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 (Gurgaon) is IDIB000W015.
Indian Bank IFSC Code Format
|Bank code||Zero||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 the remitter provides all these details, he / she will be able to transfer funds to the beneficiary easily as Indian Bank IFSC Code will help to avoid errors in such transactions.
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. Account holders can follow the steps mentioned below:
- Visit the IFSC Code Locator Tool offered by Paisabazaar
- Enter the name of the bank which would be Indian Bank
- Enter the essential information like state and city
- Select the bank branch to check the Indian Bank IFSC Code of a specific bank branch
Alternatively, IFSC and MICR codes for any Indian branch can be found on the following platforms as well:
2. Account holders can check Indian bank 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. Account holders can check their Indian Bank MICR Code at the bottom of their cheque (as shown in the image above).
3. Account holders can also check their Indian Bank IFSC Code on their Indian Bank 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 their Indian Bank 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 bank has a network of 3892 ATMs, 2872 branches throughout the country. Indian Bank offers various products and services such as deposit accounts, credit cards, debit cards, investment, loans, etc.