IFSC is a set of characters that streamline the fund transfer process of each bank in India. IFSC is unique to each bank branch of Punjab & Sind Bank and acts like a postal address of a bank branch. This electronic address is required to make a fund transfer between the banks.
PSIB0000423 is the IFSC of Jorhat Branch, Assam
PSIB0021378 is the IFSC of Tezpur Branch, Assam
Characteristics of IFSC
- IFSC is the abbreviation of the Indian Financial System Code
- It contains 11 alphanumeric characters
- It is assigned by the RBI
- IFSC is unique to each bank branch
Structure of Punjab & Sind Bank IFSC
Punjab & Sind Bank IFSC is an 11 figure code formed in a way that the starting four characters indicate the bank, the fifth digit is zero and is reserved for future use. The ending 6 digits signify the Punjab & Sind Bank Branch.
|Punjab and Sind Bank code||Zero||PSB's Branch code|
Why do we need the Punjab & Sind Bank IFSC Code?
The RBI is the regulatory body of the country that monitors all the banking transactions using the IFSC. Hence, IFSC helps RBI to track millions of transactions taking place around the country on an everyday basis.
IFSC uniquely recognizes a bank branch hence by entering the correct IFSC of the payee’s bank the payment is channelized to the right destination.
IFSC has moreover made the online fund transfer via NEFT, RTGS and IMPS convenient and hassle-free.
How to transfer money using the Punjab & Sind Bank IFSC Code?
Online payment systems such as NEFT, RTGS, and IMPS have become an important tool for undergoing financial transactions. Security, availability, and cost-effective are the factors that make them required. Using the correct IFSC while transferring fund through these modes channelizes it to the correct destination. Let us know more about these modes of payment.
- NEFT is the abbreviation of the National Electronic Fund Transfer
- It was introduced by the RBI in the year 2005 and at present NEFT is available at 1,48,477 branches across the country
- Fund transfer occurs in half-hourly batches and on net-basis
- It is operational 24*7 throughout the year but the fund settles in batches
- NEFT is possible through both online and offline modes
- RTGS is the abbreviation of Real-Time Gross Settlement
- Fund transfer occurs in real-time wherein payment is not put through any waiting period
- It is operated by the country’s Central bank
- There is a specific window of operation in banks for RTGS usually 7 am to 6 pm on a working day
- IMPS is the abbreviation of Immediate Payment Service
- IMPS was introduced in the year 2012 by NPCI and was build upon existing National Financial Switch Network
- IMPS is available 24*7 throughout the year even on bank holidays and the fund transfers in real-time
- IMPS can be carried out through phone banking as well as mobile banking
How to find the Punjab & Sind Bank IFSC Code & MICR Code?
IFSC is the building block of banking as it recognizes the start and the endpoint of a transaction. Here are some of the ways to find Punjab & Sind Bank IFSC & MICR Code:
IFSC Tool Locator
- Visit the Paisabazaar IFSC Code Locator and select from the dropdown Punjab & Sind Bank
- Next, select the state and the city for which you want the IFSC and MICR Code
- At last, select the required bank branch
Reserve Bank of India Website
The RBI can be another platform to find the Punjab & Sind Bank IFSC Code & MICR Code. All you need to do is to visit the RBI IFSC Locator tool and then choose from the drop-down the required bank and the branch.
Where to find the Punjab & Sind Bank IFSC Code?
Some other ways to find Punjab & Sind Bank IFSC are as follows –
Cheque Book: One can find the IFSC on the top of a cheque leaf.
Passbook: One can look for the IFSC on the front page of the passbook provided by the bank.
Netbanking / Mobile Banking: These are the two digital banking platforms of the bank that can be used to get the IFSC of the required branch.
What is the Punjab & Sind Bank MICR Code?
MICR stands for Magnetic Ink Character Recognition is a unique code used by the banking industry to fasten the processing and clearance of cheques. Hence MICR Code aids in faster fund transfer.
785023002 is the MICR Code of Jorhat Branch, Assam
802023102 is the MICR Code of Arrah Branch, Bihar
MICR Code format
MICR Code is formed by the combination of 9 digits in such a way that the first three digits denote the city, the next three denote the bank and the last three are indicative of the branch.
Where to find Punjab & Sind Bank MICR Code?
One can refer to the following platforms to get the MICR Code of Punjab & Sind Bank
Cheque Book: One can find the MICR Code on the bottom of a cheque leaf.
Passbook: One can look for the MICR Code on the front page of the passbook provided by the bank.
Netbanking / Mobile Banking: These are the two digital banking platforms of the bank that can be used to get the MICR Code of the required branch.
What is the Punjab & Sind Bank Swift Code?
SWIFT Code stands for Society for Worldwide Interbank Financial Telecommunication. These are the codes used by Bank Identifier Codes and they are used to identify a particular branch of a bank.
SWIFT Code is unique for each bank branch and usually contains 8-11 characters. The main purpose of the SWIFT Code is to carry out overseas fund transfer.
How to find Punjab & Sind Bank Swift Code?
One can contact the Punjab & Sind Bank Customer Care Department to know the required SWIFT Code for fund transfer.
Difference between Punjab & Sind Bank IFSC, MICR & SWIFT Code
Punjab & Sind Bank IFSC Code:
- It is a unique character code used for exchanging funds between the banks in India
- IFSC aids the RBI to oversee all the banking transaction taking place across the country
- The code consists of 11-digits
For example, PSIB0021253 is the IFSC Code of Anand Branch, Gujarat.
Punjab & Sind Bank MICR Code:
- MICR Code is a unique code that helps in faster processing of cheques in the country
- MICR is mostly used while filling financial forms such as SIP forms etc
- The code comprises of 9 digits
For example, 388023001 is the MICR Code of Anand Branch, Gujarat.
Punjab & Sind Bank SWIFT Code:
- SWIFT Code is a code that plays an essential role while transferring funds across the world
- SWIFT Code is approved by the International Organization for Standardization
- The code comprises of 8 to 11 characters
How to locate the Punjab & Sind Bank Branch from IFSC Code?
The branch of Punjab & Sind Bank can be located from the IFSC of Punjab & Sind Bank. IFSC is made up of 11 digits in a way that the last 6 digits are indicative of the bank branch. Hence refer to the last 6 digits of the IFSC for the same.
How to search Punjab & Sind Bank IFSC Code by account number?
There is no way to find out Punjab & Sind Bank IFSC by the account number. There are other ways to do that like using the Paisabazaar IFSC Tool Locator and the RBI Website.
Does Punjab & Sind Bank Credit Card have IFSC Code?
No, Punjab & Sind Bank IFSC does not have any kind of IFSC. Instead one has to use the IFSC Code while making.
What is the Punjab & Sind Bank CIF Number?
CIF Number is a unique number assigned to each customer of Punjab & Sind Bank that is used to record the information like customer’s account balance, transaction activities, types of accounts held by the customer, etc. Hence it gives the bank full authority to retrieve the information of an account holder when needed.
What is the Punjab & Sind Bank BSR Code?
BSR Code is a unique 7-digit code which is used by the Income Tax Department for the submission of income tax returns to the RBI.