Jp Morgan Bank IFSC Code or Indian Financial System Code is an 11-digit alphanumeric code that uniquely identifies each bank branch participating in the online or electronic payment settlement via NEFT, RTGS or IMPS. The code is assigned to each bank and their respective branches by the Reserve Bank of India (RBI).
Structure of Jp Morgan Bank IFSC Code
The 11-digit IFSC code is a combination of alphabets and numerals. The code is divided into 3 essential parts:
- The first 4 characters indicate the bank code
- The 5th character is a ‘0’
- The remaining 6 characters signify the branch code
| Jp Morgan Bank Code | Zero | Jp Morgan Bank’s Branch Code | ||||||||
| C | H | A | S | 0 | I | N | B | X | 0 | 2 |
In the above-mentioned example (CHAS0INBX02) of the Jp Morgan IFSC Code Delhi branch, the first 4 characters ‘CHAS’ represent the bank code, the 5th character is a ‘0’ and the last 6 characters ‘INBX02’ represent the branch code of New Delhi.
Where to find Jp Morgan Bank IFSC Code?
The account holders can look for the IFSC Code by following the below-mentioned ways:
1. The users can visit the IFSC Code search tool provided by Paisabazaar. Enter the details like the bank name, state, city and branch name. The IFSC along with MICR Code and other details will be displayed on the right-hand side of the page.
2. The IFSC and MICR code can be found on the top and bottom sides of the cheque leaf respectively. Have a look at the below-mentioned picture for better understanding. The codes can also be found on the first page of the passbook.
3. The users can also find the IFSC and MICR code on the official website of the RBI (Reserve Bank of India).
Fund Transfer using Jp Morgan Bank IFSC Code
The use of IFSC Code is mandatory in transferring funds online using NEFT, RTGS or IMPS. Although these payment systems have their own set of benefits yet they offer flexibility and convenience to the customers.
NEFT (National Electronic Fund Transfer)
NEFT is a nationwide payment system facilitating one-to-one funds transfer. The account holders can electronically transfer funds from one bank account to another. Also, both the originating and destination banks should be NEFT-enabled for the process to take place.
| Features of NEFT | |
| Minimum transfer limit | Re. 1 |
| Maximum transfer limit | No limit |
| Settlement Type | 23 half-hourly batches |
| Operational Timings | 8 am to 7 pm - all working days (except 2nd & 4th Saturdays) |
| Inward transaction charges | No charges |
RTGS (Real Time Gross Settlement)
RTGS is the continuous settlement of funds individually on an orderly basis. The settlements done via RTGS are final and irrevocable. Generally, the RTGS service is used for large value transactions. Both banks should be RTGS-enabled to initiate the process.
|
Features of RTGS |
|
| Minimum transfer limit |
Rs 2 lakh |
| Maximum transfer limit | No limit |
| Settlement Type | Real-time and gross basis |
| Operational Timings | 8 am to 6 pm- all working days (except 2nd & 4th Saturdays) |
| Inward transaction charges | No charges |
IMPS (Immediate Payment Service)
It is an electronic instant money transfer system using which the funds are transferred quickly and instantly from one bank account to another. To do fund transfer using IMPS, the payer needs to enter the payee’s account number and IFSC code of the bank branch.
|
Features of IMPS |
|
| Minimum transfer limit |
Re. 1 |
| Maximum transfer limit | Rs. 2 lakh |
| Settlement Type | Instant |
| Operational Timings | Available 24X7 (365 days) including bank holidays |
| Inward transaction charges | Decided by individual banks |
About Jp Morgan Bank
Founded in the year 1871, Jp Morgan Bank is an American multinational investment and commercial bank. The banks has its headquarters in New York, United States and deals in industries like investment banking, commercial banking and asset management.