What is IFSC code of bank account?

What is IFSC code of bank account?

IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material.

What is IFSC code example?

IFSC codes are 11 characters, comprised like this: XXXX0YYYYYY. The first four (XXXX) are alphabetic characters that represent the bank. The zero (0) is reserved for future use. The last six digits (YYYYYY) are a code of numbers representing the individual branch of the bank.

What is IFSC code and its uses?

IFSC code stands for Indian Financial System Code. It is an 11 digit identification code dedicated to a particular bank branch. This code is a combination of alphabets and numbers and is provided to bank branches by RBI. All the payment processes such as NEFT, CFMS, and RTGS require IFSC to process the fund transfers.

Is IFSC code only for India?

This code exclusively recognises each bank branch which participates in the two main settlement and payment systems in India, namely, National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). IFSC code is an eleven-character code that is assigned by the Reserve Bank of India (RBI).

Why IFSC code is needed?

IFSC code is used by electronic payment system applications such as real-time gross settlement (RTGS), NEFT and Centralised Funds Management System (CFMS). This code is mandatory for fund transfers from one bank account to another.

Where is IFSC code on ATM card?

The starting 4 digits of the IFSC signify the bank’s name, followed by a 0 (the 5th digit) and the last 6 digits stand for the branch of a bank. You can also find the IFSC code on the top of a cheque leaf near the bank account number.

Is IFSC Code important?

What is the importance of IFSC code? Since the IFSC code is a unique combination, it helps in eliminating any scope of errors when it comes to fund transfers. When it comes to making online payments through the modes of RTGS, IMPS, and NEFT, the IFSC code helps in directing the funds to the desired beneficiary.

What happen if IFSC code is wrong?

Entering wrong information in the IFSC code is the direct way to lose money. In the rare case, if unintended IFS code (Wrong IFS code) has the same account number, the amount will be transferred. Mostly these won’t happen, anyone of the information will be correct while transferring money via online.