IFSC Code of Indian Bank, Old Cotton Market Akola Branch, Maharashtra

This page lists the IFSC code, branch address, contact number and fund-transfer information for Indian Bank, OLD COTTON MARKET AKOLA branch in AKOLA. The 11-digit IFSC IDIB000A556 uniquely identifies this branch in the RBI's centralised payments network and is required for every NEFT, RTGS or IMPS transaction routed to this branch. If you are paying somebody who banks with Indian Bank at the OLD COTTON MARKET AKOLA location, this is the only IFSC you need.

We have organised this page into clearly labelled sections so you can jump straight to the part that interests you — the IFSC and MICR details, the full postal address, the contact phone number, a quick primer on NEFT, RTGS and IMPS, the typical product line-up at the branch, and a frequently asked questions section that addresses the queries people raise most often about this branch.

IFSC stands for Indian Financial System Code. It is an 11-character code that pinpoints a particular bank branch on the RBI's real-time payment rails. Every NEFT, RTGS or IMPS instruction must carry the destination branch's IFSC for the credit to land in the correct account.

In our case, IDIB000A556 is the IFSC of Indian Bank's OLD COTTON MARKET AKOLA branch. The format is fixed: IDIB = bank code, 0 = reserved, 00A556 = branch identifier.

Branch details at a glance

Bank profile

Indian Bank is among the recognised banks listed on the Reserve Bank of India's payments network. The Old Cotton Market Akola branch — IFSC IDIB000A556 — extends the bank's services to customers in and around Akola, Maharashtra.

About the Old Cotton Market Akola branch

The Old Cotton Market Akola branch of Indian Bank is situated at CHAMBER OF FARMERS OLD COTTON MARKET PIN 444001. Customers visiting this branch can complete cash deposits, withdrawals, demand draft requests, cheque clearing, passbook updates and KYC formalities. For online transactions to or from this branch, the IFSC code IDIB000A556 is used.

Why every Indian Bank branch has a unique IFSC

Before electronic settlement systems went live in India, money transfers between banks relied heavily on demand drafts, mail transfers and telegraphic transfers. These older instruments routinely took days to clear and were prone to misrouting because there was no single machine-readable identifier for a branch. The Reserve Bank of India solved this by issuing each participating branch — including OLD COTTON MARKET AKOLA of Indian Bank — its own 11-character IFSC. The code IDIB000A556 is therefore not just an internal reference; it is the digital postcode that lets the RBI's NEFT, RTGS and IMPS rails route funds straight to the right branch ledger without any human intervention.

Today, almost every salary credit, vendor payment, refund and EMI deduction in the country flows through this network, which is exactly why a correct IFSC matters so much. A wrong character can either bounce the transfer or send it to the wrong branch, and reversing such a credit is a manual, time-consuming process. Treat IFSC IDIB000A556 the same way you would treat your account number — verify it once and save it carefully for future use.

How to transfer money using IFSC IDIB000A556

Online transfers in India are powered by three major channels — NEFT, RTGS and IMPS — and each one requires a destination IFSC. Below is a quick guide for using IFSC IDIB000A556 across all three.

How to use IFSC IDIB000A556 for an NEFT transfer

NEFT (National Electronic Funds Transfer) is the most widely used method for sending money to Indian Bank's OLD COTTON MARKET AKOLA branch. NEFT now settles on a 24x7 basis in half-hourly batches and has no upper limit for retail customers (individual banks may impose their own caps).

1. Log in to your internet banking or mobile banking app.
2. Choose Add Beneficiary and select NEFT / Other Bank.
3. Enter the beneficiary name, account number and the IFSC IDIB000A556.
4. Confirm the bank name auto-populates as Indian Bank and the branch as OLD COTTON MARKET AKOLA.
5. Approve the beneficiary using OTP. Once activated, transfer any amount and the credit will reflect in the next NEFT cycle.

RTGS transfers via IFSC IDIB000A556

RTGS (Real-Time Gross Settlement) is the fastest high-value transfer mechanism in India. It is meant for transfers of ₹2 lakh and above and settles each transaction individually and instantly. To remit through RTGS to Indian Bank – OLD COTTON MARKET AKOLA, ensure your bank's portal accepts IFSC IDIB000A556 while registering the beneficiary. RTGS is also available 24x7.

IMPS to Indian Bank OLD COTTON MARKET AKOLA (IFSC IDIB000A556)

IMPS (Immediate Payment Service) offers instant, 24x7 fund transfers up to ₹5 lakh per transaction. Provide the beneficiary's account number along with IFSC IDIB000A556 in your mobile or internet banking app, and the money is credited to the OLD COTTON MARKET AKOLA branch account within seconds.

NEFT vs RTGS vs IMPS — which one should you use?

All three modes accept the IFSC IDIB000A556 for Indian Bank – OLD COTTON MARKET AKOLA, but they differ in speed, minimum amount and use case. The table below summarises the differences so you can pick the right channel for the situation at hand.

For most retail customers crediting the Old Cotton Market Akola branch, NEFT or IMPS will be the quickest and most economical option. RTGS comes in for one-off, high-value movements such as property purchases, vendor settlements or large gifts.

