ICICI, short for Industrial Credit and Investment Corporation of India, ranks as the 2nd largest Indian multinational bank in the country. The ICICI Bank is also part of the elite “Big Four” group of Indian banks, which manage the majority of venture and asset management in India.
The bank offers numerous banking and finance products for retail and corporate customers. ICICI provides its customers with investment banking, non-life/life insurance policies, asset management, and venture capital. The bank offers these several finance and banking services through a nationwide network of over 4,880 branches and has ATMs at more than 15,100 locations across India. Apart from serving customers in the country, ICICI Bank also serves its international customers in 17 different countries, including Canada, UK, Belgium, Germany, Malaysia, Indonesia, Malaysia, US, Hong Kong, UAE, Bahrain, Qatar, Oman, Sri Lanka, and China, among others.
Here are some interesting facts about the ICICI Bank you should know:
- ICICI became the first Indian bank to be listed on the New York Stock Exchange when it was listed in 2000.
- ICICI Bank is the first Indian bank to introduce mobile banking in the country.
- ICICI Bank’s Pockets app launched in 2015 was the first digital wallet for iOS and Android smartphone users in India.
- ICICI Bank also introduced the first-ever completely automatic locker system, the “Smart Vault in 2015, which allowed customers to use robotic technology to access their lockers from the bank’s safe vault.
- ICICI Bank was also the first Indian bank to use an innovative voice-recognition software system for customers to perform their bank transactions using only voice commands over the phone.
Now let’s learn more about IFSC codes and why are they so important today.
About ICICI Bank IFSC Code
IFSC, short for Indian Financial System Code, is a helpful method that contains all information necessary to perform online money transfer from your bank account to the recipient’s bank account anywhere in India. The IFSC code has been deemed mandatory by the RBI for any online money transfer request in the country.
The IFSC code is made of 11 digits containing a mix of alphabets and numbers. Every IFSC code issued by the RBI is completely unique. It is assigned to each branch of every public and private sector bank operating in the country. The IFSC code helps facilitate online money transfers in the safest and efficient manner.
An IFSC code is broken down into three parts. The first four places in the code have alphabets that help to identify the bank with which the recipients hold their accounts. The fifth place is usually a “0” which is there for future possible use, whereas the remaining six places contain a set of numbers that help to determine the recipient’s particular bank branch.
If the recipient you wish to transfer money online has their account with ICICI, then you will need to have their ICICI Bank IFSC code handy to ensure a completely successful money transaction.
Importance of ICICI Bank IFSC Code
RBI guidelines for online money transferring between bank accounts make it mandatory to provide the recipient’s IFSC code. This is an excellent way to streamline online money transfers and ensure optimal security.
Some of the reasons that make ICICI IFSC codes so important for online money transfers are because an IFSC code can:
- Determine bank branch – IFSC codes are specifically meant to identify the recipient’s bank branch so that the money transfer is accurate. When you enter their IFSC, the system immediately recognizes the recipient branch and initiates the process of money transferring almost immediately.
- Ease online money transactions – With the IFSC code, the online money transfer from your bank account to the recipient’s bank account becomes extremely easy and secure as well. An IFSC helps to facilitate smoother and error-free online money transfers between bank accounts.
- Accelerate online money transfers – Using the IFSC, any online money transfer service offered by your bank, such as RTGS, NEFT or IMPS, gets completed successfully faster and with increased efficiency.
Uses of ICICI IFSC Code
Keeping in mind that the purpose of the ICICI Bank IFSC code is to help identify the particular ICICI bank branch of the recipient of online money transfers, there are several ways that the IFSC code comes in use.
You may need to use the ICICI IFSC code when you wish to perform online money transfers using these banking services:
NEFT – The National Electronic Fund Transfer, known as NEFT, is one of the most popular forms of online money transferring services in use today. Requests for NEFT money transfers are processed in several batches during the working hours throughout the day. Using NEFT, you can easily transfer as much as INR 200,000 to any bank in the country, in the fastest and safest manner.
RTGS – Real Time Gross Settlement (RTGS) is an immensely useful online money transferring service, especially if you wish to transfer large sums of money from your bank account to another. The RTGS applications are also processed in a batch-wise manner, similar to NEFT. However, with RTGS you can choose to transfer as low as INR 200,000 to larger amounts with complete ease and security.
IMPS – The Immediate Payment Service, IMPS for short, is yet another popular online money transfer service that if offered by almost every bank in the country. IMPS is extremely convenient as it can be performed using only your mobile phone. This makes IMPS online money transfers extremely efficient and easy as compared to even RTGS and NEFT.
Find ICICI IFSC Code
Firstly, you will need to recognize how the IFSC code for the recipient’s IFSC bank account looks like. For ICICI bank branches, the ICICI IFSC code starts with “ICIC” in the first four places, followed by two “0”s in the fourth and fifth place. The last six digits in this code will detail the particular ICICI bank branch with the recipient’s account.
Now, to find the ICICI Bank IFSC code, there are several ways to do this. You can easily check for the ICICI IFSC code on:
- ICICI Bank Pass Book – The passbook provided by the ICICI Bank to the recipient should have their IFSC code. Check for the ICICI IFSC code starting with “ICIC00…” in the passbook on the front leaf, where the rest of the account details (account name, account number, bank branch, address, etc) are printed.
- ICICI Bank Cheque Book – Apart from finding the IFSC code on the bank’s passbook, you can also find the ICICI IFSC code on every cheque included in the cheque book issued by ICICI bank. You can identify the ICICI IFSC code on cheque book by checking the top margin of a cheque. Search for the code beginning with “ICIC00…” which is usually printed just below the bank details.
- ICICI Bank Website – In addition to the bank’s cheque book and passbook, you can also find the ICICI IFSC code on the bank’s official website. Simply access the ICICI website/mobile app, select the “Account Details” tab on your screen and the IFSC code starting with “ICIC00…” is displayed clearly on the screen.