IDBI IFSC code & MICR code

These methods make use of IFSC to ensure that there is no confusion when an individual transfers funds as well as to make the process involved a fast and completely safe one.

In this article, we have compiled a list of a few bank branches of IDBI bank that operates in Bangalore (Urban):

How to Search for IDBI IFSC and MICR Codes?

As long as an individual remembers the name of the bank and the branch, it is a simple task to find the IFSC and MICR codes of a particular bank branch. It can be found by making use of the World Wide Web or by visiting the website of the particular bank that is in question. Third-party financial websites such as BankBazaar can also be helpful in finding correct information in this regard. All the individual needs to do is to follow the steps mentioned below:

1. Visit the BankBazaar website
2. Find the 'Bank IFSC Code' tab and click on it
3. A second page will open where there will be a few drops down menus from which he/she needs to choose the ones that they are looking for
4. On providing the correct information, the website will generate the IFSC and MICR codes
5. The generated table will also provide the phone number, address of the branch, name, branch code etc.

How to Transfer Money using IDBI Bank NEFT and RTGS Procedures?

Transferring funds has never been easier with the introduction of NEFT, RTGS and IMPS services.

National Electronic Funds Transfer (NEFT)

The NEFT or National Electronic Funds Transfers works on Deferred Net Settlements. The settlements are done in batches on an hourly schedule. As long as you have debited the amount within the time-frame that is stipulated by the bank, it will be credited to the beneficiary on the same day. If not, the amount will be credited on the following working day. You will need the following information to use NEFT service at IDBI:

1. The name of the receiver
2. The name of the receiver's bank and branch
3. The receiver's account number
4. The IFSC code of the receiver's bank branch
5. The amount to be transferred

Real Time Gross Settlement System (RTGS)

Real Time Gross Settlement System (RTGS transfers funds on an individual basis which means that the clearance of funds are scheduled individually and not batchwise. RTGS is one of the quickest and safest ways to transfer funds. IDBI ensures that all the transactions will be completed on the same day that the customer debits the fund, unless it has been done after the indicated time frame.

You will need the following information to use RTGS service at IDBI:

1. The receiver's name
2. The receiver's bank and branch name
3. IFSC Code of the receiver's bank
4. The transfer amount
5. The receiver's account number
6. A remark for the receiver, if any

The following are the charges for availing the RTGS service (for outward transactions) at IDBI

Timings for Transactions:

About IDBI Bank:

Established in 1964 under the Industrial Development Bank of India Act, IDBI (Industrial Development Bank of India) is a government-owned financial service company. It was formerly known as Industrial Development Bank of India. The headquarters of the bank is in Mumbai and the bank was an effort by the government to provide credit and other financial facilities for the development of Indian industry.

Today IDBI has over 1700 branches and 1285 centres in mostly India but also a few abroad. IDBI provides solutions for all the financial needs of customers including net banking, wealth management, telephone banking, investment banking, private banking, retail banking, corporate banking, all kinds of loans, finance & insurance, credit cards, private equity and more.