CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
List of IFSC code, MIRC code and addresses of all banks in India
Lakshmi Vilas Bank Limited was established in 1926 by seven businessmen under the guidance and leadership of Shri V.S.N. Ramalinga Chettiar. The primary objective of the bank was to serve the financial needs of people in Karur and primarily those who were in trading businesses, agriculture and allied industries. The bank was set up on 3 November 1926 and after the introduction of the Banking Regulations Act, 1949 it obtained a banking license issued by RBI on 19 June 1958. It was pronounced a ‘scheduled commercial bank’ on 11 August 1958 and this marked the beginning of its operations as a full-fledged commercial bank.
Indian Financial System Code (or more commonly known as IFSC code) is an alpha-numeric code consisting of 11-digits. It is mainly used to identify branches of banks in the National Electronic Funds Transfer (NEFT) network by RBI. IFSC code is essential in electronic payment system applications like NEFT. This code is a must for online fund transfers from one bank account to another. Every bank branch is given a unique code by RBI and the code is never repeated across branches.
The first 4 digits of an IFSC code give reference to the bank name and the last 6 characters denote the particular branch. The 5th character is generally set at zero.
Following are some of the key functionalities that IFSC code enables for banks and RBI:
Seamless online funds movement: IFSC code helps with convenient and seamless transfer of funds across bank accounts. IFSC Code is compulsory to facilitate all kinds of electronic or online funds transfer mechanisms like NEFT, RTGS or IMPS
Close monitoring of transactions: IFSC code is required by RBI for keeping regular track of various banking transactions. This helps to minimise all potential discrepancies involved in the fund transfer process.
Unique identity: IFSC code provides a unique identity to all banks and branches. This helps customers in avoiding all possible errors during fund transfer.
Elimination of Errors: IFSC code allows users to securely carry out fund transfers, thereby eliminating any possible frauds.
IFSC code is made up of 11 characters and is a combination of the following essential components:
Here are the main benefits offered by the Indian Financial System Code (IFSC):
Here are the different uses of IFSC Code. IFSC code allows seamless fund transfer across banks and branches.
Funds Transfer: With IFSC Code, users can easily transfer funds instantly and easily. Users need to state the beneficiary’s account number, branch name, IFSC code for easy online transfers.
Bill Payments: IFSC code also allows easy bill payments such as credit cards, etc. The transactions can be carried out using smartphones, laptops, tablets, etc.
IFSC code is primarily used for the transfer of funds online through three main payment mechanisms across India. These include IMPS, NEFT and RTGS. The 3 fund transfer mechanisms allow easy net banking and mobile banking transactions.
NEFT - NEFT stands for National Electronic Fund Transfer. This electronic payment mechanism is available to use in India for fast interbank funds transfer. In NEFT, the fund transfer can take anywhere between 1-2 hours. The main benefits of NEFT include no minimum and maximum transaction amount. This is available with all major banks in India. The money transfer can be done between 8 AM to 6:30 PM on all weekdays and 8 AM to 1 PM on Saturdays. NEFT fund transfer charges usually vary across banks. NEFT charges can range from Rs. 2.5 to Rs. 25 and GST and differ as per transaction amount.
RTGS - RTGS stands for Real-Time Gross Settlement. It is known as one of the fastest interbank funds transfer mechanisms in India. Funds transfer can be done on a real-time basis when it comes to RTGS. A minimum transaction of Rs. 2 lakhs is required in RTGS. All RTGS enabled banks to provide this facility. The mechanism allows fund transfer on all working days between 8 AM to 4 PM from Monday to Friday and Saturdays. It requires a Rs. 60 plus GST charge for fund transfer. The charges could vary as per transaction amount.
IMPS – IMPS stands for Immediate Payment System. This electronic fund transfer facility involves a transfer to the beneficiarys account in a matter of a few seconds. IMPS fund transfer is safe and involves a two-step verification process for performing transactions. It doesn’t have any minimum fund limit. The maximum limit could differ across banks. This facility can be used by customers through mobile banking and internet banking. User can transfer funds 24*7 easily even on bank holidays. This facility comes with a charge of Rs. 15 plus GST as per the fund transfer value.
1. How do I find IFSC code using account number?
The IFSC code comes in a standard format. You can easily find the IFSC Code on your cheque book and passbook or you can search IFSC Code on the bank’s website. It is, however, not possible to search IFSC code online using your account number.
2. How is IFSC code designed and are there any examples to understand its format?
IFSC code is designed as an 11-digit code where the first 4 characters are for the bank’s name and the last 6 characters are for the branch code. For example, the State Bank of India IFSC code comes with the first four letters as SBIN. The remaining 6 digits are for specific branch code. The IFSC code of SBI branch at Azadpur, Delhi is SBIN0001707, in which, 001707 is the branch code.
3. Is it safe to share IFSC code?
IFSC Code for each bank branch is unique and it must be presented for fund transfer requests made online across India. The code is tagged to each bank branch and ensures that transactions are carried out safely. IFSC Code can be shared, however, misuse or usage for fraudulent purposes is prohibited.
4. What is the importance of IFSC code?
IFSC Code is important for online transfer of funds between banks across India. It allows instant transfer of funds through online modes like NEFT RTGS and IMPS. It provides a safe and secure mode of fund transfer.
5. Who allocates IFSC code?
The Reserve Bank of India has the sole authority in India as far as allocation of IFSC codes to bank branches is concerned.
6. Are Swift codes and IFSC codes similar?
No, both are different. IFSC code is mainly used for funds transfer through systems like IMPS, NEFT and RTGS across India. Swift Code is required for international funds transfer between different banks.
Get loans starting from 11.25% interest rate
Know how to improve credit score
FREE credit analysis for 1 year
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.