What is ifsc code of bank

More from ELSS ». More from Equity ». More ». More from Top ETFs ». More from Top Listed Bonds ». It is a digit alpha-numeric code that uniquely identifies a bank branch participating in any RBI regulated funds transfer system.

The first 4 digits of the IFSC represent the bank and last 6 characters represent the branch. The 5th character is zero. The first 3 digit of the code represents the city code, the middle ones represent the bank code and last 3 represents the branch code.

One can locate the MICR code at the bottom of a cheque leaf, next to the cheque number. It is also normally printed on the first page of a bank savings account passbook. MICR Code is used in the processing of cheques by machines. This code enables faster processing of cheques.

One is required to mention the MICR code while filing up various financial transaction forms such as s investment forms or SIP form or forms for transfer of funds etc. A cheque number is a 6-digit number uniquely assigned to each cheque leaf. It is written on the left-hand side at the bottom of the cheque. It is advisable to check i.

This is to ensure that no cheque is missing from the cheque book. Ideally, you should record the transaction you have used each cheque leaf for in the transaction record slip attached at the start or end of a cheque book. In this record, you should mention the cheque number, date of cheque, amount and payee. A MICR number on the cheque is written at the bottom of the cheque, on the right-hand side of the cheque number.

It allows transfer of money on real time basis within 1 hour. As per RBI, there is a minimum transaction limit of Rs. This facility is available on RTGS enabled bank branches. A charge of up to Rs. IMPS fund transfer is secure and uses two- step verification process to perform transactions.

There is no minimum limit on fund transfer but maximum limit is different for different banks. This facility is available when customer has a mobile banking or internet banking facility. The charges attached to this facility are up to Rs. The IFSC code of all accounts in the same branch of the bank is standard.

It is an 11 digit alphanumeric code where the first 4 characters of IFSC code represent the name of the bank, the fifth character is 0, and the last 6 numbers define the branch code of the bank You can find the IFSC Code on the cheque and passbook provided by the bank or else you can search for IFSC Code at the respective bank website or at RBI's website.

IFSC code is an 11 digit code where the first 4 characters of IFSC code represent the name of the bank, the fifth character is 0, and the last 6 numbers define the branch code of the bank. IFSC Code of each branch of the bank is unique and is required for fund transfer through online mode in India. The unique code provided to each bank ensures the safety of transfer. However, no one can misuse the IFSC code for fraud or theft. Best Loan Against Property Offers starting 6.

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