IDBI BANK IFSC CODE

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The 11-characters code assigned to each bank branch is known as the IFSC code or Indian Financial System Code. It is assigned by the Reserve Bank of India to provide a distinct identity to each branch and to eliminate errors during financial transactions. The IFSC code is mandatory for banks and branches engaging in electronic payment methods like IMPS, RTGS and NEFT. No two banks or their branches can have the same IFSC code.

The IFSC code has the first four letters in the bank’s name. For example, the IDBI Bank IFSC code looks like ‘IBKL0XXXXXX.’ 

IDBI Bank IFSC Code Structure

IFSC code has the following structure:

  • The first four letters indicate the bank name
  • The fifth digit is a 0 
  • The last six digits indicate the branch code

IBKL0000171- the IFSC code of IDBI Bank at Sushant Lok, Phase I, Gurgaon can be understood as ‘IBKL’ indicating IDBI Bank and ‘000171’ indicating the Sushant Lok branch.

IDBI Bank Branch Code

IDBI Bank branch code is the last six digits of the IFSC code of its respective branch. Each branch code is different from another and consists of 6 numeric digits. Apart from the IFSC code, the branch code can be found on the official website of the IDBI bank and the chequebook.

MICR Code IDBI Bank

Any branch of the bank participating in the Electronic Clearing Services Scheme or the ECS gets allotted a Magnetic Ink Character Recognition Code or the MICR code by the Reserve Bank of India. It is a 9-digit alphanumeric code which can be found printed at the bottom of the cheque next to the cheque number. The MICR code is mandatory for the clearance of cheques. It has the following structure:

  • The first three digits represent the city code aligned with the pincode
  • The next three digits represent the bank code
  • The last three digits represent the branch code

The MICR code of IDBI Bank in Sushant Lok, Phase I, Gurgaon- 110259013 can be broken down into ‘110’ representing Gurgaon; ‘259’ representing IDBI Bank and ‘013’ representing Sushant Lok, Phase I branch.

IDBI Bank Code 

A bank is provided with a special three-digit code to create its unique identity. This code is the same for all its branches and is reflected in the middle three digits of the MICR code. It makes it easier to understand the bank involved in the transaction. The three-digit unique code for IDBI Bank is ‘259.’

SWIFT Code of IDBI Bank

The Society For Worldwide Interbank Financial Telecommunication Code (SWIFT) is a code assigned to a bank branch participating in international transactions. It follows the format of the Bank Identifier Code (BIC) and is an 8-11 digit code. It contains both numbers and letters and can be broken down into the following:

  • The first four characters are alphabets that represent the bank name
  • The following two digits are alphabets that represent the country code
  • The following two digits can either be numbers or letters representing the location code
  • The last three digits can either be numbers or letters representing the branch code

The SWIFT code of IDBI Bank in the New Delhi branch is IBKLINBB010. Here, ‘IBKL’ represents IDBI Bank; “IN’ represents India, ‘BB’ means the location code, and ‘010’ is the New Delhi branch.

FAQs

Where can I find my IDBI Bank IFSC code?

One can find their IDBI Bank IFSC code on the bank’s official website, their passbook’s first page, the bank statement, and the top corner of their cheques.

Is the IFSC code the same for all IDBI Bank branches?

No, the IFSC code for all IDBI Bank branches is different. This is a distinct code allotted to every branch of the bank.

What are the IMPS charges by IDBI Bank?

For transaction amounts less than INR 1,000, no charges incur; for transaction amounts between INR 1,001 – 1 Lakh, INR 5 plus GST is charged; for transaction amounts greater than INR 1 Lakh INR 15 plus GST is charged by the IDBI Bank.

What is the bank code of IDBI Bank?

The bank code of IDBI Bank is 259. It is the middle three digits of the MICR code.

How can I know the branch name of IDBI Bank?

The branch name of the IDBI bank can be found on the bank’s website, on the chequebook and passbook’s first page and through the IFSC code.

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