Industrial Development Bank of India (IDBI) Indian Financial System Code (IFSC) is an 11 digit code assigned to every branch of the bank by the Reserve Bank of India (RBI). The RBI uses IFSC for electronic money transfers between banks, as the code can quickly identify where the funds are coming from and where they’re going.
IDBI Bank IFSC Code Format
|Bank code||Zero||Branch code|
IDBI Bank IFSC Code is structured in a pattern where the first 4 characters represent the bank, while the last 6 characters represent the branch of the bank. The fifth character is generally “0” (zero), which is similar across all IFSC codes.
In the above example, IBKL0002008 is the IFSC Code of IDBI Bank branch at Sector 9c, Chandigarh.
How does the IFSC code of IDBI Bank work?
IFSC code helps systems route payments to the right branches during NEFT and RTGS transactions. Once the payer provides all the required details then only the fund can be transferred to the account of the payee with the help of the IFSC Code in an error-free manner.
How to find IDBI Bank IFSC Code & MICR Code?
Customers can search for IDBI Bank IFSC Code by any of the below-mentioned ways -
1. Account holders can search for the IFSC Code of IDBI Bank using the online IFSC Search Tool offered by Paisabazaar. Account holders can follow the steps mentioned below:
- In order to search for the IDBI IFSC code, customers need to visit the IFSC Code Locator Tool offered by Paisabazaar
- Type the name of the bank i.e IDBI Bank
- Enter the essential information like state and city
- Select the bank branch to check the IDBI Bank IFSC Code of a specific bank branch
Alternatively, IFSC and MICR codes for any IDBI Bank branch can be found on the following platforms as well:
2. Account holders can check IDBI bank IFSC Code on their bank cheque. The image below will help understand better:
- IFSC code is mentioned at the top of the cheque
- Cheque number and MICR code is present at the bottom of the cheque
A MICR code is a unique 9-digit code, which enables faster processing of cheques. Account holders can check IDBI Bank MICR Code at the bottom of their cheque (as shown in the image above).
3. Account holders can also check their IDBI Bank IFSC Code on their account passbook provided by the bank.
4. IFSC codes for all the banks are also mentioned on the Reserve Bank of India’s official website. Account holders can visit RBI’s official website to check IDBI Bank IFSC Code as well.
5. Customers can also check their IDBI Bank IFSC Code in the bank’s mobile application or through internet banking post successful login.
How to make fund transfer using IDBI Bank IFSC Code?
One can transfer funds using IDBI Bank IFSC Code by following ways:
NEFT is an online system for transferring funds from one financial institution to another within India. The sender has to provide the beneficiary’s name, IFSC code of the beneficiary bank branch, account type, and account number in order to carry out fund transfer via NEFT.
RTGS is a funds transfer system whereby money is moved from one bank to another in ‘real-time’ and on gross basis. In order to carry out a fund transaction, the sender needs to provide details including the name of the payee, account number, IFSC code of the beneficiary’s bank branch, and the amount.
Immediate Payment Services (IMPS) is a real time instant inter-bank funds transfer system. In order to send money the sender needs to provide the beneficiary’s account no, account type, IFSC Code and beneficiary’s name.
About IDBI Bank
Industrial Development Bank of India (IDBI) established in 1964 is headquartered in Mumbai provides various financial and banking services to its customers such as deposit accounts, debit cards, credit cards, loans, investments, etc.