What is IFSC Code

What is IFSC Code

IFSC Code is a unique 11-digit alphanumerical code that is assigned by Reserve Bank of India or RBI to each bank branch respectively to participate and to monitor online fund transfer of money. You might have been come across to use the IFSC Code especially while the online transfer of money by National Electronic Fund Transfer or NEFT, Real Time Gross Settlement or RTGS and Immediate Payment System or IMPS, these cannot be made possible without valid IFSC Code.

What are the Features of IFSC Code?

  • Easy and convenient online transfer of funds through NEFT, RTGS and IMPS.
  • Monitored online transactions.
  • Has unique identification codes that avoids confusions.
  • Secure transactions and eliminating errors of any fraudulent activities during online money transfers.

What is the format of IFSC Code?

  • The IFSC Code has 11 characters.
  • First 4 characters of the code represents bank code.
  • 5th character is a ZERO (0)
  • The remaining 6 characters are bank branch code.

What is the Significance of IFSC Code?

  • As it is a unique code helps to avoid errors and makes easy transactions.
  • Saves time, customers need not to visit the bank for fund transfer, with this code fund transfer can be easily done via online.
  • It is completely secured as it is monitored by RBI.

What is the process to use IFSC Code?

• For Electronic Fund Transfer by providing beneficiary bank account number, branch name of the bank and IFSC Code. • For making Credit Card Bill Payment, by using IFSC the bill payments can be made via tablets, mobile phones, laptops, etc.

How to Find IFSC Code?

Online Methods-

Directly Search on Internet Go to any IFSC Code Search tool page, on the page choose bank, then select the state or city and branch of the bank, by providing all these details IFSC Code will be displayed. Account holders can get the code by Net Banking or Mobile Banking Also, one can find IFSC Codes on the official websites of RBI

Offline Process to find IFSC Code-

• The IFSC Code will be provided on the cheque leaf of the respective bank. • Account holder can also find the code on first page of their bank passbook.