Federal Bank IFSC Code refers to a unique alpha-numeric code assigned to all Federal Bank branches in the country by the Reserve Bank of India. This financial system code helps in online transactions of funds from one bank account to another of the same or different banks.
Federal Bank IFSC Code Format
Let’s now take an example of a specific Federal Bank IFSC Code to easily understand the format of the Federal Bank IFSC code. The IFSC code of Federal Bank (Kochi branch) is FDRL0001033.
|Bank code||Zero||Branch code|
In Federal Bank IFSC Code, FDRL represents the bank name which is Federal Bank. The 5th character is 0 and the last 6 characters 001033 represent the branch code (Kochi).
Some examples are as under -
Why do we need the Federal Bank IFSC Code?
- IFSC code is required for any kind of electronic fund transfer so when a fund transfer is initiated to a particular payee, the IFSC code ensures the fund transfer is carried out in the right bank avoiding any errors that could happen otherwise
- Once the remitter enters all the details and IFSC code, money is sent directly to the correct bank account with the help of the IFSC code
- IFSC code also helps to eliminate errors
- There is no need to go down to the local branch, stand in a queue for an extended period, just to process small money transfers
How to transfer money using the Federal Bank IFSC Code?
Customers can transfer funds via below-mentioned modes:
- RTGS stands for Real Time Gross Settlement
- RTGS is an online fund transfer mode that is meant for high-value fund transactions and the transfer for the same is done on a real-time basis
- The minimum transfer amount in RTGS Rs. 2 lakh
- Maximum Transfer Limit - No limit
- NEFT Stands for National Electronics Fund Transfer
- NEFT is based on Deferred Net Settlement (DNS) and facilitates the transfer of funds from any bank branch to any other bank branch
- The minimum transfer amount in NEFT is Re. 1
- Maximum Transfer Limit - No limit
- IMPS Stands for Immediate Payment Service
- IMPS is an instant fund service and works throughout the day and can be used 24*7 to transfer funds to any other bank account
- The minimum transfer amount in IMPS is Re. 1
- Maximum Transfer Limit - Rs. 2 lakh
How to find the Federal Bank IFSC Code & MICR Code?
Bank customers can easily find the Federal Bank IFSC Code by any of the below-mentioned ways:
- IFSC Search Tool: Account-holders can search for the Federal Bank IFSC Code using the online IFSC Search Tool offered by Paisabazaar by following the steps mentioned below:
- Find the IFSC Code Locator Tool at the top of this page
- Federal Bank is the default bank name selected here
- Enter the essential information like state and city names
- Select the Federal Bank's branch to check its IFSC and MICR codes
- Reserve Bank of India Website: RBI provides the list of all the banks and their branches with IFSC and MICR codes. Simply visit the RBI website and look for the IFSC & MICR of the required Federal Bank Branch.
Where to find Federal Bank IFSC Code?
- Federal Bank Cheque Book
- IFSC code is mentioned at the top of the bank's cheque
- Cheque number and MICR code is present at the bottom of the cheque
- Federal Bank Passbook: Federal Bank provides its account holders with a passbook at the time of account opening. The customers can also find these codes there on the passbook.
- Federal Bank Netbanking or Mobile Banking Application: Account-holders can also check the IFSC Code of their respective bank branches by logging into the Federal Bank Net banking portal or mobile banking application provided by the bank.
What is the Federal Bank MICR Code?
Magnetic Ink Character Recognition (MICR) code of a bank can speak up many things about a particular bank and its branch. MICR Code is set in such a manner that only concerned banking personnel can explore them for authentication purposes.
MICR code is made up of 9 digits in which the first 3 digits show the name of the city, the next 3 digits show code of the bank and the last 3 digits show the branch name.
160049002 is the MICR Code of Chandigarh
Where to find Federal Bank MICR Code?
- Federal Bank Cheque Book: The MICR code is located at the bottom of a cheque leaf, next to the cheque number.
- Federal Bank Passbook: Federal Bank provides its account holders with a passbook at the time of account opening. The customers can also find MICR code on the passbook.
- Federal Bank Netbanking or Mobile Banking Application: Account-holders can also check the MICR Code of their respective bank branches by logging into the Federal Bank Net banking portal or mobile banking application provided by the bank.
- Alternatively, one can get the MICR Code via net Paisabazaar IFSC Tool Locator or the RBI Website.
What is the Federal Bank Swift Code?
SWIFT stands for Society for Worldwide International Financial Telecommunication and is an alphanumeric code that identifies the various financial institution
- This code makes it faster and simpler to send money electronically from one country to another.
- SWIFT codes are used for international money transfer only.
- SWIFT codes have been developed by ISO and contain 8-11 characters
How to find the Federal Bank Swift Code?
The customers can connect with the Federal Bank customer care department not only through the calls but also through emails to get their SWIFT Code.
Difference between Federal Bank MICR Code, SWIFT Code, and IFSC code?
|MICR CODE||SWIFT CODE||IFSC CODE|
|MICR is an acronym for Magnetic Ink Character Recognition||SWIFT code stands for ‘Society for Worldwide Interbank Financial Telecommunication’ code||IFSC Stands for Indian Financial System Code|
|The MICR Code is a 9 digit numeric code that uniquely identifies a bank-branch participating in the ECS Credit scheme||SWIFT Code consists of 8-11 characters used to identify a specific bank in an international transaction, to make sure the money is going to the correct place||IFSC Code is an 11 characters alpha-numeric code which helps in transferring funds electronically from one bank account to another|
|Used for domestic money transfer within India||Used for International money transfer||Used for domestic money transfer within India|
How to locate the nearest Federal Bank branch from IFSC Code?
|Bank Code||Zero||Branch Code|
If we look at the structure of IFSC Code of Federal Bank it can be seen that the Code is made of 11 alpha-numeric characters which can be divided into 3 parts -
- The first 4 characters ‘FDRL’ stands for the bank’s code
- The fifth character is ‘0’ which is same for all the banks
- The last 6 characters ‘001033’ stands for the Federal Bank's branch code
- Hence from the last 6 characters, one can locate the Federal Bank Branch.
Does the Federal Bank Credit Card have IFSC Code?
IFSC is a unique 11-digit code allocated by the RBI to each bank branch in India which is contributing to online fund transfer systems like RTGS, NEFT, and IMPS. IFSC has nothing to do with the credit or debit card of any bank.
However, in case a cardholder wants to make the credit card bill payment, he/she has to enter the Federal Bank Credit Card IFSC Code to make the payment through NEFT/RTGS.
What is the Federal Bank CIF Number?
Customer Information File (CIF) contains the valuable banking information of an account holder in a digital format. Every file is assigned a unique number that pertains to every bank customer.
What is the Federal Bank BSR Code?
BSR Code is a 7-digit code allotted to banks by the Reserve Bank of India used mainly when filing Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) returns.
BSR Code helps banks to keep a clear record of every online payment done towards tax.
How to find the Federal Bank branch Code?
One can find the branch code from the IFSC Code itself. Federal Bank IFSC Code is formed in such a way that the first 4 characters indicate bank code, 5th character is always zero and the last 6 characters indicate the bank branch code.