Indian Bank IFSC Code is a unique 11-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 recognize the source and the destination financial institutions during the process of fund transfer.
Indian Bank IFSC Code Structure
| Indian Bank code | Zero | Indian Bank's Branch code | ||||||||
| I | D | I | B | 0 | 0 | 0 | G | 0 | 2 | 8 |
If we look at the IFSC Code of the Gaya Branch, Bihar it can be seen that the initial 4 digits indicate the bank, the middle digit remains zero and the last 6 digits indicate the branch.
Examples of Indian Bank IFSC Code
| Branch | IFSC Code |
| Digboi, Assam | IDIB000D022 |
| Gaya, Bihar | IDIB000G028 |
| Anand Vihar, Delhi | IDIB000A128 |
Why do we need the Indian Bank IFSC Code?
Indian Bank IFSC Code is an important part of the fund transfer system as it helps customers to avoid mistakes during the process of fund transfer. Indian Bank IFSC helps the RBI to keep track of all the transactions being carried out across the country.
How to transfer money using the Indian Bank IFSC Code?
IFSC code is used to perform fund transfer through various payment systems such as NEFT, RTGS, and IMPS but fund transfer is only possible with the help of the IFSC Code.
NEFT
| National Electronic Funds Transfer is a fund transfer system based on Deferred Net Settlement (DNS) wherein funds are transferred across the country 24*7 |
| Funds transfer takes places in half-hourly batches |
| There is no maximum and minimum value for fund transfer |
| Both the bank branches of the remitter, as well as the beneficiary, should be NEFT-enabled to process the fund transfer |
RTGS
| Realtime Gross Settlement is a fund transfer system wherein the funds are transferred on a real-time basis |
| Fund transfer takes place in real time and on gross basis |
| The minimum limit of fund transfer set on RTGS is Rs. 2 lakh |
| Both the bank branches of the remitter, as well as the beneficiary, should be NEFT-enabled to process the transactions |
IMPS
| Immediate Payment System is a real-time interbank fund transfer system wherein funds are transferred 24*7 throughout the year |
| The maximum limit of fund transfer set on IMPS is Rs. 2 lakh but there is no minimum limit |
How to find the Indian Bank IFSC Code & MICR Code?
IFSC Code search by Paisabazaar
Paisabazaar offers a tool whereby customers can find the required IFSC and the MICR code. Here are steps to do so -
Step1. Visit the Paisabazaar IFSC code locator tool
Step2. Choose the bank as “Indian Bank” from the drop-down
Step3. Select the required state, city, branch
Step4. IFSC Code along with the MICR code will be displayed on the screen
Reserve Bank of India
RBI is the regulatory body in the country that controls all the commercial banks and the non-banking finance companies in the country. RBI contains the IFSC and MICR codes of all the branches of the Indian Bank.
Where to find the Indian Bank IFSC Code?
Some other platforms apart from the Paisabazaar IFSC Tool locator and the RBI website are listed below -
- Indian Bank Cheque Book: One can find the IFSC Code printed on the top of a cheque leaf
- Indian Bank Passbook: Pass book is another platform that can be used to get the IFSC of the Indian Bank
- Indian Bank Netbanking/Mobile Banking: Customers can login into the Indian Bank Netbankingaccount or the Mobile Banking App to find the same
What is the Indian Bank MICR Code?
MICR code is a 9-digit number that can be found in your Indian Bank account cheque book. This code is used for the faster processing of the cheques.
Examples of MICR Code -
786019003 is the MICR Code of the Digboi Branch, Assam
823019096 is the MICR Code of Gaya Branch, Bihar
Where to find Indian Bank MICR Code?
- Indian Bank Cheque Book: One can find the MICR Code printed on the bottom of a cheque leaf
- Indian Bank Passbook: Pass book is another platform that can be used to get the MICR Code of the Indian Bank
- Indian Bank Netbanking/Mobile Banking: Customers can login into the Indian Bank Netbanking Account or the Mobile Banking app to find the same
Alternatively one can use the IFSC Code locator by Paisabazaar.
What is the Indian Bank Swift Code?
SWIFT is a network that sends and receives information about financial transactions across the globe. Indian Bank SWIFT code is a unique identifier that is in the standard Bank Identifier Code (BIC) format and must be provided at the time of making international fund transfers. The code lets banks communicate messages about international transfers.
How to find Indian Bank Swift Code?
Get in touch with the Customer Care Department of the Indian Bank to avail of the Swift Code.
Difference between Indian Bank IFSC, MICR & SWIFT Code
| IFSC Code | MICR Code | SWIFT Code |
| Stands for Indian Financial System Code | Stands for Magnetic Ink Character Recognition | Stands for Society for Worldwide Interbank Financial Telecommunication |
| Is a unique identification code required for electronic transfer of funds via NEFT, RTGS and IMPS system | MICR code uses magnetic ink and makes the processing of a large number of cheques easier | Swift code helps in easier identification of the financial institution thus making an international transfer of money instant |
| Contains 11 alphanumeric characters | Contains 9-digits | Contains 8 to 11 characters |
Frequently Asked Questions (FAQs)
How to locate the nearest Indian Bank Branch from IFSC Code?
Indian Bank IFSC Code is formed by 11 characters in such a way that
- First four characters display the bank name
- The last six give the branch information
- The fifth character is set to numeric zero for future reference
Hence from the last six digits, one can locate the nearest bank branch.
How to search Indian Bank IFSC Code by account number?
Account-holders can’t do Indian Bank IFSC code search by account number as of now. They can check their IFSC code by logging into the bank’s net banking portal or mobile banking app.
Does Indian Bank Credit Card have IFSC Code?
No, a credit or a debit card doesn't contain any kind of IFSC Code.
Indian Bank IFSC Code is a unique 11-digit number formed by the combination of alphabets and numerals used for fund transfer.
What is the Indian Bank CIF Number?
Indian Bank Customer Information File(CIF) Number comprises of 11-digits that are used by the bank to decode the information of their customers about the loans, demat and KYC. The 11 digit code is unique for each of the bank holders. And it cannot be changed.
What is Indian Bank BSR Code?
BSR Code refers to Basic Statistical Returns code which is an 11-digit code allotted by the RBI to all the registered banks in India used to maintain records of all the online payments and alerts the income tax department about the payments through banks.
BSR Codes usually appear on the following documents:
- TDS certificates
- In OLTAS challan and deduct details
- In Challan Identification Number (CIN), which is unique for each challan
How to find the Indian Bank branch code?
If we look at the Indian Bank IFSC Code format, the first 4 characters represent the bank code. The fifth character is 0 (zero), whereas the last 6 characters of the code represent the respective branch.
So from the last 6 characters, one can find out the Indian Bank Branch code.