Bank IFSC, MICR, and SWIFT Codes: Everything You Need to Know

If you’re new to the world of banking, you may have come across the terms IFSC, MICR, and SWIFT codes. These codes are essential in identifying a bank and its branch, and they’re used for various banking transactions such as money transfers, NEFT, RTGS, and more. In this article, we’ll discuss what these codes are, how they work, and why they’re important.

What is an IFSC Code (Indian Financial System Code)?

IFSC stands for Indian Financial System Code. It’s an 11-digit alphanumeric code that identifies a bank and its branch. Every bank branch in India has a unique IFSC code, which is used to facilitate electronic fund transfers such as NEFT, RTGS, and IMPS.

The IFSC code comprises three parts:

• The first four characters represent the bank code
• The fifth character is a zero by default
• The last six characters represent the branch code

Find here: All Bank IFSC Code List Excel PDF by RBI 2023

What is a MICR Code (Magnetic Ink Character Recognition)?

MICR stands for Magnetic Ink Character Recognition. It’s a 9-digit code used to identify a bank and its branch. The MICR code is printed on the bottom of a cheque leaf and is used for clearing cheques.

The MICR code comprises three parts:

• The first three characters represent the city code
• The middle three characters represent the bank code
• The last three characters represent the branch code

For example, the MICR code of the State Bank of India’s branch in Mumbai is 400002010, where “400” is the city code, “002” is the bank code, and “010” is the branch code.

What is a SWIFT Code (Society for Worldwide Interbank Financial Telecommunication)?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It’s an 8- or 11-digit code that identifies a bank and its branch globally. The SWIFT code is used for international money transfers and other financial transactions.

The SWIFT code comprises four parts:

• The first four characters represent the bank code
• The next two characters represent the country code
• The next two characters represent the location code
• The last three characters (optional) represent the branch code

For example, the SWIFT code of the State Bank of India’s branch in Mumbai is SBININBB363, where “SBIN” is the bank code, “IN” is the country code, “BB” is the location code, and “363” is the branch code.

Why are IFSC, MICR, and SWIFT codes essential?

IFSC, MICR, and SWIFT codes are necessary because they help in identifying a bank and its branch during electronic fund transfers and other financial transactions. These codes ensure that the money reaches the correct bank account and the correct branch. Without these codes, it would be challenging to transfer money electronically, and it could lead to errors and delays in transactions.

How to find your bank’s IFSC, MICR, and SWIFT codes?

Finding your bank’s IFSC, MICR, and SWIFT codes is relatively easy. Here are some ways you can find them:

1. Check your bank account passbook or chequebook: Your bank’s IFSC and MICR codes are typically printed on your bank account passbook or chequebook.
2. Visit your bank’s website: Most banks have their IFSC, MICR, and SWIFT codes listed on their websites. You can search for your bank’s website online and navigate to the “Contact Us” or “Services” section to find the codes.
3. Contact your bank’s customer service: You can also contact your bank’s customer service to request the codes. Make sure to have your account details ready, as they may ask for verification before providing the information.
4. Use online directories: Several online directories provide information about the IFSC, MICR, and SWIFT codes of different banks. You can search for these directories online and enter your bank’s name or location to find the codes.

It’s important to note that IFSC, MICR, and SWIFT codes can change over time, so it’s essential to double-check the information before initiating any transactions.

Find here: All Bank IFSC Code List Excel PDF by RBI 2023