India Post Payments Bank IFSC or Indian Financial System Code is an 11-character alphanumeric code allocated by the Reserve Bank of India to all the banks and their respective branches. The IFSC Code, in particular, provides a unique identity to all the branches. The use of IFSC Code is mandatory in carrying out electronic or online funds transfer system via NEFT, RTGS or IMPS.
Format of India Post Payments Bank IFSC Code
In the 11-digit IFSC Code, the first 4 characteRs.represent the bank code, the 5th character is a ‘0’ and the last 6 characteRs.represent the specific branch code. Have a look at the below-mentioned example of India Post Payments Bank IFSC Code, Delhi.
| India Post Payments Bank Code | Zero | India Post Payments Bank’s Branch Code | ||||||||
| I | P | O | S | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Here in the above example of “IPOS0000001”, the first 4 characteRs.‘IPOS’ indicate the bank code, the 5th character is a ‘0’ and the last 6 characteRs.‘000001’ represent the branch code of Corporate Office, Delhi.
How to Search for India Post Payments Bank IFSC Code?
Below listed are some of the ways in which a user can find the IFSC Code of Indian Post Payments Bank:
- IFSC Code search tool by Paisabazaar: The users can visit the IFSC Code search tool provided by Paisabazaar and fill all the required details. The IFSC code will be displayed on the right hand side of the page.
- Cheque Book: The IFSC Code can be seen printed on the top left corner of the cheque leaf, while the MICR Code is printed at the bottom.
- Passbook: Both the IFSC and MICR Code can be found on the first page of the passbook provided by the bank.
- Internet / Mobile Banking: The code can be found by logging into the net banking portal or via the bank’s mobile application. The IFSC code can also be found on the bank’s official website.
Online Fund Transfer using India Post Payments Bank IFSC Code
The use of IFSC Code is vital in the electronic or online fund transfer using NEFT, RTGS or IMPS. The NEFT and RTGS services were introduced by the RBI (Reserve Bank of India) while the IMPS service was introduced by NPCI (National Payments Corporation of India).
NEFT (National Electronic Fund Transfer)
NEFT is a nationwide payment system that facilitate the transfer of funds from one bank account to another. The useRs.can electronically send money to any individual having an account with any other bank branch. NEFT services can be availed through IPPB’s mobile banking application, or by visiting the respective access point (Post Office) counters, or by using the doorstep banking services.
RTGS (Real Time Gross Settlement)
This payment system is ideal for high-value transactions. The customeRs.can transfer and receive money via RTGS by using the account number and IFSC Code. The RTGS services can be availed using IPPB’s Mobile banking app. These services are also available at selected access points (post offices).
Immediate Payment Service (IMPS)
IMPS is an electronic fund transfer service for transferring money to any receiver having an account in any other bank. The facility is available 24x7 and the money gets credited immediately. Hence, the customeRs.can avail this facility anytime and from anywhere (including bank holidays).
Limits on Money Transfer
| Payment System | Minimum Amount | Maximum Amount | Per Day Limit |
| NEFT | Re.1 | Rs.1 lakh | Rs.1 lakh |
| RTGS | Rs.2 lakh | Rs.5 lakh | Rs.5 lakh |
| IMPS | Rs.5 | Rs.50,000 | Rs.50,000 |
Note: The above mentioned are the limits of money transfer done via the IPPB Mobile Banking app.
Payment System Timings
| Payment System | Days | Timings |
| NEFT | Available on all days (including Sundays and bank holidays) | 24 x 7 (365 days) |
| RTGS | Monday to Saturday (except 2nd & 4th Saturday and bank holidays) | 8 am to 5:45 pm |
| IMPS | Available all days 24x7 (including Sunday and bank holidays) | 24x7 (365 days) |
Service Charges
| Mode of Money Transfer | Amount | Charges at access point & doorstep | Charges for mobile banking |
| NEFT | Up to Rs.10,000 | Rs.2.25 | Rs.2.25 |
| Rs.10,001 to Rs.1 lakh | Rs.4.75 | Rs.4.75 | |
| Rs.1 lakh to Rs.2 lakh | Rs.14.75 | Rs.9.75 | |
| Above Rs.2 lakh | Rs.24.75 | Rs.19.75 | |
| RTGS | Rs.2 lakh to Rs.5 lakh | Rs.24.50 | Rs.24.50 |
| Above Rs.5 lakh | Rs.49.50 | Rs.49.50 | |
| IMPS | Up to Rs.2000 | Rs.10 | Rs.5 |
| Rs.2001 to Rs.5000 | Rs.20 | Rs.5 | |
| Above Rs.5000 | Rs.50 | Rs.10 |
About India Post Payments Bank
IPPB or Indian Post Payments Bank was set up under the Department of Post, Ministry of Communication. IPPB was introduced as a pilot project on January 30, 2017, in Ranchi and Raipur. IPPB has expanded its network across India covering post offices, via a wide network of 650 IPPB branches or controlling offices. Indian Post Payments Bank is heading up to lead the next revolution of banking as one of the largest financial inclusion, covering both rural and urban areas.