Bank IFSC Codes: August 2021

Importance and benefits of Indian Financial System Code (IFSC)

The code uniquely identifies a specific bank branch, hence helping customers to avoid any possible mistakes during the online transfer of funds via NEFT, RTGS or IMPS
The customer need not visit the branch for any financial transfer, hence can opt for online money transfer with the help of IFSC Code. It is, therefore, a rather convenient and eco-friendly option
All the online transactions including paying bills can be easily processed with the help of the IFSC code
The code is used by the RBI to monitor all the online transactions performed by an individual hence eliminating the chances of any discrepancy in the fund transfer process

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Why IFSC code is required?

• IFSC code is used to facilitate electronic or online transfers using NEFT, RTGS and IMPS

The code assists the appropriate bank with IFSC Code and RBI to track and securely transact all financial transactions made through online payment services.

IFSC code is required to pay online at another bank in order to be able to identify a specific beneficiary branch where the amount must be credited.

• IFSC assists in the unique identification of all banks and their affiliates that allow customers to avoid any fraudulent activity while facilitating online transfer of funds.

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IFSC Code - The Indian Financial System Code is a unique 11-digit code issued by the Reserve Bank of India (RBI) to all banks that offer online transfer programs such as RTGS (Real-Time Gross Settlement), NEFT (National Fund Transfer electronic) and IMPS (Instant Payment Service).

IFSC code ensures that money is transferred to the correct account. IFSC bank code is usually found on bank check sheets. The first four numbers mean bank. This is followed by the zero digit. The last six digits refer to the bank branch. To make an online transfer to any bank account, one must know the IFSC code of the recipient's bank branch.

With IFSC code finder online, you can easily find IFSC code depending on where you need it. To obtain IFSC bank code, you need to select the name of the bank, state and region where the bank is located and the bank branch. Once you have provided the details, your IFSC bank code will appear along with details such as your bank, state, region, city, branch, branch code, address and contact number.

Before making any fund transfers, you should check with the bank whether the IFSC code of the recipient's bank account is correct, to avoid any improper transactions.

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