ICICI Bank IFSC code

Introduction

The ICICI Bank IFSC (Indian Financial System Code) code is a unique 11-character alphanumeric code that identifies a specific branch of ICICI Bank, one of the largest private sector banks in India. The IFSC code is used for electronic fund transfers, such as NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service), between bank accounts in India.

History and Background

ICICI Bank was established in 1994 as the Industrial Credit and Investment Corporation of India (ICICI). It was founded as a development financial institution to provide project financing and other financial services. In 2002, ICICI Bank was formed through the merger of ICICI and its subsidiary, ICICI Banking Corporation Limited. The merged entity became one of the largest private sector banks in India.

The IFSC code system was introduced by the Reserve Bank of India (RBI) in 2004 to facilitate electronic fund transfers between banks in India. The IFSC code is a unique identifier for each bank branch, and it is required for all electronic fund transfers to ensure accurate and efficient transactions.

Key Features of the ICICI Bank IFSC Code

The ICICI Bank IFSC code consists of 11 characters, where the first four characters represent the bank's code (in this case, ICIC), the next six characters represent the specific branch of the bank, and the last character is a check digit. For example, the IFSC code for the ICICI Bank branch in New Delhi might be ICIC0000123.

The IFSC code is used for various electronic fund transfer services, including:

NEFT (National Electronic Funds Transfer): A popular electronic funds transfer system that allows the transfer of funds from one bank account to another.
RTGS (Real-Time Gross Settlement): A system for the real-time transfer of funds between banks, with each transaction being settled individually.
IMPS (Immediate Payment Service): An instant real-time inter-bank electronic funds transfer service that allows customers to make fund transfers 24/7 through various channels, such as mobile banking, internet banking, and ATMs.

The ICICI Bank IFSC code is an important identifier for customers when making electronic fund transfers, as it ensures the accuracy and efficiency of the transaction. Customers can typically find the IFSC code for a specific ICICI Bank branch on the bank's website, on their account statements, or at the branch itself.

Importance and Influence

The ICICI Bank IFSC code plays a crucial role in the electronic banking ecosystem in India. It enables seamless and secure fund transfers between bank accounts, facilitating financial transactions and supporting the growth of the digital banking infrastructure in the country. [citation needed]

The widespread adoption of the IFSC code system has contributed to the increased efficiency and reliability of electronic fund transfers in India, benefiting both individual customers and businesses. [citation needed]

References

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