UPI payments and IFSC IDIB000A556

UPI (Unified Payments Interface) has become the default way for individuals to send money in India. While most UPI transactions are addressed using a Virtual Payment Address (VPA) like name@bank, the underlying account at Indian Bank – OLD COTTON MARKET AKOLA is still mapped to IFSC IDIB000A556. When a customer links a savings or current account to a UPI app for the first time, the app silently looks up this IFSC against the account number to verify the account exists. The VPA acts as a friendly alias on top of the same plumbing.

If a UPI transfer to or from this branch fails, the most common reasons are an inactive UPI handle, a daily limit breach or a temporary outage at one of the participating banks — not the IFSC. You can always fall back to NEFT or IMPS using the IFSC IDIB000A556 and the beneficiary's account number to complete the transfer.

Products and account variants supported

Every account opened at the Old Cotton Market Akola branch is mapped to IFSC IDIB000A556 on the RBI payments network. The branch generally supports the full retail product catalogue of Indian Bank, including:

• Resident savings accounts and salary accounts
• Current accounts for businesses and professionals
• Fixed deposits, recurring deposits and tax-saver deposits
• Demand drafts, banker's cheques and pay orders
• Retail loans — personal, vehicle, education, gold and home
• Credit cards and overdraft facilities (subject to eligibility)
• Third-party investment products such as mutual funds and insurance (through tie-ups)

Whichever product you choose, the IFSC for incoming credits remains IDIB000A556.

Products and services

Customers walking into the Old Cotton Market Akola branch can access most of Indian Bank's standard product suite, including:

• Account opening – savings, current, NRI, salary
• Term deposits and recurring deposits
• Retail and small-business loans
• Insurance and mutual-fund tie-ups
• Locker, safe deposit and ATM card services
• Online and mobile banking activation
• Electronic transfers via IFSC IDIB000A556

MICR & cheque-truncation details

Cheques drawn on the Old Cotton Market Akola branch are processed through the Cheque Truncation System (CTS). Each cheque carries a unique 9-digit MICR code that pairs with IFSC IDIB000A556 for clearing. If you receive a cheque from this branch, both codes will be visible on the cheque leaf.

Digital banking channels

Most day-to-day work that customers used to do at the Old Cotton Market Akola branch counter can now be completed digitally — adding a beneficiary, transferring funds, applying for a fixed deposit, raising a service request or downloading account statements. The IFSC IDIB000A556 is the link between the digital channel and the branch ledger; once a transaction is confirmed, the credit or debit is reflected in the same core banking system that the branch officers see.

Things to verify before sending money

Banking errors are usually small typos that snowball into delayed credits and customer-care follow-ups. Use this short checklist before you confirm any transfer to Indian Bank – OLD COTTON MARKET AKOLA:

• The IFSC is exactly IDIB000A556 with no extra spaces.
• The beneficiary's account number matches what they shared, digit for digit.
• The portal auto-fills Indian Bank as the bank name and OLD COTTON MARKET AKOLA as the branch.
• The amount and the purpose of payment are correct.
• You have a valid OTP-verifying mobile number on hand.

A 30-second review here saves hours of reconciliation later.

How to reach the Old Cotton Market Akola branch

The branch is located at CHAMBER OF FARMERS OLD COTTON MARKET PIN 444001, which puts it inside Akola, the broader Akola district, and the state of Maharashtra. To plan your visit:

1. Open Google Maps on your phone and search for “Indian Bank Old Cotton Market Akola branch” — the verified location pin for IFSC IDIB000A556 should appear at the top of the results.
2. Confirm the branch is open by calling 724-2430485 before stepping out, especially around public holidays.
3. Carry photo ID and any account-related documents you may need for the transaction you plan to do.

Most banking work — passbook updates, fund transfers, statement downloads — can also be completed online without visiting the branch in person, as long as you know the IFSC IDIB000A556 and your account number.

Other ways to verify the IFSC code

While this page already lists the verified IFSC IDIB000A556 for Indian Bank – OLD COTTON MARKET AKOLA, you can cross-check the code from any of these sources before initiating a high-value transfer:

• The front of the cheque book issued by the branch – the IFSC is printed at the top of every leaf.
• The first page of your passbook.
• The bank's official website under the branch locator.
• The Reserve Bank of India's IFSC search portal.
• Net banking dashboards usually display the home-branch IFSC under account details.

Working hours

Branch counters at Old Cotton Market Akola are usually open from 10 AM to 4 PM on weekdays. Saturdays follow the RBI's alternate-Saturday rule. Even when the branch is closed, NEFT, RTGS, IMPS and UPI transfers addressed to IDIB000A556 continue to work without interruption.

Branch address & contact

Frequently asked questions

Summary

The IFSC code IDIB000A556 belongs to Indian Bank's OLD COTTON MARKET AKOLA branch, located at CHAMBER OF FARMERS OLD COTTON MARKET PIN 444001 in AKOLA, MAHARASHTRA. Use this code along with the beneficiary's account number for any NEFT, RTGS or IMPS transfer to this branch. Bookmark this page for quick reference whenever you need the branch's banking details.