What is IFSC Code?
It is an 11-digit alphanumeric code that is used for NEFT, RTGS and IMPS fund transfers. IFSC CODE of all banks is assigned by the Reserve Bank of India (RBI). Each code is a unique one and helps in the identification of a specific bank branch.
The first four digits of the IFSC code represents the name of the bank, while the fifth digit is zero (0), which is reserved for future use. The last 6 digits denote the name of the specific bank branch. For example, the SBI IFSC code of the SBI bank branch in Indiranagar is SBIN0003301.
IFSC code is mandatory for fund transfers initiated through net banking. To know the IFSC code of a particular bank branch, you can look it up online. This 11-digit code is also printed on the cheque leaf that is issued by the concerned home bank branch.
What is the Full-Form of IFSC Code?
The Full Form of IFSC Code is Indian Financial System Code. The IFSC Code is a unique 11-character code which describes the bank and branch in which an account is held. The IFSC code is used by the NEFT, RTGS and IMPS fund transfer system.
Format of IFSC Code
The 11 character IFSC code is a combination of 3 essential components:
The first 4 characters represent the bank code
The 5th character is a ‘0’
The remaining 6 characters signify a specific branch code
Example: Here in this case (SBIN0011612), the first 4 characters ‘SBIN’ represent the bank code of SBI, the 5th character is a ‘0’ and the last 6 characters ‘011612’ represent the branch code of that Area.
What is MICR CODE?
The full form of MICR is Magnetic Ink Character Recognition technology. The primary need for this innovation is to authenticate the originality and legality of paper based documents in the banking system and is majorly used on cheques. In terms of their real-world importance, MICR stands on par with IFSC where transfer of funds using NEFT or IMPS is concerned.
MICR code imbibes the cutting-edge character recognition technology that is used by banks to authenticate the clearance of cheques and other such documents. MICR code itself can be seen placed on the bottom strip of the cheque and includes such details as the bank code, account details, cheque number and amount, alongside a control indicator. The principal advantage of this system is that unlike similar concepts like barcodes, MICR can be easily distinguished and read by humans.
What is SWIFT CODE?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) (also known as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. (When assigned to a non-financial institution, a code may also be known as a Business Entity Identifier or BEI.) These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. The codes can sometimes be found on account statements. SWIFT and BIC codes are basically the same.
The SWIFT code is 8 or 11 characters, Example: BBBBUS3MXXX
BBBB 4 letters: Institution Code or bank code.
US 2 letters: ISO 3166-1 alpha-2 country code.
3M 2 letters or digits: location code.
If the second character is "0", then it is typically a test BIC as opposed to a BIC used on the live network.
If the second character is "1", then it denotes a passive participant in the SWIFT network
If the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
XXX 3 letters or digits: branch code, optional ('XXX' for primary office) Where an 8-digit code is given, it may be assumed that it refers to the primary office.
What is SWIFT Code Bank?
SWIFT Code Bank used to Transfer fund to International banks. SWIFTCode Bank are provide the broadest coverage of national bank identifiers. SWIFT Code is identifying Bank Country branches. SWIFT Code Bank is unique for each branch.
What is BIC?
Bank Identifier Code (BIC), SWIFT codes and Routing Code are basically the same.
What is ROUTING CODE?
International banks Routing Code, SWIFT codes & Bank Identifier Code (BIC)are basically the same.
What is Bank IFSC CODE?
The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a Bank-Branch participating in the two main Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) systems. IFSC is used by the NEFT & RTGS systems to route the messages to the destination banks / branches. Bank-wise list of IFSCs is available with all the bank-branches participating in interbank Electronic Funds Transfer. List of bank-branches participating in NEFT/RTGS and their IFSCs is available on the website of RBI & www.ifscswiftcodes.com also. IFSC Code consists of 11 Characters: (ex. BBBB0010476)
First 4 characters represent the entity (BBBBxxxxxxx)
Fifth position has been defaulted with a '0' (Zero) for future use (xxxx0xxxxxx)
Last 6 character denotes the branch identity (xxxxx010476)
IFSC Code Bank
IFSC Code Bank used the RTGS & IFSC Code Bank used NEFT finance transfer systems. IFSCCode Bank are provided by RBI. IFSC Code is identifying Bank branches participating in online fund transfers. IFSCcode Bank is unique for each branch.
How to use IFSC Code Bank for NEFT & RTGS fund transfer
To do online fund transfer the IFSC Code Bank is required. list of Bank IFSC Codes provided respective Bank Branchs. This information can also be used to do online banking. Online mode of payments can be used for transactions like insurance premium payments, Mobile bill payments, Bus and Train ticket booking, flight tickets booking, online shopping, loan emi payments, online Share/equity Trading a/c Fund Transfer, buying mutual funds, bonds and more...
What is Bank BSR Code?
Basic Statistical Return (BSR) Income Tax Department's initiative to receive information and maintain records of tax paid through banks through online upload of challan details is named as OLTAS (Online Tax Accounting System). The collecting bank branch will put a rubber stamp on the challan and its counterfoil indicating a unique Challan Identification Number (CIN) comprising of seven digit BSR Code allotted by RBI to that bank branch, the date of deposit (dd/ mm/ yy i.e. six digits), and the challan serial number in 5 digits. CIN will, therefore, be unique for each challan through out the country and will be used for identifying the challan in the OLTAS. Technical words:
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