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Indian Bank IFSC code refers to the Indian Financial System Code that is issued to each branch of the Indian bank. IFSC code of Indian Bank is an 11-digit code that distinguishes each branch of the Indian bank. The IFSC code of the Indian Bank is used to carry out online transfer of money through payment systems such as NEFT, IMPS and RTGS. This code helps to eliminate any errors in the transfer, thus ensuring money transfer is made to the right person. Transferring money using IFSC code provides an individual with a sense of safety as the wrong code is not validated in the payment system.
Since the Indian Bank IFSC code is made up of 11 digits, here we tell you what these digits represent:
The first four digits state the name of the bank, the fifth digit is ‘0’ which is common for all banks across India and the last six digits represent the bank branch. IFSC code of the Indian Bank Airoli branch is IDIB000A170, whereas, the IFSC code of Indian Bank Borivali West branch is IDIB000B086.
Indian Bank IFSC code is a code that is required to transfer money online. This code is required to transfer money to the Indian Bank account holder. For example: If A wants to transfer money into B’s Indian Bank account, then he will have to know B’s branch IFSC code to ensure that he is transferring money to B only and not anyone else. Without the IFSC code, the online money transferred would not be initiated.
Information required for transferring funds to Indian Bank account holder
Also, if an Indian Bank account holder wants to transfer money online then he can do so to the recipient whose bank offers payment services such as RTGS and NEFT.
To initiate funds transfer from your Indian bank account, you would require the below details
Indian Bank IFSC code can be found on the bank chequebook or passbook of the account holder. The MICR code can be found at the bottom of the cheque, next to the cheque number. Indian Bank account holders can also look for IFSC and MICR codes online in India.
NEFT stands for National Electronic Funds Transfer. This payment system allows Indian Bank account holders to transfer money to banks who are NEFT enabled. This payment service can take up to a few hours or even 1 day for the money to reflect in the recipients' account. NEFT transaction timings for Indian Bank account holders are 8:00 AM to 6:30 PM from Monday to Saturday, excluding 2nd and 4th Saturday. Each day, an account holder can carry NEFT transaction up to a limit of Rs.50,000. Rs.5 + Applicable GST charges are applicable on the amount above Rs.10,000. Without a valid IFSC code of the recipient, the NEFT transfer would not be initiated. This payment service is available from Monday to Saturday, (2nd and 4th Saturday excluded) 8:00 AM to 6:30 PM
If you are looking ahead to transfer high-value monetary funds, then RTGS i.e. Real Time Gross Settlement payment system offered by Indian Bank is an apt service. However, the transfer would be initiated only on entering a valid IFSC code and if the transferee bank is RTGS enabled. Using RTGS, the transferor can transfer funds within a span of 30 minutes. The minimum amount that can be transferred using Indian Bank RTGS system is Rs.2 lakh. The transferor will also have to pay an applicable charge along with the GST on the amount being transferred. The recipient’s bank branch, contact details, IFSC code of the bank branch and other details have to be mentioned for carrying out the fund transfer process.
This payment service can be availed from 9 am to 4:30 pm on weekdays and 9 am to 2 pm on Saturdays.
Indian Bank is a state-owned financial service company established in the year 1997. The Bank is headquartered in Chennai and is one of the top performing banks in the public sector. Indian Bank has over 20,924 employees, 2851 branches with 2857 ATMs and 693 cash deposit machines. The bank has two subsidiary companies-"Indbank Merchant Banking Services Ltd" and "IndBank Housing Ltd.