IFSC Code

What is IFSC Code?

The IFSC Code is a unique alphanumeric code of 11 digits assigned to every branch of a bank in India by RBI. It is being used to identify the respective branch of a bank when money is being transferred electronically from one account to another either through NEFT, RTGS, or IMPS.

Format: The IFSC code has three parts-

• The first four characters represent the bank name as, for instance, SBIN-State Bank of India.
• The fifth character is always '0' kept on hold for future use
• The last six characters represent the branch code, such as 001234.

How to find the IFSC Code?

• Bank Papers: it appears on your cheque, passbook, or account statement.
• Online Banking: Login to your bank's net banking or mobile application and find the IFSC code in account details.
• Bank Website: Find branch details on the official website of your bank
• RBI Website: IFSC codes of all the banks and their branches are provided on the Reserve Bank of India website
• ATM Receipts: Some banks even print the IFSC code on the ATM receipts

Importance of IFSC Code

1. Smooth transactions: It ensures accuracy and security in the online transfer of funds
2. Branch Identification: Helps identify the branch where the processing of the transaction is happening
3. Error Prevention: Ensures that funds are sent to the correct bank branch.

How to use the IFSC Code?

When you are transferring money through NEFT, RTGS, or IMPS, you require the account number of the recipient and the IFSC code of the recipient's bank branch. Fill in the details correctly to complete the transaction successfully.

Tips for secure usage of IFSC Code

• Verify the IFSC code before making a transaction to avoid mistakes.
• Ensure that the code is the same as the recipient's bank and branch details.
• Share your account details and IFSC code with others to avoid misuse.