Find Industrial Bank Of Korea IFSC Code, MICR Code and branch details for NEFT, RTGS & IMPS transactions.
The Industrial Bank of Korea (IBK) was founded in 1961, and it's a state-owned bank. The bank has its headquarters in Jung-Gu, Seoul, South Korea. IBK bank offers various banking facilities to its customers, and the Industrial Bank of Korea IFSC code holds a crucial role in it. The Industrial Bank of Korea (IBK) was founded in 1961, and it's a state-owned bank.
The bank has its headquarters in Jung-Gu, Seoul, South Korea. IBK bank offers various banking facilities to its customers, and the Industrial Bank of Korea IFSC code holds a crucial role in it.
To avail, all banking facilities like digital banking, cheque clearance, or overseas fund transfer, the IFSC, MICR, and SWIFT codes play a very important role. The IFSC code is for the identification of all bank branches; the MICR code helps with paper-based payments.
The SWIFT code identifies any foreign bank branches. The code verifies any international payments through this code. We will talk in detail about the Industrial Bank of Korea IFSC code, MICR code, and SWIFT their usage and importance here in this guide. So to get all the necessary information, continue reading.
Every bank comes with its unique IFSC codes for easy identification purposes. The Reserve Bank of India introduced the Indian Financial System Code (IFSC code) to ensure a seamless digital fund transfer.
The International Bank of Korea IFSC code comes under the same structure, and its main purpose is to identify bank branches. Each IBK branch has a separate IFSC code, and we will need it while we make online fund transfers like NEFT or RTGS.
For instance, if we are sending money to a recipient using NEFT, the payment system will ask us to provide the receiver's IFSC code and other details to identify the branch location quickly. The entire system helps to deposit money to the right account hassle-free.
To ensure the IFSC code serves its dedicated purpose, it's divided into three parts. Any IFSC code has eleven characters, including the Industrial Bank of Korea IFSC code. Let's understand how these three parts of the IFSC code work with an example from the IBK IFSC code.
The Industrial Bank Of Korea New Delhi Branch IFSC Code is IBKO0000001. Here the four characters of the first part, IBKO, represent the bank name. The central character is zero, reserved for future usage, and the last six characters, 000001, represent the branch location, New Delhi.
The availability of the IFSC codes has made sending money relatively easily. You don't need to go to the branch every time you've to transfer funds to anyone. Just go to the bank's online portals, select any preferable mode of transferring money, enter the IFSC code, and it's done.
In the banking system, the MICR code plays an equally important role. It is the Magnetic Ink Character Recognition Code banks use during cheque clearance. As opposed to the IFSC code, which we use for online payments, we use the MICR for offline payments.
The MICR code helps with the faster processing of cheques with its nine digits unique identification code. We can divide the MICR code into three parts. The first part of the first three numbers is for the city name, and it's similar to the pin code.
The mid-three characters stand for the bank's name, and the final three characters are for the branch code. The MICR code of the Industrial Bank of Korea New Delhi branch is 110744001.
The unique magnetic ink used in printing the MICR code helps limit fraudulent transactions. The MICR system can instantly identify the banks participating in the Electronic Clearing System (ECS).
The Society of Worldwide Interbank Financial Telecommunication (SWIFT) code is also known as the bank identification code. It identifies foreign branches and is used for international wire transfers.
The Industrial Bank of Korea SWIFT code has eight characters, and we can again divide it into three parts. The first four letters of the SWIFT code represent the bank name. The mid-two characters represent the country code or name, and the final two characters represent the branch location/city.
The SWIFT code of the Industrial Bank of Korea Jung-GU is IBKOKRSE. As per the standard structure of the first four letters, IBKO represents the Industrial Bank of Korea. The fifth and sixth characters, KR, correspond to the country, and the last two characters, SE, represent the location, Jung-GU.
Banks use SWIFT codes to send money as well as messages across. For bank customers, you will need the SWIFT code while making any international fund transfer or receiving money from international sources.
Find Your Bank is a reliable source where you can find the IFSC code and MICR code of all banks, including the IBK bank. Find Your Bank has records of the IFSC and MICR codes of all IBK branches. To access the IFSC and MICR code of any IBK branch, you have to follow these steps-
Apart from this, there are other means of finding the IFSC and MICR codes of the IBK bank. Let's have a look at all the options as well.
IBK account holders must have their passbook and cheque book, and this is where you can easily find the IFSC and MICR codes. The IFSC code is always printed in the middle of the passbook leaves, and the MICR code is at the bottom of the cheque book leaves.
The Reserve Bank of India is one of the most reliable sources finding the IFSC and MICR codes. Since it started, all the systems of IFSC hence it keeps a record of all banks' IFSC codes, including the IBK.
The IBK net banking platforms like its mobile app and website will also help you find the IFSC and MICR code. When you visit their online banking platforms, select required tabs, and your searched codes will appear on the screen.
The bank's customer care service is always there to help you find the IFSC or MICR codes. In case you are unable to find these codes using any of the above means, contact the IBK bank customer support team by dialing 1566-2566 or 1588-2588.
The availability of online fund transfers like NEFT, RTGS, or IMPS has made transferring funds a cakewalk. Now all you've to do is install mobile banking apps, choose your preferred fund transfer mode, add beneficiary details and send money.
Here is complete detail on the NEFT, RTGS, and IMPS fund transfer modes of the Industrial Bank of Korea.
National Electronic Fund Transfer (NEFT) is a DNS-based system where money is sent in batches. NEFT doesn't have any upper or lower limit, and you can send money within the IBK bank or outside using this method.
The IBK bank NEFT is available from 8 am to 6.30 pm on all days except for 2nd and 4th Saturdays and Sundays. To send money via NEFT, you will need the following details of the receiver-
|Up to Rs. 10,000
|Rs. 10,000 to 1 lakh
|Rs. 1 lakh to 2 lakh
|Rs. 2 to 5 lakh
|Rs. 5 lakh to 10 lakh
We use Real Time Gross Settlement (RTGS) to make high-value fund transfers. As the name says, money is sent in real-time, and the Industrial Bank of Korea RTGS is available on weekdays except for Saturdays and Sundays.
To make an RTGS transaction, you will need the following information-
|Rs. 2 lakhs to 5 lakhs
|Above Rs. 5 lakhs
IMPS or Immediate Fund Transfer is for sending emergency funds. IMPS is available round the clock and all through the week. Here is the information you will need to send money via IMPS-
The Industrial Bank of Korea was founded in 1961, and it has services like corporate banking, mortgage loans, retail banking, wealth management, and private banking. The bank has its presence worldwide and has its headquarters in Seoul, South Korea.
The main international locations where IBK has its branches are- India, China, Cambodia, Hong Kong, Indonesia, Myanmar, Japan, Philippines, United States, United Kingdom, and Vietnam. The main purpose of forming the Industrial Bank of Korea was to help small businesses improve their economic condition.
Yes, the Industrial Bank of Korea is state-owned, with its headquarters in Jung-Gu.
To use the IBK online banking, you have to visit your nearest IBK branch and register for online banking. You will have to request an OPT generator and collect the financial certificate from the IBK homepage. You have to log in through the financial certificate and access all internet services.
Yes, the Industrial Bank of Korea is a good bank. It has a worldwide presence and is known to help small businesses improve their financial status.
The Industrial Bank of Korea's customer care number is 1566-2566 or 1588-2588.