Bandhan Bank IFSC Code Search

Let us consider an example to understand the structure of the IFSC

Bank Code				Zero	Branch Code
B	D	B	L	0	0	0	1	3	5	5

The first 4 alphabets indicate the bank’s name and hence the IFSC code of each branch of a particular bank will begin with the same 4 characters. The fifth character is always ‘0’ and the last six characters define the specific branch code.

Here ‘BDBL’ is the Bandhan Bank code, the fifth character is ‘0’ and the last six characters (001355) depict the branch code of the Karnal branch of Bandhan Bank in Haryana.

IFSC is an essential part of banking operations. Fund transfer entirely depends on the IFSC as IFSC aids in channelizing the funds to the targeted bank.

RBI started IFSC to monitor the fund transfer activities in the country. IFSC helps the RBI to keep a record of all the transactions taking place in a day. Hence there can be no chance of any sort of fraud or error.

With the advent of netbanking and mobile banking, IFSC is being widely used for fund transfer. Now people don’t have to wait for hours and stand in lines at bank branches to send money. One should know the details of the receiver including the IFSC and you are good to go.

There are many ways to exchange money between various banks but with the increasing technology online banking has become a convenient way of fund transfer. Here are the three fund transfer systems majorly used in India.

NEFT

• NEFT is the most common way to transfer funds from one account to another. This system is based on Deferred Net Settlement (DNS) and operates in 48-batches.
• Earlier NEFT operated on all the working days except the second and fourth Saturday. From December 2020 RBI made NEFT operational 24*7 round the clock.
• One can utilize NEFT both in online as well as offline modes. One can visit the bank branch or can log in to the netbanking portal to transfer the funds using the NEFT.

RTGS

• RTGS is another fund transfer system based on a real-time and a gross basis. Real-time signifies that is no waiting period, the transaction is settled as soon as it is processed.
• RTGS is mostly in case where there is a requirement of large value interbank fund transfers.
• One can utilize RTGS both in online as well as offline modes. One can visit the bank branch or can log in to the netbanking portal to transfer the funds using the RTGS.

IMPS

• An IMPS is an instant fund transfer system wherein funds are transferred instantaneously in real-time.
• The major feature of IMPS is that it is available 24*7 throughout the year.

Features of NEFT, RTGS, and IMPS

Fund Transfer System	Minimum Transfer Amount	Maximum Transfer Amount	Transaction Charges
NEFT	Re.1	No limit	Zero charges
RTGS	Rs.2 lakh	No limit	Zero Charges
IMPS	Re.1	Rs. 2 lakh	Decided by bank

*The maximum transfer value limits mentioned above are as per the RBI guidelines.

• Here are some of the means to find the Bandhan Bank IFSC Code & MICR Code
• One can use the IFSC tool search started by the Paisabazaar. It is a tool that contains IFSC and MIR Codes of all the registered banks in India.
• Another way can be visiting the official website of the RBI.

• • Bandhan Bank Chequebook: A chequebook is a book of cheques used to pay for things or services that a customer owns. One can refer to his/her chequebook to find out the IFSC and MICR codes.

• Bandhan Bank Passbook: Another way to find out the IFSC and MICR code is to check the Bandhan Bank passbook.
• Bandhan Bank Online Banking: Bandhan Bank Mobile Banking and Bandhan Bank Netbanking are the two platforms that give customers easy access to IFSC of various Bandhan Bank Branches.

MICR is a 9-digit unique code participating in Electronic Clearing System. This code is seen on cheque leaf next to the cheque number.

Examples

1. The MICR Code of Dharamsala Branch, Himachal Pradesh is 176750052
2. The MICR Code of Kannur Branch, Kerala is 670750002

Importance of MICR Code

Both IFSC and MICR Codes are essential parameters for fund transfer in India. If the clearing of cheques would have done manually that would have caused a lot of errors and delays in cheque clearing. For this reason, the MICR Code was introduced.

Not only it helps in faster clearing of cheques but it also helps in sending the money to the right bank branch as it is unique to each bank branch.

• • Bandhan Bank Chequebook: A chequebook is a book of cheques used to pay for things or services that a customer owns. One can refer to his/her chequebook to find out the MICR code.

• Bandhan Bank Passbook: Another way to find out the MICR code is to check the Bandhan Bank passbook.
• Bandhan Bank Online Banking: Mobile Banking and Netbanking are the two platforms that give customers easy access to the MICR Code of various Bandhan Bank Branches.

Bandhan Bank Swift Code is a standard for identifying bank accounts during the international fund transfer process. Swift code is the part of the Bank Identifier Code (BIC) and is made of 8 to 11 characters.

How to find the Bandhan Bank Swift Code?

The most convenient way to find the Bandhan Bank IFSC is to contact the Customer Care Department of the Bandhan Bank.

Here are some of the differences between Bandhan Bank MICR Code, SWIFT Code, and IFSC code:

Bandhan Bank MICR Code

1. The full form of MICR Code is Magnetic Ink character Recognition
2. The code is formed of 9-Digits
3. The purpose of this code is to process the clearing of cheques which was earlier done manually
4. It is initiated by the Reserve Bank of India (RBI)

Bandhan Bank SWIFT Code

1. The full form of SWIFT Code is Society of Worldwide Interbank Financial Telecommunication
2. The code is formed by the combination of 8 to 11 alphanumeric characters
3. The purpose of this code is to recognize a bank branch during international fund transfer
4. It is part of Bank Identifier Code (BIC)

Bandhan Bank MICR IFSC code

1. The full form of IFSC is Indian Financial System Code
2. The code is formed by 11-Characters that are alphanumeric
3. IFSC helps the RBI to monitor all the transactions taking place across the country
4. It is introduced by the Reserve Bank of India (RBI)