Find Industrial And Commercial Bank Of China IFSC Code, MICR Code and branch details for NEFT, RTGS & IMPS transactions.
Industrial and Commercial Bank of China IFSC Code is based on a well-developed system designed to set up communication between banks to make money transfers a less troublesome process.
The IFSC (Indian Financial System Code) plays a vital role when transferring money through the major money carriers in India: NEFT, RTGS & IMPS. IFSC is nothing but an 11-character code that possesses the information associated with the location of a bank branch.
On the other hand, MICR (Magnetic Ink Character Recognition) is an old technology introduced by the RBI (Reserve Bank of India) to facilitate electronic money transfers. It is a 9-digit code written on the cheque leaf identifying the bank branch where the account was opened.
Industrial and Commercial Bank of China IFSC Code offers faster cheque processing and reduced processing time for online banking. But to attain these advantages, every account holder must know their IFSC and MICR codes.
In the following text, you will understand the IFSC and MICR codes better and learn how to find them for the ICBC bank.
Each bank branch conducting fund transfers using RTGS and NEFT has a unique IFSC code. The Industrial and Commercial Bank of China IFSC code is important because, with the increasing load of money transactions, errors occur by the banks. Industrial and Commercial Bank of China IFSC code makes the identification of bank accounts a piece of cake. Thus, making the transactions quicker and error-free.
All the online transfers conducted through the ICBC mobile application are regulated by the RBI and thus require an IFSC code. This also includes all the paperless money transfers such as IMPS, NEFT, and RTGS.
The Industrial and Commercial Bank of China IFSC code has eleven characters. The first four represent the bank name which, in this case, is "ICBK," and the last six digits are reserved for the bank branch.
The fifth character is always zero, which is reserved for future references. With IFSC code, the sender can be sure that his money is directed to the right location and thus ensures security.
Here is an example of the IFSC code for better understanding. The Industrial and commercial bank of china Mumbai Branch's IFSC code is ICBK0000001.
Here, In "ICBK0000001", the "ICBK" tells the other bank that the money is transferred to or from the ICBC bank. The rest of "0000001" tells the bank about the branch the funds are moving from.
When cashing a cheque, the bank teller must verify by entering the cheque number in the system manually. This process is time taking and inefficient. That's where the Magnetic Ink Character Recognition technology (MICR) technology comes into action.
MICR code is a 9-digit code printed on the cheque leaf. The code can be scanned by a MICR scanner and automatically loads the account holder's information on the computer.
This, in turn, allows for a much faster cheque processing, and the teller can verify that the cheque is real. The MICR code prevents frauds and fake cheques as the code is printed magnetically with special ink.
To better understand the code, we'll have to break it down! So, let's go ahead and find out how this one code saves hundreds of thousands of people's precious seconds.
The ICBC MICR code consists of nine digits which can be divided into three parts. Each part represents a different thing:
The first of nine digits is the postal code for the city where the bank branch is. The middle three digits are the bank code unique to every bank in India. Thus telling the computer about the bank's name, which, in this case, is ICBC. And the last three digits indicate the specific branch.
Here's a quick example:
It's clear that IFSC and MICR codes make money transfers a lot easier. Now the question is where to find them to be used in transactions? Below we have briefly described all the methods by which you can get your IFSC or MICR codes.
The easiest way to find the IFSC and MICR codes is to use a third-party website that stores this kind of information. "Find Your Bank" is a great tool when searching for quick info about various banks. It has codes like SWIFT codes, bank codes, IFSC codes, MICR codes, and addresses for all the banks piled in one huge database.
Follow these steps to find out the Industrial and Commercial Bank of China IFSC code and MICR code through "Find Your Bank":
If you forget this information quite often, you can also use the "Find Your Bank" mobile application. It frees you from the hassle of searching the website and entering all the information. The mobile application is way faster and more reliable and also stores your previous searches.
If you have a cheque book issued by the bank, it is even easier to find the Industrial and Commercial Bank of China IFSC code and MICR code. IFSC code is written on the very top of the cheque leaf, and the MICR code is printed on the bottom of the leaf.
