Indian Bank IFSC Code is a crucial part of the fund transfer process since it helps account holders to ensure that there are no mistakes while transferring funds. Indian Bank IFSC lets the RBI keep a track of all transactions that are being done across the nation.
How to transfer funds using IFSC codes?
When it comes to funding transfer, IFSC code is essential since various payment systems like NEFT, RTGS, and IMPS require the same. Fund transfer is possible only when the IFSC code is available. Let’s look at each of the payment mechanisms and how IFSC code is used in each:
NEFT, also known as, National Electronic Funds Transfer is a fund transfer mechanism which is set up on the Deferred Net Settlement (DNS). Herein funds can be transferred across the country at any time during the day.
Under NEFT, funds transfer is done in half-hourly batches.
There is no limit set for a maximum and minimum value of fund transfer.
The bank branches of the transferor and the recipient must be NEFT-enabled for the process of fund transfer to take place.
RTGS or Real Time Gross Settlement is another fund transfer mechanism in which the funds can be transferred on a real-time basis.
Fund transfer is done on a gross basis.
There is a minimum limit for fund transfer under RTGS, which is Rs. 2 lakhs.
The bank branches of the transferor and the beneficiary must be NEFT-enabled for the transaction to complete.
IMPS or Immediate Payment System is an interbank fund transfer mechanism which is also real-time. Under this, funds can be transferred 24*7 365 days of the year.
A maximum limit for fund transfer is set under IMPS at Rs. 2 lakhs. There is no minimum requirement.
If you wish to find out ways of locating the IFSC code of Indian Bank, here are some of the few easy alternatives:
MICR code is a unique 9-digit number which can be found in any Indian Bank account’s cheque book. MICR is mainly used for faster processing of cheques.
Examples of MICR Code -
SWIFT is a worldwide network which sends and receives financial transaction-related information across the world. Indian Bank SWIFT code acts as a unique identifier which comes in the Bank Identifier Code (BIC) format. It is essential while making international fund transfers. This code allows banks to communicate messages related to international transfers.
Where to find Indian Bank Swift Code?
You can reach out to the Customer Care Department of Indian Bank if you need to use Swift code for international funds transfer.
1. How do I locate an Indian Bank branch nearest to me using IFSC Code?
Indian Bank IFSC Code is made up of 11 characters in which:
2. How can I locate Indian Bank IFSC Code using an account number?
Account-holders will not be able to search Indian Bank IFSC code with the account number. IFSC Code can be searched through the bank’s net banking portal or by using the mobile banking app.
3. Will an Indian Bank Credit Card contain IFSC Code?
No, credit or debit cards do not have IFSC Code.
4. What is the CIF Number for Indian Bank?
Indian Bank Customer Information File, also known as CIF, is made up of 11-digits. This is used by the bank for decoding information related to existing customers specifically around loans, Demat accounts and KYC. The 11-digit code is unique and assigned to each bank holder.
5. What is BSR Code?
BSR Code stands for Basic Statistical Returns code. This is a 11-digit code provided by the RBI to all banks across India. It helps to maintain records of all the online transactions and sends alerts to the income tax department for major payments done through banks.
6. How do I find the branch code for an Indian Bank branch?
The Indian Bank IFSC Code contains the first 4 characters which are representative of the bank code. The fifth character is 0 and the last 6 characters represent the branch. Hence, you can find the Indian Bank Branch code using the last 6 characters.
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