What do you need for bank details?

The bank details include the name of the person or business that you are paying the money. The six-digit number or code for the account to the account you need to pay the money. The other is the 8 to13 digit number of the bank account. These are the basic details that are necessary when you need to deposit some amount of some bank account.

What are the account details?

A bank account is a financial account that you maintain in the bank to deposit and withdraw the money. When speaking about the bank details, it includes the account number, IFSC code, which is unique for every branch and your name as mentioned in the bank account. All these are mandatory for depositing the amount.

What are the 4 types of bank accounts?

There are four types of bank account namely, savings account that you use for depositing and withdrawing the money. Next is the current account is the same as a savings account, but it will help in daily transactions. The other is the Recurring deposit account that is meant for depositing the amount for the mentioned period. The final one is the fixed deposit account where you deposit the money for a longer duration.

What is the account type in the bank?

There are four types of accounts namely current, savings, recurring deposit, and fixed accounts. Based on the type of account, it will help with a transaction, deposition on a monthly basis, long-duration fixed deposit and daily transaction as well. You need to know the purpose and try to have the relevant account.

What is a bank account number?

The bank account number is the unique number that is given to everyone who holds the bank account. Each number in the account number will represent each thing. With the account number, it is possible to find the bank, branch and some other details as well. When you need to do each transaction in your account, the account number becomes significant.

What can someone do with the bank account number?

When some unknown person gets information about the account number, they can use it for shopping, withdraw the amount from your account, deposit the account and several others. However, there will be a security code or password, which is necessary for the transaction. Anyway, it is better to make your account number safe from unauthorized people.

How many digits is an account number?

The personal account number will be from 10 to 12 digits. You can find this number at the bottom of the cheque and even in the monthly statement. You need this number when you need to do any work regarding your bank account like depositing, withdrawing, etc. Even when you need to change your mobile number linked with your account, you should produce this number.

Which bank account is best?

There are four different bank accounts like savings, current, fixed and recurring back accounts. All these four accounts are used for different purposes. You need to know about the process of all these accounts and match them with your needs. Based on your convenience, you can choose the best account. On the whole, all the account is best if you choose the account that you require.

How many types account in Bank?

There are different types of bank account, but four types of bank accounts are commonly used by the people. These are the current account, savings account, fixed deposit account, and recurring deposit bank account. Know the purpose of these accounts and move further, if you need details of some other new type of account.

What are the four types of banks?

There are different types of banks like a retail bank, the central bank, commercial bank, an investment bank. All these fall under the category of the financial institution, but the purpose of the banks will differ based on your needs. This category includes both private and government banks. Based on the banks, the features and interest rate varies.

What rate of interest is paid by banks on savings bank accounts?

The Rate of Interest paid by the banks will differ based on the bank you maintain the account. Generally, the interest rate for the savings account will range from 3.50 to 6.25%. When you need to have more interest in your savings, it is better to analyze the interest offered your back particularly and choose wisely.

Is my bank account number on my debit card?

The debit card number will be found on the debit card and the bank account number will not be available in the debit card. Further, you can also find the details of the validity date, name o the account holder and CVV number in the debit card. All these are also necessary when you need to make use of the debit card.

How do I get my bank account number if I lost it?

You will find your bank account number at the bottom of the cheques and on the bank accounts. If you have access to the facilities of the online, you can find in internet banking. If you do not find any physical records or do not have any online access, you can reach the nearest branch of your banks and seek help from them.

What is Bank Sort Code?

A shortcode is the 6 digit numbers that are generally formatted as the three different parts. For instance, 12-13-14 and it defines the bank and the branch of it. This will not be used frequently, but the information on these numbers is significant for the bank. However, the use of this number for the customers is very less.

Do banks reuse account numbers?

Generally, the banks will not reuse any account numbers. The account number consists of different sections and the last few digits only will be unique for the customers. Till the account is active the number will remain unique, but if your account is closed completely, the bank might reuse it based on their needs.

How long is a bank account number?

The length of the bank account number will be from 8 to 13 digits. Each number in this denotes some identity. Only the last few digits will remain unique for any account. This number is the identity for your bank account and you need this for making use of the account through any means.

Can you reverse a bank transfer?

The bank transfer cannot be reversed unless the beneficiary approves it. So, you need to be alert when you are transferring the amount to any account. To make it safe, you need to check the account number, IFSC code and the details of the name twice before sending the money. Do not be in an urge when you need to send the money.

what-is-an-ifsc-code title

Indian Financial System Code (IFSC) is a unique 11-digit code allocated by Reserve Bank of India (RBI) to each bank branches in India which are contributing to online fund transfer systems like RTGS (Real-Time Gross Settlement), NEFT (National Electronic Fund Transfer) and IMPS (Immediate Payment Service).

IFSC code ensures that the money is transferred to the right account. The IFSC code of the bank is usually found on bank’s cheque leaves. The first four digits denote the bank. Then it is followed by digit zero. The last six digits denote the bank branch. In order to make online fund transfer to any bank account, one should know the IFSC code of the recipient's bank branch.

With online IFSC code finder, you can easily find the IFSC code according to the location you need. To find the IFSC code of the bank, you need to select the name of the bank, state and district where the bank is situated and bank branch. Once providing the details, your bank’s IFSC code will appear along with the information such as your bank, state, district, city, branch, branch code, address and contact number.

