IDFC Bank Indian Financial System Code (IFSC) is an 11-digit alphanumeric code that helps in uniquely identifying a specific IDFC bank branch participating in the online fund transfer system. The code is used to identify both the originating and the destination bank and the respective bank branches. The codes are assigned to banks by the Reserve Bank of India helping the users in all the electronic payment options via NEFT, RTGS or IMPS.
IDFC Bank IFSC Code Format
|IDFC Bank Code||Zero||IDFC Bank’s Branch Code|
The above-mentioned format is an example of the IDFC Bank IFSC Code Gurgaon. In the 11 digit code (IDFB0021002), the first 4 characters ‘IDFB’ indicates the bank code, the 5th character is a ‘0’, and the last 6 characters (021002) represents the unique branch code of M.G. Gurgaon Branch.
Importance of IDFC Bank IFSC Code
- It helps in the unique identification of a specific bank branch
- It helps to minimize any discrepancy in the online fund transfer process
- It is mandatory in the use of electronic funds transfer via NEFT, RTGS or IMPS
How to search for IDFC Bank IFSC Code?
There are several ways in which a user can find the IFSC Code of a IDFC Bank's branch. The code can be found either online or offline. Have a look at the below-mentioned ways to find out the IDFC Bank IFSC Code:
- IFSC Code search tool by Paisabazaar: Find the IFSC Code search tool at the top of the page, IDFC bank is the default bank name selected here. Now, select the other required details like the state name, city name and the branch name. The IFSC Code along with the other details gets displayed on the right hand side of the page.
- Cheque: The IFSC Code can be found on the top side of the cheque leaf provided by the bank. The customers can also find the IFSC as well as MICR (Magnetic Ink Character Recognition) Code on their respective passbooks. The picture given below will add to the understanding -
- IDFC Netbanking: The account holders can get the IFSC Code from the official bank’s website or from logging into net banking. The users can also look for the IDFC Bank IFSC Code on the official website of the RBI (Reserve Bank of India).
What is MICR Code?
Magnetic Ink Character Recognition or MICR Code is a 9-digit code used for the faster processing of cheques. MICR operates by uniquely recognizing the characters printed on the bottom of every cheque leaf. MICR Code is also unique for every bank branch. In the 9-digit code, the first 3 signifies the city code, the middle 3 denoted the bank code while the last 3 digits represent the specific bank branch code.
Online Funds Transfer using IDFC IFSC Code
IFSC Code is mandatory in processing any online funds transfer via NEFT, RTGS or IMPS. In order to carry out transactions via these processes, the user needs to provide the required details like:
- The beneficiary’s name
- IFSC Code of beneficiary bank branch
- Account type
- Account number
NEFT- National Electronics Funds Transfer System
NEFT is a payment system facilitating online money transfer from one bank to the other. Both the originating as well as the destination bank should be NEFT-enabled to process the transaction.
RTGS- Real Time Gross Settlement
In RTGS, the transfer of funds takes place on a continuous and real-time basis. This system is primarily used for carrying out large value transactions. Both banks should be RTGS-enabled for successful transaction.
IMPS- Immediate Payment Service
IMPS is a quick and real-time payment service that is available round the clock. The service is available 24X7 and can be processed through internet banking or mobile banking.
|Minimum transfer amount||Re.1||Rs.2 lakh||Re.1|
|Maximum transfer amount||No limit||No limit||Rs.2 lakh|
|Operational Timings||8 am to 7 pm- all working days (except 2nd & 4th Saturdays)||8 am to 6 pm- all working days (except 2nd & 4th Saturdays)||24X7 (365 days)|
|Turn around time||Credit to the beneficiary within 1-2 hours||Credit to the beneficiary within 1-2 hours||Immediate credit to beneficiary|
*The information given above is as per the guidelines of RBI.
IDFC Bank IFSC- FAQs
Q. What is a branch code?
A. In the 11 digit IFSC Code, the last 6 characters signify the specific branch code.
Q. Is IFSC Code required for money transfer?
A. For any bank transfer, it is necessary to identify the beneficiary’s bank and branch and hence IFSC Code is mandatory for carrying out bank transfers via NEFT, RTGS or IMPS.
Q. Why is IFSC Code important?
A. IFSC helps in processing money transfer electronically by sending or routing messages to the specific bank branches. IFSC is also used in acknowledging both the originating and destination bank branches involved in the transfer process.