Wednesday, June 23, 2021

Bank IFSC Code

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The Indian Financial System Code stands for IFSC. The alphanumeric 11-character ID gives each bank branch in the country which participates in inter-bank electronic transfers of funds a unique ID. it contains letters and numbers. If you are in the same bank, for example, but each branch has a different IFSC number if you have 2 accounts in different branches.

For all bank branches engaging in transfers of electronic funds at the Reserve Bank of India, the most recently completed IFSC list is available.

The format of this 11-character code is as follows:

  • The first 4 letters represent the bank name;
  • The fifth character is 0 (for future use);
  • The last six characters (numbers or letters) represent the individual branch.

Whenever you want to transfer funds electronically, without physical cheques or DDs, both the transferring banking branch and the transferee branch must be informed of the IFSC number. Many thousands of branches participate and are distributed around the country in electronic transfers. SBI alone has over 15,000 electronic transaction branches.

The IFS Code is required for any transaction in Indian main electronic funds transfer systems, including RTGS, NEFT (National Electronic Funds Transfer), and IMPS (Immediate Payment System). They help to speed up, secure, and less burdening money transfers across the world.

The IFSC branch codes will also be listed on a banking basis for all participating bank branches. In addition, RBI is advised to print the branch IFS code on the cheque -book as well as in the passbook and account statement sent to the customer by all participating banks.

HOW CAN I FIND THE IFSC CODE FOR A BANK?

The IFSC (Indian Financial System Code) for any bank sector in India is found in two ways:

  • A list of IFSC Branch Codes, bank-wise, will be available to all participating bank branches.

In addition, RBI is advised to print the branch IFS code on the check book as well as in the passbook and account statement sent to the customer by all participating banks.

For every branch of the Indian bank involved in electronic transfers of interbank funds in the country, IFSC (Indian Financial System Code) is a unique identity. It is an alphanumeric code of eleven characters that identifies each bank branch, which is part of one of the country’s two main transfers of electronic money.

The format of the code is as follows:

  • The first 4 letters represent the bank name;
  • the fifth character is 0 (for future use);
  • The last six characters (numbers or letters) represent the individual branch.

The IFSCode provides a precondition for any transaction in two key electronic fund transfers operational in India – the RTGS, the NEFT, as well as the IMPS (Immediate Payment System).

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