IFSC Code To Bank Finder

Search and Find IFSC Code, MICR Code and Addresses of all Banks in India. Select Bank, State, District, City and Search.

Name STATE BANK OF INDIA
Address GROUNDFLOOR, 262, KRISHNANIKETAN, OPPOGANDHIMARKET, SION, MATUNGAMAINROAD, SION, MUMBAI400022
Branch SION MUMBAI
IFSC Code SBIN0070716
MICR Code 627002054
Centre MUMBAI
City GREATER BOMBAY
District MUMBAI
State MAHARASHTRA
Country IN
Phone Number 24040046

What is an IFSC Code?

IFSC is an acronym for Indian Financial System Code. IFSC code is a unique eleven-digit number which is a combination of alphabets and numerals. It is used to transfer funds online for NEFT, IMPS and RTGS transactions. Usually, the IFSC code can be found on the cheque-book provided by the bank. It can also be found on the front page of the accountholder’s passbook. The IFSC code of each bank branch is assigned by the Reserve Bank of India. The accountholders can easily check the IFSC code of their bank/branch on the Reserve Bank of India’s website. Internet banking transactions for transferring funds, using NEFT, IMPS and RTGS, can’t be initiated without a valid Indian Financial System Code.

Generally, there isn’t any change or update in the 11-digit IFSC code. Recently, the State Bank of India changed Indian Financial System Code of its branches all over the nation after the merger with five associate banks and 1 other bank.

The Importance of IFSC Code

  • Unique Identification- It helps in identifying a particular bank branch
  • Elimination Errors It helps to eliminate any discrepancy in the fund transfer process.
  • Electronic Payments Made Easier- It used in electronic payment tools such as RTGS, IMPS, and NEFT.

How to transfer money with IFSC code?

IFSC Code enables you to transfer money in a quick, easy and hassle-free manner. RBI has assigned IFSC codes specific to each bank and its branches. Fund transfers are done through NEFT, RTGS and IMPS fund with a valid IFSC code. Let’s find out how IFSC Code works while transferring money. Assume the IFSC code of ICICI Bank, Mumbai branch is ICIC000027.

  • The first four digits of IFSC code identify the bank, here it is ICICI Bank
  • The 5th digit is generally 0 (Zero).
  • The following 6 characters 000027, identifies the specific branch of the bank

When a fund transfer is initiated by the payer be it NEFT, RTGS or IMPS. He/she has to provide the bank details such as bank name, branch, account number and the IFSC code of the payee. Once the payer provides all the required details only then will the fund be transferred to the account of the payee with the help of IFSC Code in an error-free manner. Fund transfer with IFSC code is secure, convenient and takes minutes from the time of initiation.

National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals, firms and corporates to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.
The branch code of a bank branch helps in distinguishing one branch from another. It is available on the bank’s website, printed on cheque books and pass-books. The last 6 characters of any given IFSC code is the branch code.
MICR is an acronym for Magnetic Ink Character Recognition. Primarily, this innovative technology authenticates the legality and credibility of paper-based document(s) in the banking database. It can be found on cheques. MICR is at par with IFSC as far as the security of a fund transfer is concerned. MICR code is a product of highly advanced Character Recognition Technology (CRT) used by banks to verify cheques for clearance. MICR technology is used for other bank documents as well. An MICR code is placed at the bottom of a cheque. It includes details such the bank code, account details, amount, and cheque number, alongside a control indicator. The biggest advantage of MICR technology is that it stands out among similar concepts, such as barcodes, as MICR can be read and distinguished by humans very easily.
Electronic funds transfer in India is facilitated by an alpha-numeric code called the Indian Financial System Code (IFS Code or IFSC). This code exclusively recognises each bank branch which participates in the two main settlement and payment systems in India, namely, National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS). IFSC code is an eleven-character code that is assigned by the Reserve Bank of India (RBI). The first portion of the code is composed of four letters representing the bank. Next character is zero that is reserved for future use. The last 6 characters are the identification code of the branch.

We provide creative and quality technology solutions for all companies across different industries all over the globe at the very affordable price.

We specialize in creating professional websites and developing smart web applications.We have the ability to create the web experience you’ve always wanted

0 Shares
Share via
Copy link
Powered by Social Snap