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About Financial System Code (IFSC)

Anatomy of Cheque

A lot of people have different queries about the cheques in their mind. There are a lot of components in a bank cheque that makes it genuine. The most important of them are:

  • IFSC code in a Bank Cheque: In every typical bank Cheque, the IFSC code is must have thing through the location of same on the cheque leaf and it differs for different banks according to their policy.
  • MICR code: This code is present very next to the cheque number on all of the bank cheques of India.
  • Cheque Number: It is mainly showed in the typewritten font in the bottom of the cheque. The cheque number have special font style and it was primarily used to check the authenticity of the cheques.

The MICR code and the cheque number are displayed of unique font and ink and can be especially read and identified by the magnetic character Ink reader.

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What is UPI

What is UPI (Unified Payments Interface)?

UPI is the latest payment architecture introduced by the RBI under the leadership of former RBI governor Raghuram Rajan along with the tech entrepreneur Nandan Nilekani.

UPI can be referred as the next era payment method which is expected to leverage the power of information technology and the proportionate rise of smartphone users in the whole country. UPI payment systems allow the payments through both online and offline method like card swipes and net banking, it can be more sophisticated and seamless at the same time.

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Transferring Money with the Help of IFSC Code

Different Modes of Transferring Money with the Help of IFSC Code

Sending money via net banking and IFSC is not so hard as it seems to be. It is very simple to set up. Here are some modes through which you can transfer money through IFSC code:

            Via SMS:

You can transfer money if you have IFSC code even through SMS. Here are the steps to do so.

You will need to register your mobile number for mobile banking and linking it to your account. In case if you are doing this for the first time then you will get a starter kit which mainly consists of MMID (Which is a 7-digit code) and mPin.

To send money you will need to compose an SMS in your mobile as ‘IMPS’ followed by the account number of the beneficiary account number, IFSC and the money you want to send. Once your transaction is done you will get a confirmation SMS where you will need to enter your mPin. Just enter the pin and press OK and you are done.

               Via APP:

The smartphone apps can do anything these days. Banking has been become so much easier because of the mobile apps launched by different banks. With the help of apps, you can also send funds to the beneficiary. Here is a walk-through to do so.

Firstly, you will need to have activated Net banking for your bank account.  Now download the net banking application of your personal bank. You can get these apps on the app stores of your OS. Just open the app and enter your security credentials like customer ID and pin.

Now navigate to option of transfer funds through NEFT. If you have not added a beneficiary to your account, then you must add them for future transactions. And for this, you can simply enter their details like beneficiary name, IFSC code, Account number and bank branch. The beneficiary account will activate between 10 minutes to 12 hours depending on the policy of your bank.

Once you have successfully registered the beneficiary, you can send them money through NEFT or RTGS.

These are the two of the easiest methods through which you can e-transfer money with the help of an IFSC code.

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How Can One Transfer Money with IFSC Code of Bank Account

How Can One Transfer Money with IFSC Code of Bank Account?

If you are familiar with the transaction in banks, then you will probably aware that there are mainly two types of fund transfer.

  • First is traditional and physical way, where you need to walk into bank and remit cheque there.
  • Another method is via e-transaction i.e. NEFT or RTGS.

The electronic method of the transaction is way and reliable than the first one. It is more secure too. You will only need to add beneficiary for this kind of transaction.

For any kind of e-transactions and funding, you will need to provide IFSC code which is used to identify the bank account and branch of the person you are sending funds.

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What is the Use of IFSC code

How to register a Third-Party Beneficiary?

Every bank in India follows same policy regards adding third party beneficiary. The process may be lengthy or small for many banks.

To register a beneficiary, you will need to log on your Net banking account using your customer ID and pin. You will need to go to third party transfer tab and follow some basic instructions. You will need some important details like:

  • Account number
  • Bank branch
  • Name of beneficiary
  • IFSC code

Once you will fill these details, you will get an OTP to verify your registration. The activation of these beneficiaries takes different time according to the different banks.

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IFSC and MICR Code

IFSC and MICR Code: The Basic Differences You Need to Know About

MICR code is a magnetic ink based code which can be found on the bottom of cheques known as a MICR band. This is the very old system used for ensuring security and safety of facilitation of cheques. It is a 9-digit code which consists of information like bank details. The code is particularly for the cheque and cannot be used in online transactions.

While the Indian Finance System code (IFSC) is used to identify each and every bank participation in online transactions uniquely. It is an 11-digit code which is specially used for an online transaction like NEFT, RTGS, CFMS etc. One can directly send money with the help of IFSC code to beneficiary’s account with the help of internet.

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What is the Use of IFSC code

How to e-transfer Funds?

In order to do e-transfer of funds you must fulfil following requirements:

  • You must be a valid Net banking user
  • You have to register third party transactions. (Third party means a beneficiary who is from different bank)
  • You will need to add beneficiary accounts whom you want to transfer funds.
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What is core banking

What is core banking?