Other than cheque books, you can also find these essential codes in other bank documents.
Industrial and Commercial Bank of China has a mobile application that every account holder can access. So, just log into your mobile application and go to the account info section to find the Industrial and Commercial Bank of China IFSC code and MICR code.
As RBI is the one that issues the IFSC codes to banks, it has all the codes stored in their database. You can access this database easily through their website. Log on to the RBI official website and go to search for the IFSC option. Just enter the bank name to find the Industrial and Commercial Bank of China IFSC code.
NEFT, RTGS & IMPS rule when it comes to interbranch money transfers. Industrial and Commercial Bank of China offers each method for a small price per transaction.
National Electronic Funds Transfer (NEFT) is India's largest electronic funds transfer system. It is the best way to transfer small amounts of money to different bank branches. NEFT can take a couple of days to process the transaction, but there is no limit on the minimum or maximum amount that can be transferred.
NEFT is available to make transactions 24/7 and is only available for banks that support NEFT systems. The Industrial and Commercial Bank of China IFSC code lets you use NEFT for transferring money across all eligible bank branches. Here is what you need to do so:
As the NEFT system is regulated by the RBI (Reserve Bank of India), they also set the charges. Below are the charges you'll have to face when using NEFT at the Industrial and Commercial Bank of China.
|Less than or equal to INR 10000||INR 2.5 per transaction|
|Greater than INR 1000 but less than INR 1 lakh||INR 5 per transaction|
|Greater than INR 1 lakh but less than INR 2 lakh||INR 15 per transaction|
|Equal to or greater than INR 2 lakh||INR 25 per transaction|
As the name suggests, transactions made by Real-Time Gross Settlement (RTGS) occur in real-time. This system is specially designed for the safety of large transfers of money. The transaction is processed in minutes, allowing a less time window for hackers to steal the money.
Industrial and Commercial Bank of China offers interbranch money transfers through RTGS. ICBC only allows large fund transfers and makes sure that the money is securely transferred. To do this, the Industrial and Commercial Bank of China IFSC code is used to verify the target account.
You can either use the ICBC mobile application or go to the bank branch in Mumbai to make the transfer. You will need:
|Less than or equal to INR 2 lakh (min)|
|Less than or equal to INR 49999||INR 25*|
|Less than or equal to INR 1 million||INR 50*|
*TAXES ARE APPLICABLE
ICBC is open for RTGS fund transfers from Monday to Friday: 10 AM-4 PM, Saturday: 10 AM-4 PM, and closed on Sundays.
Immediate Payment Service (IMPS) was introduced in 2010 by the top banks of India. The objective was a fund transferring service that is available 24/7/365, even on Sundays. IMPS is incredibly fast, efficient, and relatively affordable.
Unlike RTGS, IMPS allows you to make small transactions under two lakhs. The charges are very reasonable too. Have a look:
|Less than or equal to INR 10000||INR 2.5*|
|Less than or equal to INR 1 lakh||INR 5*|
|Less than or equal to INR 2 lakh||INR 15*|
*TAXES ARE APPLICABLE
You can use the ICBC IMPS either by mobile application or by going to the bank branch.
An Industrial and Commercial Bank of China IFSC code is required for transferring money through IMPS. Here's the full procedure:
Industrial and Commercial Bank of China Limited is a Chinese multinational banking company founded in 1984. The state-owned bank is funded by the Ministry of Finance of China and is the top-ranked in terms of total assets.
The bank opened its first international branch in Mumbai in 2011 after getting approval from the RBI (Reserve Bank of India). The Industrial and Commercial Bank of China is known as the biggest lender globally. It offers corporate banking, retail banking, and investment banking.
ICBC provides banking services to individuals and large organizations. It offers deposits, foreign currency settlements, and loans.
ICBC is a state-owned bank funded by the Ministry of Finance of China in Beijing. In fact, it is the largest state-owned bank in the world, with a revenue of over USD 4 trillion.