Bank IFSC Code Detail Finder Tool
Bank IFSC is a term commonly used in online banking transactions and fund transfers in India. It is a unique alphanumeric code consisting of 11 characters assigned to each bank branch by the Reserve Bank of India (RBI). The IFSC code is used to identify the bank and branch involved in an electronic funds transfer transaction to ensure that the funds are transferred to the correct account and branch.
The Bank IFSC Code is of utmost importance for online transactions as it helps avoid errors and ensures the smooth transfer of funds. Without the IFSC code, it would be difficult to identify the correct bank and branch for the transfer, leading to delays and errors.
Finding the Bank IFSC Code can be done through various channels, including the bank's website, bank statement, passbook, or by contacting the bank's customer service center. You can also search for the IFSC code online through various websites that provide this information.
When making an online funds transfer, it is crucial to enter the Bank IFSC Code correctly to ensure that the transaction is processed accurately. Double-checking the code before submitting the transaction is a good practice.
To verify the authenticity of the Bank IFSC Code, you can check it against the RBI's official website or contact the bank's customer service center. Verifying the code is necessary to avoid errors and ensure that the funds are transferred to the correct account and branch.
The Bank IFSC Code consists of 11 characters, with the first four characters representing the bank's name, the fifth character being zero, and the last six characters representing the specific branch. This unique code is used to identify the bank and branch involved in a transaction.
There are two types of Bank IFSC Codes – NEFT and RTGS. NEFT stands for National Electronic Fund Transfer, and RTGS stands for Real-Time Gross Settlement. The NEFT code is used for transactions up to Rs. 2 lakhs, while the RTGS code is used for transactions above Rs. 2 lakhs. It is necessary to use the appropriate code for each transaction.