Indian Bank IFSC Code

Indian bank was set up back in 1907 as a public-sector bank with headquarters in Chennai. Back then, it had branches in Singapore and also Colombo. In 1969, the ownership of this state-owned bank was taken over by the Government of India. The bank has two subsidiaries, Indian Bank Housing Ltd. and Indian Bank Merchant Banking Services Ltd. This Indian state-owned bank boasts of nearly 2149 branches across 70 countries today. Its Net Profit in recent times has been nearing a thousand crores at least.

Indian Bank IFSC Code comes into the picture since, with the help of this code, various facilities like internet banking can be offered to Indian Bank account holders. IFSC code makes an electronic transfer of money very easy and fast. IFSC stands for Indian Financial System Code. This code is given by the Reserve Bank of India (RBI) to all banks across the country. This 11-digit code can be found on the leaves of any cheque book of Indian Bank. It can also be found on the bank’s passbook and is available on their website for reference.

IFSC uniquely demarcates the bank branches spread across the nation and is especially needed while transferring money using NEFT and RTGS. The IFSC code is unique for each of the branches of Indian Bank. As an example, the IFSC code of Khandsa Road (Gurgaon) branch of the bank is IDIB000K192 and the IFSC code of Wazirpur (Gurgaon) branch of Indian Bank is IDIB000W015.

Indian Bank IFSC Code is designed as a unique 11-digit numeric representation designed using a combination of alphabets and numbers. The main purpose and use of IFSC is for any fund transfer requirements. IFSC Code of Indian Bank helps to identify the source and the receiving destination of financial institutions while making fund transfer.

Need for Indian Bank IFSC Code
Indian Bank IFSC Code is a crucial part of the fund transfer process since it helps account holders to ensure that there are no mistakes while transferring funds. Indian Bank IFSC lets the RBI keep a track of all transactions that are being done across the nation.
How to transfer funds using IFSC codes?
When it comes to funding transfer, IFSC code is essential since various payment systems like NEFT, RTGS, and IMPS require the same. Fund transfer is possible only when the IFSC code is available. Let’s look at each of the payment mechanisms and how IFSC code is used in each:
NEFT
NEFT, also known as, National Electronic Funds Transfer is a fund transfer mechanism which is set up on the Deferred Net Settlement (DNS). Herein funds can be transferred across the country at any time during the day.
Under NEFT, funds transfer is done in half-hourly batches.
There is no limit set for a maximum and minimum value of fund transfer.
The bank branches of the transferor and the recipient must be NEFT-enabled for the process of fund transfer to take place.
RTGS
RTGS or Real Time Gross Settlement is another fund transfer mechanism in which the funds can be transferred on a real-time basis.
Fund transfer is done on a gross basis.
There is a minimum limit for fund transfer under RTGS, which is Rs. 2 lakhs.
The bank branches of the transferor and the beneficiary must be NEFT-enabled for the transaction to complete.
IMPS
IMPS or Immediate Payment System is an interbank fund transfer mechanism which is also real-time. Under this, funds can be transferred 24*7 365 days of the year.
A maximum limit for fund transfer is set under IMPS at Rs. 2 lakhs. There is no minimum requirement.

If you wish to find out ways of locating the IFSC code of Indian Bank, here are some of the few easy alternatives:

• Indian Bank Cheque Book: IFSC Code is usually printed on the top section of a cheque leaf.
• Indian Bank Passbook: Passbook is another option to be used for getting the IFSC of Indian Bank.
• Indian Bank Netbanking/Mobile Banking: You can log in into the Indian Bank Netbanking section of the official website or use the Mobile Banking App for finding out IFSC codes of the bank.

MICR code is a unique 9-digit number which can be found in any Indian Bank account’s cheque book. MICR is mainly used for faster processing of cheques.

Examples of MICR Code - 

• MICR Code of Indian Bank for Digboi Branch, Assam - 786019003
• MICR Code of Indian Bank for Gaya Branch, Bihar - 823019096

SWIFT is a worldwide network which sends and receives financial transaction-related information across the world. Indian Bank SWIFT code acts as a unique identifier which comes in the Bank Identifier Code (BIC) format. It is essential while making international fund transfers. This code allows banks to communicate messages related to international transfers.

Where to find Indian Bank Swift Code?

You can reach out to the Customer Care Department of Indian Bank if you need to use Swift code for international funds transfer.

IFSC Code

• Indian Financial System Code
• Unique identification code for electronic funds transfer through NEFT, RTGS and IMPS
• 11 alphanumeric characters

MICR Code

• Magnetic Ink Character Recognition
• Uses magnetic ink and allows quick processing of a multiple cheques
• 9-digits

SWIFT Code

• Society for Worldwide Interbank Financial Telecommunication
• Helps in faster identification of the financial institution to mainly make international transfers easy
• 8 to 11 characters

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