IndusInd Bank IFSC Code (Indian Financial System Code) is an 11-digit alphanumeric code prescribed by the Reserve Bank of India (RBI) to all the branches of the IndusInd Bank to participate in the net banking system.
For banks carrying out fund transfer electronically, IFSC code is made use of to send or route messages properly to the particular branches of any specific bank.
IndusInd Bank IFSC Code Format
|IndusInd Bank Code||Zero||IndusInd Bank's Branch Code|
Of the 11 digits, the first 4 alphabetic characters are indicative of the bank while the last six digits that are generally numeric but can be alphabetic represent the bank-branch. The fifth character of the entire IFSC code is always a zero.
In the above example, INDB0000540 is the IFSC Code of Udyog Vihar, Gurgaon Branch of IndusInd Bank.
How does the IFSC Code of IndusInd Bank works?
IndusInd Bank IFSC Code is used for electronic transactions. Each IndusInd branch has its unique IFSC code. This code is required to do fund transfer using NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) & IMPS (Immediate Payment Service) modes.
If an account holder wants to send money or transfer funds to a IndusInd Bank's benefeciary account via any fund transfer mode (i.e NEFT, RTGS & IMPS), he/she will be required to enter the correct IFSC code of the benefeciary's bank branch to make the transaction successful.
How to find the IndusInd Bank IFSC Code & MICR Code?
Below are the different modes to look for IndusInd Bank IFSC Code and MICR code:
1. Paisabazaar IFSC Search Tool
To get the IFSC code of any IndusInd bank's branch, one can check the IFSC Code Locator Tool offered by Paisabazaar. Enter the details like Bank name, state, and city. After this, select the branch to get its IFSC code.
2. IndusInd Bank Cheque Book / Passbook
One can also check the IFSC code of his/her bank branch either in the passbook or on the chequebook provided by the bank.
- IFSC code is placed at the top of the cheque
- Cheque number and MICR code are placed at the bottom of the cheque.
What is MICR Code?
MICR Code (Magnetic Ink Character Recognition) is written in a thin strip at the bottom of the cheque, right next to the cheque number helps the RBI to identify the bank branch and process the transactions faster.
3. Reserve Bank of India
The Reserve Bank of India or RBI’s official website also provides a list of banks with their respective IFSC codes participating in NEFT / RTGS transactions.
4. IndusInd Bank Internet Banking / Mobile Banking
One can search for the IFSC code in IndusInd Bank mobile banking app or net banking portal post successful login.
What are the different modes of fund transfer using IndusInd Bank IFSC Code?
Banks provide multiple transfer methods such as National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS), etc. Based on the value of the transaction, the speed of transfer, service availability, and other factors, each of the transfer will provide different kinds of features and flexibility.
|With NEFT, one can transfer money to the recipient’s account in a one-on-one transfer basis with the help of IFSC Code.||Business owners can use RTGS when they need to transfer large amounts and the amount is transferred in real-time.||IMPS is another real-time payment service, but the distinguishing factor is that IMPS is available 24*7.|
|To transfer funds via NEFT, log in to the net banking portal and add the recipient as a beneficiary. Enter details like their name, account number, account type and IFSC code under the Add New Payee section. Choose NEFT as the preferred mode of transfer and enter the amount to be transferred, the fund transfer will be completed.||To transfer funds via RTGS, log in to the banking portal and add the recipient as a beneficiary by entering details like their name, account number, account type, and IFSC code. Then choose RTGS as the mode of transfer and enter the amount to be transferred, and the fund transfer will be completed.||Log in to the net banking portal and select IMPS as the preferred mode of transfer. Then fill in details like the recipient’s mobile number, the recipient’s MMID, the amount to be transferred, and the MPIN.|
About IndusInd Bank
IndusInd Bank, established in April 1994 and headquartered in Mumbai has been ranked 13th in the BrandzTop 50 Most Valuable Indian Brands 2015. The bank has more than 1304 branches and 2617 ATMs (as per July 2019) spread across the country. The bank provides various financial and banking services such as debit/credit cards, savings/current accounts, loans, investments, etc.