Before making any fund transfer, you have to check with the bank whether the IFSC code of the recipient account’s bank branch is correct or not, to avoid any wrong transactions.

IFSC Codes in India : List of IFSC Code, MICR Code and Addresses of all Banks in India

What is IFSC Code?

IFSC ( Indian Financial System Code ). IFSC Code is a unique eleven-digit number which is a combination of alphabets and numbers. IFSC code is allotted by the Reserve Bank of India (RBI) to all banks and its branches. The IFSC code of a bank can be commonly found on a bank account passbook, cheque leaf issued by the bank or on the RBI website. Any kind of fund transfer through a bank requires a valid IFSC. The different types of fund transfers are NEFT, RTGS and IMPS.

How to find IFSC Code?

Ways to find IFSC codes

IFSC code can be found on cheque leaf and bank passbook of the respective bank.
Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
The IFSC code of a particular bank can also be found on the banks’ official website.

Benefits of IFSC Code

Benefits of IFSC Code are :

Helps to identify a Bank and its respective branch
Eliminates errors in the process of fund transfer
Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate

Benefits of MICR Code

Benefits of MICR Codes are:

MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.

Details of Fund Transfers Using IFSC

Transaction Charges
Amount	NEFT	RTGS	IMPS
Up to Rs. 10,000	Rs. 2.50	Min. 2 Lakhs	Rs. 5.00
Rs 10,000 – 2 Lakh	Rs. 15.00	Rs. 26	Rs. 10.00
Above 2 Lakh	Rs 25.00	Rs. 51	Rs. 15.00

* The above-mentioned charges are only indicative in nature. Each Bank has their own charges within these limits. Check charges from respective bank’s website.

NEFT – 8 A.M – 7 P.M (Weekdays)

RTGS – 9 AM – 4:30 P.M (Weekdays)

IMPS – 24 hours 365 days

How to transfer money with IFSC code?

IFSC Code enables you to transfer money in a quick, easy and hassle-free manner. RBI has assigned IFSC codes specific to each bank and its branches. Fund transfers are done through NEFT, RTGS and IMPS fund with a valid IFSC code. Let’s find out how IFSC Code works while transferring money. Assume the IFSC code of ICICI Bank, Mumbai branch is ICIC000027.

Steps to transfer money with IFSC code:

The first four digits of IFSC code identify the bank, here it is ICICI Bank.
The 5^th digit is generally 0 (Zero).
The following 6 characters 000027, identifies the specific branch of the bank

When a fund transfer is initiated by the payer be it NEFT, RTGS or IMPS. He/she has to provide the bank details such as bank name, branch, account number and the IFSC code of the payee. Once the payer provides all the required details only then will the fund be transferred to the account of the payee with the help of IFSC Code in an error-free manner. Fund transfer with IFSC code is secure, convenient and takes minutes from the time of initiation.

Transfer Funds Through SMS:

Nowadays you can transfer funds through SMS on a mobile with the help of IFSC code. Let’s see how:

To transfer money through the SMS, you need to first link your mobile number to your bank account by registering your phone number for mobile banking services.
To register your mobile, you need to fill an application requesting mobile banking services, after which you will receive a unique 7 digit number which is otherwise known as MMID and mPin.
Once you are registered for mobile services with your respective banks, you are required to create an SMS and type IMPS along with payee details like payee name, bank, branch, account number and IFSC code of the payee bank along with the sum amount you want to transfer.
Once you confirm the transaction and send the SMS, you will receive a confirmation message where you will have to enter your mPin.
Enter the mPin, and select ok. The fund will be transferred to the respective payee account.

Difference between IFSC and MICR code

Magnetic ink character recognition code (MICR) is a technology that enables faster processing of cheques by recognizing unique characters printed on the cheque. MICR consists of a 9 digit code. The first three digits of the MICR code represent the city, the next three give the bank code and the last three digits denote the branch of the bank. Similar to an IFSC code, every branch of a bank has a specific MICR code. While IFSC is used for online fund transactions, MICR is used for cheques.
Let’s understand the difference between IFSC and MICR

IFSC Code	MICR Code
Used to facilitate electronic fund transfers between banks and individuals in India.	MICR code is to facilitate and make cheque processing more efficient.
IFSC is an 11 character alphanumeric code.	MICR is a 9-digit code.
The first four characters indicate the name of the bank.	The first three digits represent the city code where the bank branch is located.
Last 6 digits represent the bank branch location.	Last three digits indicate the code of the bank branch.

Monetary transactions are not limited to online transactions, NEFT, RTGS or IMPS alone. There are other banking instruments such as cheques which require a similar verification and authentication procedure. This is where Magnetic ink character recognition code (MICR) is necessary before processing a transaction for a cheque.

FAQs on IFSC Code

What is the IFSC code of a bank?
IFSC stands for Indian Financial System Code. An IFSC code is a unique 11-digit number, which is a blend of alphabets and numerals.
Is the IFSC code same as the branch code?
An IFSC code is not the same as a branch code.
What is a branch code?
A branch code is a unique identifying code for a particular branch of a bank. Each bank branch is differentiated by its branch code.
What is a MICR code?
Magnetic Ink Character Recognition (MICR) is a 9-digit code that helps identify a specific bank branch. This MICR code is a part of the Electronic Clearing System (ECS), used to clear cheques on a routine basis.

What is an IFSC Code?