FAQ's

Q.
Is IFSC code required for IMPS?
Yes, using IFSC code is mandatory to transfer funds online using IMPS. If the receiver’s MMID is not available, you need account number, name and IFSC code of the receiver to transfer funds using IMPS.
Q.
What is IFSC code?
IFSC code is a unique 11-digit alphanumeric code.
Q.
What is the full form of IFSC code?
IFSC stands for Indian Financial System Code.
Q.
What is IFSC code used for?
IFSC code is used to uniquely across all bank branches within the NEFT (National Electronic Funds Transfer) by the Reserve Bank of India.
Q.
What are the common online payment services in India?
Most common online methods that are used to transfer funds from one bank account to another include RTGS (Real-time Gross Settlement), NEFT (National Electronic Fund Transfer), IMPS (Immediate Payment Service) and UPI (Unified Payment Interface).
Q.
What is the full form of MICR Code?
MICR or Magnetic Ink Character Recognition is a group of nine number printed on the bottom of a cheque.
Q.
How to identify bank name by IFSC code?
It is very easy to recognize the bank name using IFSC code. The first four digits of the IFSC code indicate the bank name. For example, SBIN in ‘SBIN0001707’ IFSC code represents the State Bank of India.
Q.
What is the MICR Code used for?
MICR is a technology used by banks to verify the originality of cheques and other documents. The Reserve Bank of India identifies the bank branch using the MICR code.
Q.
Do all bank branches located in the same city have different IFSC code?
Yes, as the name suggests IFSC Code is a unique group of numbers and vary from branch to branch of the same bank.
Q.
Are branch code and IFSC code similar?
No, IFSC code is different from the branch code.
Q.
Where can I find the IFSC code on the cheque book?
You can see the IFSC code on the top part of every cheque leaf issued by the bank.
Q.
Where can I find the MICR code on the cheque?
MICR code appears next to the cheque number at the bottom of every cheque leaf given by banks.