The ways of banking have changed. From the good old days, when you had to wait in long queues to deposit money in bank accounts, things have changed quite a lot. Thanks to the advent of options like internet banking and mobile baking it has become easy to transfer money in a matter of seconds.
And, that’s exactly where Indian Financial System Code or IFSC code comes into the picture. The concept of IFSC is simple. In layman terms this code is fundamentally significant when it comes to online monetary transactions”.
Significance of IFSC Code in banking
IFSC is an alphanumeric code used to identify a branch of a participating bank when you are performing electronic funds settlement options in India; the most popular ones being RTGS and NEFT. Characteristics of IFSC code –
- Standard IFSC Code is an 11 character entity,
- The first four characters represent the bank name
- Fifth character is ‘0’ (reserved for future use)
- Final six numeric/alphabetic characters represent the branch of the bank
The code is imperative when you are transferring money from one banking institution to another one using online method as it is helpful in identification of the banks involved (its branches to be specific). So, you can save yourself rom costly and time consuming mistakes.
When transferring funds using transactions which involve inter-bank money transfer like IMPS, NEFT and RTGS these codes play the most important role. These codes are specific to individual bank branches. For instance if you are transferring money from your bank account located in your home town to some other branch of the same bank online, you are going to need IFSC code. And, the code will be different for each branch.
You can get access to the Bank IFSC code easily by going to the bank’s website or you can simply key in the details at our website in the space provided. And, without any hassle get access to the IFSC code for a particular branch that you have been looking for!
We have the most comprehensive database that includes all the major banks and their branches spread across the entire nation.
So if you are looking for IFSC code to perform online financial transactions like fund transfer, then all you have to do is to key in the details and get IFSC code with ease. And, once you have that you can go ahead and perform the monetary transaction with ease!
What is MICR Code? And, why do you need it?
On the other hand, MICR code stands for Magnetic Ink Character Recognition. The code plays role in authenticating the originality of paper based documents, which are used in the banking system. The code is most commonly used in case of cheques.
If we compare it with IFSC, then it stands at par with the code, especially when transfer of funds using NEFT or IMPS technology is concerned.
The MICR code makes use of the cutting-edge character recognition technology used by banks. This character technology is used for transactions such as clearance of cheques and other similar financial documents. The code is placed on the bottom strip, in case of a bank cheque. The code includes details such as:
- The bank code
- Account details
- Cheque number
- And, a control indicator
And, contrary to the similar concepts like barcodes, you don’t have to be a computer to identify the MICR code. It could be easily identified and distinguished by humans.
Postal code is nothing else but a series of digits that are used to sort of mails for particular addresses. They are known by different names across different countries. For instance, in Canada they call it Postal Code. Similarly, ZIP Code is the term used in US, PLZ in German, Austria and other German speaking countries, EIR code in Ireland and many more.
These codes are generally assigned on the basis of geographical areas. As of 2005, there are more than 117 countries using postal code systems all across the globe.
Structure of a postal code
A postal code generally consists of -
- Arabic numerals
- Space, hyphens
- ISO basic Latin alphabet
The structure of these codes varies from country to country.
And, at our website you can expect to get postal codes for USA, UK, Canada, India and Australia countries. So, if you are looking to send a letter to any of these nations, and anywhere in them, you can expect to get the information you need before sending it!
Just enter the desired keywords in our search box and see what we have at offer for you!Besides this you can also get IFSC code for banks located across all the places in India as well.