Barclays Bank IFSC Code or Indian Financial System Code is an 11-digit alphanumeric code that uniquely identifies all banks and their respective branches participating in online fund transfer process. The codes are assigned by the Reserve Bank of India (RBI) thereby keeping a track of all the banking transactions by an individual. The electronic or online transactions for transferring funds via NEFT, RTGS or IMPS cannot be initiated without a valid IFSC Code.
Barclays Bank IFSC Code: Structure and Importance
Structure
The 11-digit IFSC Code is a combination of 3 essential components:
- First 4 characters indicate the bank code
- 5th character is a ‘0’
- Last 6 characters signify a specific branch code
| Barclays Bank Code | Zero | Barclays Banks’ Branch Code | ||||||||
| B | A | C | R | 0 | I | N | B | B | I | R |
The above-mentioned example ‘BACR0INBBIR’ is the IFSC Code of Barclays Bank, Mumbai. The first 4 characters ‘BACR’ represents the bank code, the 5th character is a ‘0’ and the remaining 6 characters ‘INBBIR’ denotes the branch code of Mumbai.
Importance
- Hassle-free fund transfer: The use of IFSC Code is mandatory in the electronic fund transfer via NEFT, RTGS or IMPS, which is a rather convenient method of transferring money
- Unique identification: IFSC helps in the unique identification of all banks and their respective branches
- Eliminating errors: IFSC helps customers to transfer funds securely hence eliminating all the possible chances of any discrepancy in the online fund transfer process
- Monitoring transactions: The Reserve Bank of India uses the IFSC code to monitor all the online transactions by an individual
Where to find Barclays Bank IFSC Code?
The Barclays Bank account holders can find the IFSC Code both online and offline. Listed below are some of the ways:
Online
1. IFSC Code search tool by Paisabazaar: The users can visit the page and enter the required details like the bank name, state, city, and the branch name. The IFSC & MICR Code will be displayed on the right-hand side of the page.
2. RBI: The users can find the IFSC code as well as the MICR code on the official website of the Reserve Bank of India.
3. Barclays Bank Netbanking or Mobile Banking: The codes can be found on the bank’s official website or application or by logging into net banking.
Offline
1. Cheque book: The IFSC Code is present at the top left side of the cheque leaf where the MICR Code is printed at the bottom. The given picture will add to the understanding -
2. Passbook: One can find the IFSC and MICR code on the first page of the passbook provided by the bank.
Online Fund Transfer using Barclays Bank IFSC Code
The use of IFSC Code is mandatory in processing the online or electronic funds transfer via NEFT, RTGS or IMPS.
Information required for Fund Transfer:
1. Amount to be remitted
2. Name of Beneficiary Bank
3. Name of Beneficiary
4. Account number to be debited
5. Account number of Beneficiary
6. IFSC Code of Beneficiary’s bank branch
Fund transfer via NEFT: National Electronic Fund Transfer (NEFT) helps the customer to transfer funds from one bank to another. The whole process is based on a deferred settlement process through which the transactions are carried out in settlements. The funds transfer via NEFT settles in 23 half-hourly batches.
- Minimum transfer limit: Re.1/-
- No maximum transfer limit
- Service timings: 8 am to 7 pm- all working days (except 2nd and 4th Saturday)
- No inward transaction charges
Fund transfer via RTGS: The transfer by this system gets initiated instantaneously and on a real-time and gross basis. The majority of high-value transactions are facilitated via RTGS system. The remitter needs to provide the basic bank account details of the beneficiary required for the fund transfer.
- The minimum fund transfer limit is Rs.2 lakh
- No maximum transfer value
- Operational Timings: 8 am to 6 pm for all working days (except 2nd & 4th Saturdays)
- No charges for inward transactions
Fund transfer via IMPS: IMPS provides an instant 24X7 electronic fund transfer facility. IMPS is considered a secure and faster mode of fund transfer in comparison to RTGS and NEFT. The transfer of money can be initiated using the beneficiary account number and IFSC Code.
- Minimum money transfer value: Re.1/-
- Rs.2 lakh is the maximum transfer value
- Is available 356 days, 24X7
- Charges are decided by individual member banks
*There are no holiday restrictions or timing issues for IMPS remittances
About Barclays Bank
With its headquarters in London, Barclays Bank is a British Multinational Investment Bank and financial services company. Barclays Bank’s 4 core businesses include corporate banking, personal banking, investment management, and wealth management.