IFSC code stands for Indian financial system code, and it’s an eleven digit alpha-numeric code which is allotted by the reserve bank of India. IFSC codes are used to identify the particular bank’s or branch for online fund transfer such as national electronic fund transfer, real-time gross settlement, IMPS, and more.
You know the first four digits indicate the bank, the fifth character is always zero, and the last six digits indicate the branch code or the location of the bank. For each bank IFSC code is different according to the branch.
For an example, SBI Janakpuri IFSC code SBIN0070837 and SBI south extension branch IFSC code SBIN0013913. When you are going to use for fund transfer, you should know the exact IFSC code as per the branch along with the receiver account number. It’s for your security so that nobody can take benefits.
Now you can understand why it’s necessary? You should also get to know how to search IFSC code? It’s very easy if you want SBI IFSC code for fund transfer then checks your chequebook as well as on the front page of your bank passbook. It’s not the only option you can find out through google. For instance, you want Canara bank IFSC code right down on google and get it.
What You Think, Why IFSC Code Is Important?
As we know the IFSC code is an essential thing while going to transfer fund to another account. It’s basically for your safety, so that can move the amount on the right account. Let’s know the importance of IFSC code.
- When you want to transfer money electronically, that time Indian financial system code is necessary. It plays an important role in all online banking transactions. It is helpful for all type payments within the different bank branches across the country.
- Through IFSC codes the reserve bank of India keep all banks transactions records. It helps RBI to identify and monitor fund exchanges during bankings transactions.
- When you are transferring the fund through NEFT, RTGS, and IMPS, IFSC codes give the exact option of the bank branch where you want to transfer the amount.
- You should know that without IFSC codes, not able to transfer your amount. The important thing, it’s environment-friendly method, no use of paper you can do it online.
- For safety purpose also, it’s a good option.
- Payments of travel, bill or bookings can also be done with IFSC codes.
For IFSC codes the reserve bank of India plays the main role. The IFSC codes not generated by the banks, the fact is for this complete authority to the RBI. Across the country the RBI generating IFSC codes for different banks. They can also maintain a record of IFSC codes for various banks branches so that to make an online fund transfer process smooth.
You can search the IFSC code of any bank by visiting the official website of the RBI. IFSC code is a unique code and uses it according to your branch. So search it and transfer your fund safely with another account.