IDBI Bank Limited (IDBI Bank or IDBI) is a development finance institution owned by the Government of India and the Life Insurance Corporation of India. Established in 1964, It began as the Industrial Development Bank of India, a development finance institution that provided financial services to the industrial sector.

Today IDBI has over 1700 branches and 1285 centers mostly in India but also a few abroad. IDBI provides solutions for all the financial needs of customers including net banking, wealth management, telephone banking, investment banking, private banking, retail banking, corporate banking, all kinds of loans, finance & insurance, credit cards, private equity, and more.

Find IDBI Bank IFSC Code

The IFSC code, or Indian Financial System Code, is an 11-character code assigned to each bank branch. The RBI assigns it to each branch in order to provide a distinct identity and eliminate errors during financial transactions. The IFSC code is required for banks and branches that use electronic payment methods such as Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS), and National Electronic Fund Transfer (NEFT). 

The IFSC code of two banks or their branches cannot be the same.

The IFSC code has the first four letters in the bank’s name. For example, the IDBI Bank IFSC code looks like ‘IBKL0XXXXXX.’

IFSC code has the following structure:

• The first four letters indicate the bank name

• The fifth digit is a 0 

• The last six digits indicate the branch code

Example - IBKL0000171- the IFSC code of IDBI Bank at Sushant Lok, Phase I, Gurgaon can be understood as ‘IBKL’ indicating IDBI Bank and ‘000171’ indicating the Sushant Lok branch.

IDBI Bank MICR Code

MICR Code abbreviated for Magnetic Ink Character Recognition is a code written in a thin strip at the bottom of the cheque right next to the cheque number.

It is a 9-digit alphanumeric code that can be found printed at the bottom of the cheque next to the cheque number. The MICR code is mandatory for cheque clearance. It has the following structure:

• first three digits - represent the city code aligned with the Pincode

• next three digits - represent the bank code

• last three digits - represent the branch code

Example - The MICR code of IDBI Bank in Sushant Lok, Phase I, Gurgaon- 110259013 can be broken down into ‘110’ representing Gurgaon; ‘259’ representing IDBI Bank and ‘013’ representing Sushant Lok, Phase I branch.

IDBI SWIFT Code

The Society For Worldwide Interbank Financial Telecommunication Code (SWIFT) is a code assigned to a bank branch participating in international transactions. It follows the format of the Bank Identifier Code (BIC) and is an 8-11 digit code. It contains both numbers and letters and can be broken down into the following:

• first four characters - alphabets that represent the bank name

• following two digits - alphabets that represent the country code

• following two digits (can either be numbers or letters) - representing the location code

• last three digits (can either be numbers or letters) - representing the branch code

Example - The SWIFT code of IDBI Bank in the New Delhi branch is IBKLINBB010. Here, ‘IBKL’ represents IDBI Bank; “IN’ represents India, ‘BB’ means the location code, and ‘010’ is the New Delhi branch.

Difference between IDBI Bank IFSC, MICR & SWIFT Code

FAQs

1.  How to locate the nearest IDBI branch from IFSC Code?

The last six digits of IDBI IFSC are indicative of the IDBI branch. Let’s consider an example for better understanding.

Here IBKL0000171 is the IFSC code of Sushant Lok, Phase I, Gurgaon branch:

2. What is the IDBI CIF Number?

IDBI CIF number is the customer number with the bank to which all the accounts of customers are linked. No two customers can have the same CIF number as per the guidelines of the RBI.

3. What is IDBI BSR Code?

A BSR code is a 7-digit code for all the registered banks within the country. IDBI BSR code can be used when filling TDS/TCS returns. BSR code is used in challan details and deductee details. BSR codes for IDBI Bank are provided by RBI.

4. How to find the IDBI branch Code?

The last six digits of IDBI IFSC represent the IDBI branch. Example-

‘000171’ is the branch code for Sushant Lok, Phase I, Gurgaon.

5. What is IDBI Bank MICR?

IDBI MICR (Magnetic Ink Character Recognition) code is a machine-readable code used for processing and clearance of cheques. It is used to identify the bank branch to which the cheque belongs.