Core banking is a banking service offered by a group of bank branches where the customers can access their bank accounts and perform basic transactions from any of the member bank branches. Core banking is also associated with retail banking and this is why many of the banks treat retail customers as their core banking customers. The core banking covers basic transactions, depositing and lending of money.

These banking services rely on computer and the internet to allow a bank to centralize its record keeping and allow access from any location.

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What is bank Code?

A bank code is a code that is assigned by banker’s association, supervisory body or central bank. The bank code rules vary to a great extent from countries to countries. The bank code names also differ in many countries. In many countries, these codes can be seen on Internet but in the local language.

The national bank codes are totally different from international bank codes which are bank identifier code (BIC) also known as business Identifier code, Swift code and Bank International code. The countries who use international bank Account Numbers (IBAN) have mostly integrated the bank code into the prefix of specifying IBAN. These codes also differ from (CSC) Bank Card codes.

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What is a time of NEFT

What is a time of NEFT?

The NEFT transactions occur in batches and the transfer timings directly depend on the slot on which you have done NEFT. General average time of NEFT is 1 hour. It can take much time as 4-5 hours to accomplished or also can be completed within 10-20 minutes.

According to guidelines of RBI the NEFT transactions can be done in following batches:

Weekdays (MON-FRI) it occurs on: – 09:00, 10:00, 11:00, 12:00, 13:00, 14:00, 15:00, 16:00, 17:00, 18:00 and 19:00 hrs.

On Saturday it occurs on: – 09:00, 10:00, 11:00, 12:00 and 13:00 hrs.

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What is IMPS

What is IMPS?

Immediate Mobile Payment Service was launched in 2010 by the Indian government and facilitated by national payment corporation of India. It is used for immediate payments through mobile and used by mobile number. Users need to connect mobile number and aadhaar number to connect with bank accounts to get this secure method for transferring funds.

It is a 24 X 7 service and also available on holidays. It can be used on mobile phone, ATMs and through internet banking. And the users will also get the confirmation SMS of Debit and Credit immediately.

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What is NEFT

What is NEFT?

National Electronic Funds Transfer (NEFT) is an electronic transfer of money system in India from one bank or branch to other. The transaction can be done by the Banks who are NEFT-enabled branches and the updated list can be found on Reserve Bank of India website.

The clearance and settlements of the funds take places in batches as per the guidelines of RBI. Any amount of the money can be transferred via NEFT and this thing makes it the best way of Transactions.

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What is RTGS

What is RTGS?

Real Time Gross Settlement is an electronic type of fund transfer where the money transactions take place on the real-time basis.  The RTGS is mainly used for transactions of very high value and the minimum amount which can be transferred through RTGS is 2 Lacs. The beneficiary will get the funds on immediate and real time basis.

Customers having the Internet banking accounts can do RTGS transactions themselves and for this, they will require the IFSC code, Account Number, name of the bank and name of the beneficiary.

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What is the Use of MICR Code?

The MICR coded is printed on the bottom leaf of the cheque and written by the magnetic Ink. This special Ink is machine readable because of magnetic material like the debit and credit card’s strips.

The machine can identify the bank details when a cheque is inserted in the reading machine even if there are many others marks or stamps present on the cheque. The machine provides information about the particular bank and branch which the cheque belongs to. This makes the cheque to get cleared faster and you get your funds earlier.

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What is MICR Code

What is MICR Code?

MICR or Magnetic Ink Character Recognition code is a character recognition technology which was primarily used by the whole banking Industry to facilitate the processing of cheques. MICR codes are printed in Special Magnetic Ink or toner which contains iron oxide usually. A Special kind of machine is used to identify these characters. The characters are printed on the bottom strip of cheque leaf usually. The Reserve Bank of India uses MICR for clearing process to identify the branch and bank clearing process.

MICR code is a 9-digit code in which the first three digits represent the city code which is aligned according to pin codes. The next 3 digits represent the bank code and the last 3 digit represents the branch code.

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What is the Use of IFSC code

What is the Use of IFSC code?

IFSC codes are used for electronic payment systems like Real Time Gross Settlement (RTGS), Centralized Funds Management System. Intermediate payment service, Interbank electronic Instant mobile money transfers service (IMPS) and National Electronic funds transfer developed by the Reserved bank of India.

The IFSC code can be obtained from bank branch or online. This code works as Identifier of the particular bank during the online transactions.

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What is an IFSC Code?

IFSC code is an eleven-character Indian financial system code which is assigned by RBI to identify every bank branches uniquely who are participating in NEFT system throughout in India. This code is governed by electronic payment system application like National Electronic Fund Transfer, Real-time Gross Settlement (RTGS) and CFMS.

The code is of 11 characters. The first four alphabet characters of IFCS code represents the bank. The next character is zero by default which is reserved for future use. And the last six characters shows the branch information.

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