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Indian Bank IFSC Code Search
An 11-digit identification number called the Indian Bank IFSC code aids in directing online money transfers
to the appropriate branch. However, the nine-digit MICR code, which is printed at the bottom of checks, expedites
the processing of checks. These codes work together to guarantee secure and easy banking transactions.
To find out more about the IFSC and MICR codes for Indian Bank, continue reading.
What does the IFSC Code mean?
The beneficiary's account's bank and branch are uniquely identified by the Indian Financial System Code (IFSC),
guaranteeing that money is transferred accurately and promptly. It is essential for facilitating safe online
transactions, including e-commerce purchases, insurance premiums, tax payments, and bill and installment payments.
IFSC codes lower the risk of fraud by tracking and monitoring transactions in addition to facilitating
transfers. The regulatory authority can regulate and supervise electronic payments thanks to the IFSC's
standardisation of digital transfers, which improves the banking system's transparency and consumer protection.
What is a MICR Code?
MICR (Magnetic Ink Character Recognition) is a 9-digit code printed at the bottom of a cheque.
It helps speed up and secure the cheque clearance process. Each MICR code is unique to a specific
bank branch, allowing quick and accurate identification during processing. The code is printed in
magnetic ink, which can be easily read by MICR machines for faster clearing.
MICR Code Format
The 9-digit MICR code is structured as follows:
First 3 digits – Represent the city (aligned with the PIN code)
Next 3 digits – Denote the bank
Last 3 digits – Indicate the branch
How to Search for Indian Bank IFSC Codes
It's easy to find your bank's IFSC code. It is easily found on the first page of your bank passbook
or in your chequebook. Processing any kind of online fund transfer, whether through RTGS, IMPS, or NEFT,
requires the IFSC code. No digital fund transfer can be finished without a valid IFSC code.
Make sure you have the beneficiary's information before starting a transfer:
- •The account holder's full name
- •Name of the recipient's bank
- •The IFSC code of the bank branch
- •Account number of the recipient
- •Account number of the sender
- •The amount that will be moved
To guarantee a speedy and secure transfer of your funds, these details are required.
How to Transfer Money Using Indian Bank NEFT and RTGS?
Indian Bank allows seamless fund transfers through NEFT, RTGS, and IMPS, making it easy for customers
to send money across different banks, accounts, cities, and states with ease and security.
Real Time Gross Settlement System (RTGS)
RTGS is ideal for high-value fund transfers starting from ₹1 lakh. Customers can use either net banking
or visit their nearest Indian Bank branch to initiate a transfer.
To complete the RTGS transaction, the following details are required:
• Recipient's full name
• Account number and account type
• Bank name and branch
• IFSC code of the recipient's bank
• Transfer amount
• Optional remarks for the recipient
Availability:
RTGS services are operational on weekdays and Saturdays, excluding Sundays and national holidays.
National Electronic Funds Transfer (NEFT)
NEFT is best suited for transferring smaller sums, typically below ₹1 lakh. Transfers can be done either
through net banking or by visiting the Indian Bank branch.
To initiate an NEFT transfer, customers must provide the following details in the Fund Transfer Instruction form:
• Recipient's name
• Account number and account type
• Bank name and branch
• IFSC code of the recipient's bank
• Transfer amount
• Optional message or remark for the recipient
Note: NEFT transactions are processed in batches throughout the working day,
ensuring safe and efficient fund transfers.
Fees and Charges of RTGS and NEFT Transaction by Indian Bank Explained
Transaction type | Amount | Charges (per transaction) |
---|
RTGS | Minimum amount of Rs.2 lakh | Nil |
RTGS | Sum between Rs.2 lakh to Rs.5 lakh | Rs.25 plus applicable taxes |
RTGS | Sum between Rs.5 lakh to Rs.10 lakh | Rs.50 plus applicable taxes |
NEFT | Cash up to Rs.10,000 | Rs.2.50 plus applicable taxes |
NEFT | Sum between Rs.10,000 and Rs.1 lakh | Rs.5 plus applicable taxes |
NEFT | Sum between Rs.1 lakh and Rs.2 lakh | Rs.15 plus applicable taxes |
NEFT | Sum between INR 2 lakh and INR 5 lakh | INR 25 + Applied Taxes |
NEFT | Sum between Rs.5 lakh and Rs.10 lakh | Rs.25 plus applicable taxes |
How to Open an Account in Indian Bank?
Indian Bank provides a range of accounts designed to meet the needs of both individuals and businesses.
In addition to facilitating transactions and saving, these accounts also allow users to earn interest on
deposits and maintain financial stability.
What are the eligibility criteria to open Indian Bank Savings Account?
To open an account with Indian Bank, you must meet the following conditions:
• Must be a citizen of India
• 18 years or older (Minors can have accounts opened on their behalf by parents or legal guardians)
• Must have valid identity and address proof issued by the government
• Must make an initial deposit based on the type of account and its minimum balance requirements
What documents are needed to open an account in Indian Bank?
To open the account, you'll need to submit:
Proof of Identity (any one):
• Aadhaar Card
• Passport
• Driving License
• Voter ID Card
Proof of Address (any one):
• Aadhaar Card
• Passport
• Driving License
• Voter ID Card
• PAN Card (mandatory)
• Form 16 (only if PAN is unavailable)
• Recent passport-size photographs