IFSC stands for Indian Financial System Code. This concept was invented by Reserve Bank of India. This code is Alphanumerical, which contains alphabets and numbers. These twelve alphanumerical codes are allotted to every bank in India, and of course, these codes are unique.
In this twelve character code, the first four characters mean the name of the bank. After this four character, you can see a zero another six characters represent branch code of the bank. This code is used by NEFT and RTGS for financial transfer system. You can see code is printed on every check issued by banks. RBI also provided a list of banks and this unique code online for individuals and business people.
For better banking services, especially for online payment this code is must. Banks that donít use this code are liable for legal action against them.
Uses of IFSC Code:
This code is helpful in transferring money from one bank to another bank online in real time. This is not only used by individuals but also big companies. This code helps to transfer money easily to the person who holds account in any bank across India.
This way of transferring funds is available around the clock all you need to have is that you must add beneficiary name and his account number along with IFSC code for quick transfer of money. It takes 24hrs of times to get confirmation once beneficiary successfully added. This quick way of transferring money avoids complications that lead to big problems to banks.
Using this code is must for every individual to transfer money immediately to friends who have account in same bank or other bank. Money gets transferred right away if money is transferred to the same bank. If it is other banks, it normally takes 24hrs of time but this assures safety.
This method of transferring money reduces a human effort, especially for individual as he doesnít have to walk to the person to give money.
He can be just simply open online banking with given ID and password and transfer. You are taking chances if you are taking money in your pocket and walking to the counter to make payments. This code reduces all above risks and helps you in safe banking. IFSC code reduces much of human effort and eventually helps people to save a lot of money and time. This is how RBI reduced efforts of banks and individual to happen payments and fund's transfer in short period of time. Since this code was invented every individual, professionals and business people had taken the advantage of this code and enjoyed its advantages.
Get your code for the bank you want online and just use it for quick and instant money transfer or payment. This is what we call smart banking.
Disclaimer:- This website is just for informational purpose only the ifsc details are updated as per the information available with RBI. Users are requested to check with their bank before using this informaton. Hence the Author is not responsible for correctness or quality of information. Users of this site are fully responsible for any consequences resulting from their use of the Site.
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