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Importance of IFSC Code
- Online Banking: IFSC codes are mandatory for online banking as they allow individuals to make secure and convenient electronic transactions through the Internet or mobile banking apps.
- Identifying Bank and Branch: These codes help to identify a specific bank and its branch because each bank branch in India is assigned a unique IFSC code, which consists of 11 characters.
- Avoiding Fraud: With that being said above, IFSC codes are assigned to each bank, which helps to verify the authenticity of a bank branch. This decreases the risk of fraud and ensures that funds are transferred to legitimate accounts.
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How To Transfer Money with IFSC Code of Bank Account?
Online money transfer has become easier and hassle-free with the use of the IFSC code. Now, let’s understand with an example how IFSC works while transferring money.
The IFSC code of SBI, DLF Phase IV, Gurugram is SBIN0070695.
Here are the key takeaways:
- The first four digits identify the bank name, which is SBI Bank.
- The 5th character is zero.
- The remaining six characters identify the bank branch.
When an individual initiates the fund transfer, they are required to provide the payee’s bank account number and IFSC. Once all the information is provided, the fund will transfer to the beneficiary account. The process is smooth and will take only a few minutes from the time of initiation.
How To Find IFSC and MICR Codes on a Bank Cheque
Find The IFSC Code in a Bank Cheque
The IFSC code is 11 characters long. It is usually found on the cheque, either to the right of the branch information or at the bottom, below the account number. Check the above image that displays the location of the IFSC code.
Find The MICR Code in a Bank Cheque
The MICR code is a series of numbers displayed next to the cheque number. Both of these are printed in a unique font and located at the bottom of the cheque (as shown in the above image).
How Can You Transfer Money Online Using the IFSC Code?
For individuals needing to enter an IFSC code during online transactions or fund transfers, utilizing an IFSC code lookup service simplifies the process. This service allows users to enter an IFSC code accurately, ensuring the swift and secure transfer of funds between banks. The abbreviation of IFSC signifies its role as a standardized banking identifier essential for routing funds to the correct bank branches across India. Whether it’s for personal or business transactions, having access to an accurate IFSC code locator and understanding the importance of the IFSC abbreviation streamlines financial transactions and contributes to a seamless banking experience.
There are three ways to transfer funds using electronic fund transfer modes, including NEFT, RTGS, and IMPS.
Entities can use these electronic transfer systems to transfer funds from one account to another easily.
- NEFT (National Electronic Fund Transfer): It is the most widely used method for transferring funds from one bank account to another. NEFT is based on a deferred arrangement, which means all the transactions are settled in a batch-wise format. Currently, there are 12 payment settlements arranged between 8 AM & 7 PM for Monday to Friday. On the other hand, six payment settlements were arranged between 8 AM & 1 PM on Saturdays.
- RTGS (Real Time Gross Settlement): RTGS are used for high-value fund transactions and are immediately cleared. Just as the name suggests, ‘Real Time’ (transactions happen instantly). RTGS services procedure is the same as NEFT. All you need is the account number, the transaction amount, the payee’s name, and the IFSC code. Also, these transactions are free in case of online transfer, but if it is done through a bank branch, a charge of ₹ 15+GST is levied.
- IMPS (Immediate Payment Service): IMPS was introduced by the National Payments Corporation of India in 2010. Since then, it has gained immense popularity because it allows for instant fund service that works round the clock.
It is very safe, fast, economical, and has no upper limit in terms of the maximum amount that can be transferred. Also, there is no need to register separately for this service. When you log in to your net banking account, you will find the option of IMPS to carry out fund transfers.
The payee’s name, the IFSC code, the account number, and the transaction amount are necessary in this case to complete the transfer. Also, if you are the mobile app of your bank, an MMID (Mobile Money Identifier) code is needed.
How To Transfer Funds Through UPI?
Regulated by the National Payment Corporation of India (NPCI), UPI is an instant payment system that operates over IMPS infrastructure. It allows instant money transfers between any two bank accounts. For that, you must register by creating a 4 to 6-digit UPI (Personal Identification Number) pin.
The major benefit of UPI fund transfer is that it allows you to transfer money anytime, irrespective of the bank’s working hours.
FAQs
An IFSC code is a unique alphanumeric code assigned to each bank branch in India by the Reserve Bank of India (RBI). It is used to identify specific bank branches in electronic money transfer transactions within the country.
You can usually find the IFSC code of your bank branch on your bank’s website, on your account statement, or by contacting your bank’s customer service. Additionally, many online IFSC code directories provide searchable databases of IFSC codes for various banks and branches.
When initiating an electronic funds transfer within India, you will need to provide the recipient’s bank account number and IFSC code. The IFSC code ensures that the funds are routed to the correct branch of the recipient’s bank.
An IFSC code consists of 11 characters and provides detailed information about the bank branch. The first four characters represent the bank code, followed by a zero (0), and the last six characters represent the branch code. Together, they uniquely identify the bank branch and its location.
If you’re unable to find the IFSC code for your bank branch, you can contact your bank directly for assistance. Alternatively, you can use online IFSC code directories or search engines by entering relevant details such as the bank name, branch name, city, or state to locate the IFSC code.