Indian Bank IFSC Code (Indian Financial System Code) is a unique eleven-digit number formed by the combination of alphabets and numbers and is used for fund transfer. IFSC Code of Indian Bank is unique as it helps to identify the source and destination bank in the event of a transaction. For instance – The IFSC code of the Indian Bank branch on Khandsa Road (Gurgaon) is IDIB000K192 and the IFSC code of the Indian Bank branch in Wazirpur is IDIB000W015.
Indian Bank IFSC Code Format
|Indian Bank code||Zero||Indian Bank's Branch code|
The first 4 characters of Indian Bank IFSC code are alphabets which represent the bank code. The fifth character is always 0 while the remaining six characters denote the Indian Bank branch code.
In the above example, IDIB is the bank code for Indian Bank, fifth character is 0 and last six characters (00L019) represent the branch code for Lajpat nagar branch of Indian Bank.
How does Indian Bank IFSC Code works?
When a fund transfer is initiated to a particular payee, one has to provide details including the name of the payee, account number, IFSC code of the receiving bank branch, and the amount.
Once these details are made available by the remitter, he / she will be able to transfer funds to the beneficiary easily, and the IFSC Code of that Indian Bank's branch makes it possible that the money is credited to the correct beneficiary.
How to search for Indian Bank IFSC Code & MICR Code?
There are different ways by which a person can look for the IFSC code of Indian Bank:
1. Account holders can search for the IFSC Code of Indian Bank using the online IFSC Search Tool offered by Paisabazaar. To do the same, follow the steps mentioned below:
- Find the IFSC code search tool at the top of this page.
- Indian Bank is selected as default bank name, it can be changed as per the requirement.
- Select the state and city of the bank's branch for which IFSC code is required.
- Select the bank branch to check its IFSC and MICR codes.
Alternatively, IFSC and MICR codes for any branch of Indian Bank can be found on the following platforms as well:
2. Account holders can check the IFSC Code on their bank cheque. The image below will help understand better:
- IFSC code is mentioned at the top of the cheque
- Cheque number and Indian Bank MICR code are placed at the bottom of the cheque
A MICR code is a unique 9-digit code used by banks to verify cheques for clearance and for faster processing of cheques.
3. Indian Bank account holders can also find IFSC Code on their passbook provided by the bank.
4. The Reserve Bank of India’s website is another way to know the IFSC Code for Indian Bank.
5. Customers can also check the IFSC code in the bank’s mobile application or through internet banking.
How to make fund transfer using Indian Bank IFSC Code?
Under National Electronic Funds Transfer (NEFT), fund transfer settles in 23 half-hourly batches. In order to carry out fund transactions through NEFT, the sender has to provide the beneficiary’s name, IFSC code of Indian Bank or other bank branch (beneficiary bank branch), account type, and account number.
Fund transfers through the Real Time Gross Settlement (RTGS) system occurs in real-time basis. RTGS facility is meant for large value transactions. In order to carry out RTGS fund transfer, the sender needs to provide details including the name of the payee, account number, IFSC code of the beneficiary’s bank branch, and the amount.
Immediate Payment Services (IMPS) is a real time instant inter-bank funds transfer system. This service is available 24 x 7, throughout the year. In order to send money the sender needs to provide beneficiary’s account number, account type, Indian Bank IFSC Code or other bank IFSC Code (beneficiary’s bank branch) and beneficiary’s name.
About Indian Bank
Indian Bank is a public sector bank which was established on August 15th, 1907. Headquartered in Chennai, the Indian Bank has a network of 2872 branches and 3892 ATMs throughout the country. Indian Bank offers various products and services such as deposit accounts, credit cards, debit cards, investment, loans, etc.