IFSC – Indian Financial System Code is an 11 digit alphanumeric code. IFSC code is used to detect the bank branch for any particular bank account.
Let us learn about the denotation of each digit in an IFSC code finder. The first four digits in an IFSC code define the name of your bank. The 5th character is denoted as 0, and the last 6 numbers denote the branch code of a particular bank.
IFSC code is assigned by the Reserve Bank of India (RBI). IFSC codes are available while carrying out any type of online transaction including RTGS, NEFT transfer.
IFSC code is used by electrical payment applications such as RTGS, NEFT, and CFMS. IFSC code is important for transferring funds from one bank branch to another. IFSC code is a unique code that is never the same for two banks. IFSC code differs even for two branches of the same bank. IFSC code lessens the possibility of an error during any online money transaction.
IFSC code for every bank branch is assigned by the Reserve Bank of India.
NOTE: The State Bank Of India had recently changed the IFSC code of its branches all over the nation because it has merged with 5 associate banks and one other bank.
Some of the easiest and best ways to find IFSC code for any Bank are as follows :
For example – If you want to get the IFSC code of the State Bank Of India. All you have to do is visit the State Bank of India IFSC page of pitig.com. You will see a tab ‘Search State Bank of India code by Branch’. Select this tab and enter the required details. Details will include State, District, Branch. The entire details of the particular bank branch will be in front of you.
You must also know the importance of the IFSC code.
IFSC code facilitates the electronic fund transfer. This code recognizes each bank branch participating in two main settlement and payment systems in India –
National Electronic Funds Transfer (NEFT)
Real-Time Gross Settlement ( RTGS)
IFSC code is used to make online money transfer hassle-free. It is one of the most important codes required to make an online account-to-account money transfer.
One can make transactions in different methods with the IFSC code locator.
1) Through application: Download your bank’s application from Google Play. After downloading, install it on your mobile. You can begin a fund transfer. Some of the points you must keep in mind are as follows –
You must have an active net banking account. You need to login to your details and then select NEFT fund transfer. Add the beneficiary’s name, their account number, and the IFSC code of their bank. It might take 5-12 minutes for the registration process. Once linked with your account, you are eligible to begin a money transfer instantly to their account.
2) Through SMS: You can also make money transfer through SMS. With the help of the IFSC code, you can do the needful easily. For this you need to follow some steps:
Link your active mobile number to your bank account.
Register your mobile number by filling up a form to enable mobile banking.
A starter kit will be dispatched to your address, within few days you will get a unique 7 digit number MMID and mPIN. As soon as you confirm a transaction, an SMS will pop up, you have to fill your mPIN. And then tap on ok, and the fund will be transferred to the beneficiary’s account instantly.