Set up in 1907, the Indian bank started as a public-sector bank headquartered in Chennai. It also had branches in Colombo and Singapore. However, in 1969, the Government of India took ownership of this state-owned bank. Presently, it has two subsidiaries– Indian Bank Merchant Banking Services Ltd and Indian Bank Housing Ltd. The Indian Bank boasts approximately 2149 branches spanning over 70 countries. To give every branch a unique identity, the Reserve Bank of India (RBI) gives them an IFSC code. IFSC is the acronym of the Indian Financial System Code. This code is extremely useful for customers availing of various facilities such as internet banking, electronic transfer of money via NEFT and RTGS, and more.

Now that you know who grants an IFSC code and its basic importance, let's discover what the Indian Bank IFSC code is and where you can find the code of your branch.

The Indian Bank IFSC Code is an alphanumeric code containing 11 characters. They represent:

• The first four characters are 'IDIB'. They stand for the name of the bank.
• The fifth character is zero.
• The last six characters specify the exact branch address.

Thus, the IFSC demarcates the bank branches across the nation. For example, the Indian Bank IFSC code of the Khandsa Road (Gurgaon) branch is IDIB000K192, while the IFSC code for Wazirpur (Gurgaon) branch is IDIB000W015.

Finding IFSC Code of Indian Bank

Wondering where to hunt for the Indian Bank IFSC code? Here are some of the easiest options to find out the IFSC code of the Indian Bank:

• Cheque Book of Indian Bank: You will find the Indian Bank IFSC Code for your branch printed on the front section of a cheque leaf.
• Passbook of Indian Bank: Look into your Indian Bank Passbook and you will find the code printed on the first page.
• Indian Bank Mobile Banking/Net Banking:Navigate the Indian Bank Net Banking section of the official website or the Mobile Banking App to figure out the IFSC code of your branch.

Key Difference between Indian Bank IFSC, MICR, and SWIFT Code

Now, when you open the first printed page of your passbook, you will find several other codes on it, including MICR, IFSC, and SWIFT. Here is all that you must know about each one of these codes before initiating a fund transfer.

IFSC Code

• The full form of IFSC is the Indian Financial System Code.
• It is a unique identification code necessary for electronic transfers via NEFT, RTGS, and IMPS systems.
• IFSC has 11 alphanumeric characters.
• It differs for various branches of a particular bank.

MICR Code

• The full form of MICR is Magnetic Ink Character Recognition.
• This code uses magnetic ink that makes handling a large number of cheques easier.
• It has 9-digits.
• It differs across branches of a particular bank.

SWIFT Code

• The full form of SWIFT is Society for Worldwide Interbank Financial Telecommunication.
• It helps recognize a financial institution and allows an immediate international money transfer.
• It has 8 to 11 characters.

Conclusion

When it comes to transferring funds, the IFSC code is essential since popular payment systems such as NEFT, RTGS, and IMPS require it. IFSC is mandatory to avail of the NEFT service for transferring funds across the country at any time of the day without any limit on the maximum and minimum value of fund transfer. Similarly, IFSC is a prerequisite for RTGS and IMPS, which come with an Rs.2 lakhs maximum limit.

FAQs

1 - How do I locate the nearest Indian Bank branch using IFSC Code?

The Indian Bank IFSC code has 11 characters, of which the last six digits help you easily find the bank branch. You can use the IFSC Code search tool available online to access details. On entering the IFSC Code, you will get the branch address, name, MICR code, and contact number. These details will help determine whether the branch is near you.

2 - How do I find the branch code for an Indian Bank branch?

The last six characters of the Indian Bank IFSC Code represent the branch. Therefore, you can find the Indian Bank Branch code referring to the last six characters.

3 - What is the CIF Number for the Indian Bank?

CIF stands for Customer Information File. It is an 11-digit code. Like every other bank, the Indian Bank also grants each bank account holder a unique CIF number that helps the bank decode information related to existing customers related to KYC, loans, and Demat accounts.

4 - What is the Indian Bank BSR Code?

BSR is the acronym for Basic Statistical Returns code. It is an 11-digit code provided by the RBI to all banks across India to efficiently maintain records of all online transactions and major payments done via banks. The Indian Bank BSR code will differ for every branch.

5 - Can I make an online payment transfer without knowing the IFSC code?

Providing an IFSC code is mandatory for transferring funds online between two bank accounts because the code identifies the branch. Therefore, you must always get the right IFS code from the payee. However, if you are making a transfer within the same branch, you will not require an IFSC.