Indusind bank | IFSC code, MICR Code

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indusind bank has branches in 34 States

Profile

IndusInd Bank is a universal Bank with a widespread banking footprint with over 2.5 crore customers, over 5,000 distribution points and nearly 2,000 branches across the country. With ‘Sustainability’ at the core, we offer a wide array of products and services for individuals and corporates including microfinance, personal loans, personal and commercial vehicles loans, credit cards, SME loans. We are also a preferred banking partner for various Government entities, PSUs and large corporates.

Mission

We will consistently add value to all our stakeholders and emerge as India’s most convenient Bank with Best-in-Banking financial parameters together with the doubling of our loan book, clients and profits within the next three years.

History

Established in 1994 by Srichand P Hinduja, the name ‘IndusInd’ Bank was inspired by the Indus Valley Civilisation - one of the greatest cultural example of a combination of innovation with sound business and trade practices. Over the years, we have grown ceaselessly and dynamically driven by a zeal to offer our customers banking services at par with the highest quality standards in the industry.

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

indusind bank has branches in 34 States

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