Federal bank | IFSC code, MICR Code

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federal bank has branches in 29 States

Federal Bank Limited is an Indian private sector, scheduled commercial bank headquartered in Aluva, Kochi. The Bank also has its Representative Offices abroad at Abu Dhabi and Dubai.

With a customer base of 10 million, including 1.5 million NRI customers and a large network of remittance partners across the world, Federal Bank claims to handle more than 15% of India s inward remittances. The Bank has remittance arrangements with more than 110 Banks/Exchange Companies across the world. The Bank is also listed in the BSE, NSE and London Stock Exchange and has a branch in India s first International Financial Services Centre (IFSC) at GIFT City in Gujarat.

History

The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) was incorporated with an authorized capital of rupees five thousand at Nedumpuram, a place near Tiruvalla in Central Travancore on 23/4/1931 under the Travancore Company s Act. It started business of auction-chitty and other banking transactions connected with agriculture and industry.

The bank name was named Federal Bank Limited on 2 December 1949, after completing the formalities of Banking Regulation Act, 1949.

Between 1963 and 1970, Federal Bank took over Chalakudy Public Bank (est. 20 July 1929 in Chalakudy), Cochin Union Bank (est. 1963) in Trichur, Alleppey Bank (est 1964; Alappuzha), St. George Union Bank (est. 1965) in Puthenpally, and Marthandam Commercial Bank (est. 1968) in Thiruvananthapuram. In 1970, Federal Bank became a scheduled commercial bank and came out with its initial public offering in 1994.

The Bank became a Scheduled Commercial Bank in 1970, which also coincided with the Silver Jubilee Year, since the Bank commenced its operation in Aluva.

In January 2008, Federal Bank opened its first overseas representative office in Abu Dhabi.

In November 2016, Federal Bank opened its second UAE representative office, in Dubai.

What is IFSC Code

IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.

How to find IFSC Code?

Ways to find IFSC codes

IFSC code can be found on cheque leaf and bank passbook of the respective bank.
Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
The IFSC code of a particular bank can also be found on the banks’ official website.

Benefits of IFSC Code

Benefits of IFSC Code are :

Helps to identify a Bank and its respective branch
Eliminates errors in the process of fund transfer
Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate

What is MICR Code

MICR or Magnetic Ink Character Recognition Code is a 9 digit code used for faster processing of cheques. MICR number is also unique for every bank branch, hence it helps in uniquely identifying the bank and branch participating in an Electronic Clearing System (ECS). MICR Code like IFSC is a combination of 3 essential components:

The first 3 digits represent the city code.
The middle 3 represent the particular bank code.
The last 3 digits represent the specific branch code

Benefits of MICR Code

Benefits of MICR Codes are:

MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.

Difference between IFSC and MICR code

Magnetic ink character recognition code (MICR) is a technology that enables faster processing of cheques by recognizing unique characters printed on the cheque. MICR consists of a 9 digit code. The first three digits of the MICR code represent the city, the next three give the bank code and the last three digits denote the branch of the bank. Similar to an IFSC code, every branch of a bank has a specific MICR code. While IFSC is used for online fund transactions, MICR is used for cheques.

Let’s understand the difference between IFSC and MICR

IFSC Code	MICR Code
Used to facilitate electronic fund transfers between banks and individuals in India.	MICR code is to facilitate and make cheque processing more efficient.
IFSC is an 11 character alphanumeric code.	MICR is a 9-digit code.
The first four characters indicate the name of the bank.	The first three digits represent the city code where the bank branch is located.
Last 6 digits represent the bank branch location.	Last three digits indicate the code of the bank branch.

LOCATE ANY BANK BRANCH IN INDIA

federal bank has branches in 29 States

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