IFSC and MICR Codes Directory

Here are the main benefits of the MICR Code:

• MICR data may be read with higher accuracy levels.
• MICR data is processed swiftly with enhanced security in comparison to OCR technology. This is because alteration of printed characters is not possible.
• Errors automatically reduce since manual inputs are absent.
• Helps in combating forgery.

1. Internet Banking- IFSC Codes help you seamlessly execute internet banking transactions. You can get your online banking done seamlessly while saving time, energy and money simultaneously. You can safely transfer money across accounts via IMPS/NEFT/RTGS. The IFSC Code of the beneficiary is needed for fund transfers.
2. NEFT- The money is quickly transferred to the account of the beneficiary and you should ideally initiate the same within working hours. This will ensure that the money is transferred on the same day itself. You should add the beneficiary account and details including the IFSC Code of his or her banking branch, bank name, and account number.
3. RTGS- Transactions exceeding Rs. 2 lakh may be done via RTGS and you may send money only to beneficiaries who are registered.
4. IMPS- Intermediate Payment System (IMPS) will enable money transfers across bank accounts smoothly. Smaller amounts may be transferred to beneficiaries by stating the IFSC Code and account number online or in a mobile app.

Here are some of the aspects that you can keep in mind:

IMPS Money Transfer with IFSC Code

• You have to login to your internet banking account by giving your username and password.
• Go to the home page online and choose thefunds transferoption.
• ChooseIMPS Transferby using your IFSC Code and bank account.
• Fill up the payee or beneficiary information including the IFSC Code, account number, transaction amount, bank branch and other relevant information.
• Verify all the details before confirming the payment.
• The confirmation message will be dispatched via SMS.

NEFT- You will have to provide details like the name of the recipient, the account number, and IFSC Code of the beneficiary banking branch. NEFT transfers are usually conducted batch-wise.

RTGS- It enables transactions of higher values with instant money transfers alongside. Senders have to furnish information like the payee name, IFSC code of the recipient banking branch, account number, and the amount.

Here are the steps for transferring funds via SMS:

• You have to first register for mobile banking services. It is possible after linking your mobile phone number with your savings bank account.
• You can send a message to the SMS banking number that is provided by your bank, using the necessary keywords.
• Type IMPS after the account number/IFSC Code and the amount for the transaction. Follow the bank’s SMS format.
• Enter in the MPIN or the mobile pin, after getting a message from the bank.
• Customers will get SMS-based verification thereafter.

Once you fill up the mobile banking form and submit with all your documents, you will receive the MMID (mobile money identifier) and the MPIN. Mobile banking usually activates within 24-48 hours. This timeline varies depending on your bank. If you are sending money to an account, just type IMPS-Account Number of the Recipient-IFSC-Amount and send. You will get a message for entering the MPIN. Once you press okay, the transaction will be instantly completed.

You can also send money by entering the MMID of the recipient in place of the account number and IFSC code. You may also clear your utility bills via SMS payments. You can type IMPS-mobile number of the merchant-MMID of the merchant-amount and then enter your MPIN when prompted, to complete the transaction.

The IFSC Code is helpful for electronic fund transfers between accounts. MICR Codes make use of Magnetic Ink Recognition technology for swifter cheque processing. This is the biggest difference that you should always keep in mind. At the same time, the IFSC Code is an 11-digit alphanumeric code while the MICR Code is a numeric 9-digit code.