Wednesday, August 11, 2021

Why IFSC code is required?

 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.

See also: IFSC code finder tool for all NEFT enabled banks


#ifsc #ifsccode 

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