The RBI (Reserve Bank of India) assigns an IFSC Code to each bank in the country and its branches. An IFSC code is commonly found in a checkbook, account passbook, and on the RBI website. During the e-fund transfer, an IFSC code is necessary.
What exactly is an IFSC code?
The Indian Financial System Code, or IFSC code, is a unique alphanumeric 11-digit number necessary for e-transfers such as IMPS, NEFT, and RTGS. An IFSC code is easily discovered on a check book, an account holder’s passbook, and the Reserve Bank of India’s website. The RBI assigns this code to each bank branch. The majority of internet banking transactions are invalid without an IFSC code.
In most cases, the RBI does not update or replace the IFSC code. Following its merger with five affiliate banks and one other bank, SBI (State Bank of India) recently modified the Indian Financial System Code for all of its branches.
What is the significance of the IFSC code?
The Indian Financial System Code has three primary advantages:
- Identification: This code aids in the identification of the bank and its branches. It also provides each bank and branch with a unique identification number.
- Error Elimination: This unique number aids in the elimination of errors during the e-fund transfer.
- E-transfer: An IFSC code facilitates electronic payment methods such as NEFT, RTGS, and IMPS.
What is the IFSC Code Format?
The Indian Financial System Code consists of 11 alphanumeric digits. The first four characters of the code are usually alphabets representing the bank. Normally, the fifth character of the code is zero (0). The following six characters are typically a mix of numbers and alphabets that represent a bank branch.
How to Locate IFSC Code?
The Indian Financial System Code is freely accessible at:
- It is printed on the cheque leaf and bank passbook given by the bank.
- The codes for all banks may be found on the Reserve Bank of India’s website.
- The codes can also be obtained on the respective bank’s official website.