to find the IFSC Code of a specific IDBI Bank Branch?

CreditMantri is a storehouse of trustworthy information! It can be considered as a one-stop solution for all your banking and financial info services. The CreditMantri website makes it easy for you to locate the IFSC Code of any bank branch in India. Follow these steps to find the IFSC Codes:

  • Login to the CreditMantri website
  • Tap the Community button in the top menu bar and select Resources.
  • Choose IFSC and MICR Codes Directory from this collection.
  • It lists all banks with their own names and logos. You can pick IDBI Bank from this page.
  • You can also use the search bar at the top to locate your bank easily. In one shot, you can choose the name of the bank, state, district and branch to get the information.
  • It gives you all the relevant details about the bank for your convenience.

What is the IFSC Code?

An IFSC Code is a 11-digit number assigned to a specific branch of a bank. It is assigned by RBI to facilitate fund transfers using the 3 major payment systems, viz. NEFT, RTGS & IMPS. An IFSC Code makes sure that the money you transfer is credited to the right account in the right branch. It prevents fraud or cheating as it is a completely online process. Without the IFSC code, a financial exchange cannot be affected because the IFSC code determines the bank branch where the money is to be transferred.

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

Why should you use the IFSC Code for fund transfers?

The primary role of the IFSC Code is to ensure that the funds are assigned to the right account in the branch involved. The IFSC Code requires transfers between two banks to be carried out as the funds are exchanged. Here are some of the other benefits of the IFSC Code:

  • It helps transfer money to the right bank account. The IFSC code is unique to every bank or branch.
  • Allows for a quicker and easier transfer of money between bank accounts
  • Removes the risk of stealing or hacking using the IFSC Code
  • The IFSC Code allows for a direct transfer between the sender and the receiver. When a digital transaction takes place, both sides will get notifications or emails from the banks involved, whether it is a credit transaction or a debit transaction.
  • Makes 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 IDBI Bank Branch?

The best way to find the IFSC Code of IDBI Bank branch is on their website.

  • Visit IDBI Bank official web page. 
  • Go to the Branches & ATMs section. 
  • Enter the state, city and branch name to pull out the branch information. 
  • You can find the IFSC Code and various other information pertaining to the branch, like the branch address, contact details, IFSC Code, email address and many more.

Find it on your IDBI Bank account cheque book and pass books

The other convenient way of finding the IFSC Code for your branch is on your cheque book and pass book issued by IDBI Bank. Your cheque book and passbook provide a lot of useful details about your bank branch. Your branch name, branch address, phone number and IFSC code are some of the stuff youll find there. They can, however, only have your bank branchs IFSC code, not the other branches. If you need the IFSC Code for other branches, please follow one of the methods below.

On the official website of RBI

The official RBI site has a section dedicated to the recognition of the IFSC Code for all banks. Login to the official RBI website. To find more links, scroll down to the bottom of the list. Choose IFSC / MICR Codes from this list. Here, you can pick the name of the bank in the drop-down list and type the name of your branch to find the IFSC code.

On the Internet

You can quickly search the Internet for the ‘IDBI Bank IFSC Code and there are a dozen websites that will provide you with the information.

What is MICR Code? How is it different from IFSC Code?

MICR Code: MICR Code, which stands for Magnetic Ink Character Recognition. This can be seen on all cheque leaves at the bottom white line known as the MICR Band. This code can also be used for transfers abroad. This is used to enhance transaction security.

MICR is a very old procedure used to ensure the safety and security of negotiable instruments and to allow checks to be processed for payments. The MICR code contains the information of the cheque, such as the serial number, the 9-digit number. The first three digits are the city, the next three are the bank, and the last three digits are the branch. RBI has introduced this code to make NEFT (National Electronic Fund Transfer) quick and efficient. Since the MICR code is written with a special magnetic ink, it is also easy to detect fraud cases by checking the magnetic scanner.

MICR is primarily used in cheque transactions, whereas, IFSC Code is used for digital transactions. Also, IFSC Code can be used for all three payment methods, viz, NEFT, IMPS & RTGS. It enables real-time settlement of transfers.

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 three 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. What is the benefit of IFSC Code?

IFSC Code enables you to transfer money between bank accounts. It ensures that the money is transferred to the correct account in the correct branch. It also makes money transfers fast and instant.

5. 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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