Over the years, the way we bank has changed drastically. One such aspect of banking is money transfer. Electronic payment systems like the National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS), or Immediate Payment Service (IMPS) have made fund transfers a breeze. To make such transfers, you need an IFSC Code.
The Indian Financial System Code (IFSC) is an 11-digit alphanumeric code used for online means of fund transfers. The Reserve Bank of India (RBI) assigns an IFSC code to branch each bank. It assigns a unique alphanumeric code to each bank branch to recognize the bank branches and direct the transfer of funds without any errors.
You need the IFSC code while conducting fund transfers electronically through facilities like National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). The format of a typical IFSC code is as follows:
The Magnetic Ink Character Recognition (MICR) code is a 9-digit numeric code that acts as an identifier for Electronic Clearing Services (ECS). You can find the MICR code on the cheque leaf issued by the bank. The format for MICR is as under:
City / Branch Name |
IFSC Code |
MICR Code |
Branch Code |
Mumbai / Fort |
DBSS0IN0811 |
400641002 |
IN0811 |
New Delhi / Barakhamba Road |
DBSS0IN0820 |
110641002 |
IN0820 |
Chennai / Anna Salai |
DBSS0IN0826 |
600641002 |
IN0826 |
Bangalore / Ulsoor Road |
DBSS0IN0827 |
560641002 |
IN0827 |
Kolkata / Nandalal Basu Sarani |
DBSS0IN0828 |
700641002 |
IN0828 |
Pune / Elbee House |
DBSS0IN0830 |
411641002 |
IN0830 |
Nasik / Howson Road |
DBSS0IN0829 |
422641002 |
IN0829 |
Surat / Bhatpore Hazira |
DBSS0IN0831 |
395641002 |
IN0831 |
Salem / Yercaud Road |
DBSS0IN0832 |
636641002 |
IN0832 |
Moradabad / Delhi Road |
DBSS0IN0833 |
244641002 |
IN0833 |
Kolhapure / Gandhinagar Main Road |
DBSS0IN0851 |
416641002 |
IN0851 |
Cuddalore / East Coast Road |
DBSS0IN0852 |
605641002 |
IN0852 |
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IFSC code is an 11-digit alphanumeric code that allows bank-to-bank fund transfers via NEFT, RTGS or IMPS, while MICR is a 9-digit code that facilitates cheque clearances. IFSC code indicates the bank and branch code. On the other hand, MICR code denotes the bank’s pin code, bank code and branch code. IFSC code is used nationwide, but MICR is used universally.
Type |
NEFT |
RTGS |
IMPS |
Full form |
National Electronic Fund Transfer |
Real-time Gross Settlement |
Immediate Payment System |
Settlement |
Half hourly |
Real-time |
Real-time |
Minimum Amount |
No lower limit |
INR 2 Lakh |
No lower limit |
Maximum Amount |
No upper limit |
No upper limit |
INR 5 Lakh |
Availability |
24 x 7 x 365 |
24 x 7 x 365 |
24 x 7 x 365 |