Existence of IFSC code has not been a new thing in the Indian economy. However, there are still many people who are not aware of the exact workability of IFSC code and it's importance. IFSC is an abbreviated version of Indian financial system code that comprises of peculiar 11 digit number . combined out of alphabet and numeric digits, the individual IFSC code of every bank is the prerequisite to initiate fund transfers from one bank to another.
How to find out IFSC code of my bank?
It's as simple as that. You just need to go through the cheque book or passbook provided by the bank. The first page itself has the IFSC code of the bank .
The Importance of IFSC code
IFSC code is an important element in initiating RTGS, NEFT and IMPS transactions. None of the digital transactions are valid in absence of IFSC code. Recently, State Bank of India has updated their IFSC code because of merging 5 Associates Bank into one.
IFSC code is highly important as it helps in identifying the particular branch in which transaction has been initiated. Also, it eliminates the possibilities of discrepancies and simplifies digital procedures .
Format for Bank IFSC Code
The initial characters of any IFSC code represents the bank name. You can easily identify the bank through the initials of any IFSC code combination. The alphabets represent bank name.
For instance - ORBC is the initial IFSC code of Oriental Bank of Commerce. Similarly SBI has SBI as the the initial starting of IFSC code pertaining to any branch.
How does IFSC CODE work?
IFSC code exclusively helps in identifying the branch in which transactions has been settled. The eleven digit character code has been assigned by RBI to regulate digital transactions.
How can one initiate fund transfer through IFSC?
Nowadays, digital transactions have become quite common. Every person is dependent upon IFSC simplify things. The exceptional convenience added in fund transfer is all because of unique 11 digit combination provided by every Bank. There is a huge range of features and flexibility associated with fund transfer method. IFSC provides much convenience to the account owners in different banks.
Step-by-step guide to transfer money through IFSC
Step 1 - add beneficiary to the net banking account through which will be executing the transfer. Step 2 - input the bank name, beneficiary name, Bank account number and IFSC code. Step 3 - on successfully verifying the beneficiary, you can assign the amount and within 4 hours the fund will be transferred to the beneficiary account. Input OTP received in your registered mobile phone in order to confirm your transaction.
No matter whether you are willing to do small or big fund transfer, IFSC code is required in either circumstance. If your cheque book or passbook doesn't have IFSC code in the first page itself, pay a visit to your bank in order to get the exact code.
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Disclaimer: - We have tried our best to keep the latest information updated as available from RBI, users are requested to confirm information with the respective bank before using the information provided. The author reserves the right not to be responsible for the topicality, correctness, completeness or quality of the information provided. Liability claims regarding damage caused by the use of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected.