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What is IFSC code?

IamCheated.com Research Team | November 03, 2018  4:07:pm

What is IFSC code?

IFSC stands for Indian Financial System Code and is a unique 11 digit number, allotted by the Reserve Bank of India (RBI) to all banks and bank branches. You can find the IFSC code of your bank on the bank cheque book, Passbook and on the RBI website. It is very important to have the IFSC code for transferring funds using IMPS, NEFT and RTGS. Without the IFSC code it is not possible to transfer funds through these methods.

Importance of IFSC code

1. With the help of IFSC code, you can identify a particular bank branch.

2. IFSC code eliminates errors while transferring money.

3. IFSC code helps in transferring funds through IMPS, NEFT and RTGS.

How to find IFSC Code?

1. You can find the IFSC code of your bank on the cheque leaf and bank passbook of the respective bank.

2. You can also identify the IFSC code of the particular bank branch on the Reserve Bank of India’s website.

3. IFSC code of the particular bank will be displayed on the official website of the bank.

4. Apart from the above options, you can identify the IFSC code of your bank on Indianmoney.com Bank Locator. To find the IFSC code of a particular bank, you have to select the bank name, state, district and the branch. Once you provide all this information, all details of that bank will appear.

The format for Bank IFSC Code

IFSC Code: KARB0000301

The first four digits of the IFSC code represent the bank, in this case the Karnataka bank. The 5th digit is normally Zero. The next 6 digits 000301 identify the specific branch of the bank.

How IFSC code helps you Transfer Money through NEFT?

NEFT which is also known as National Electronic Funds Transfer helps you transfer money from one bank account to another bank account, electronically. NEFT transactions are done in batches and currently, it runs from 8 AM to 7 PM. Even though there is no limit on the maximum amount that could be transferred through NEFT, few banks have set a limit.

How to transfer money via NEFT?

1. To transfer money via NEFT, your bank branch should be participating in the NEFT Scheme. You can check this on the RBI website.

2. If your bank is participating in the NEFT scheme, you must register for the net banking facility of your bank.

3. After registering for net banking, you must add the beneficiary to whom the money has to be transferred. To add the beneficiary, you must know his name, bank account number and IFSC code of the bank branch.

4. You will have to wait until the bank adds the beneficiary. Once the beneficiary is added, you will receive a message saying the beneficiary has been added.

5. To transfer money, you need to log on to your net banking account and click on transfer funds. You must then select the beneficiary to whom you have to transfer money. To complete the transaction, you will receive the OTP on your registered mobile number.

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