Indian Financial System Code, or IFSC, is the abbreviation for the 11-digit character that appears frequently on cheque leaf from your bank or other bank-sponsored materials like passbooks. This 11-character code is used to distinguish between several bank branches that take part in NEFT, RTGS, and IMPS, among other online money transfer methods. In addition to the cheque leaf, the bank’s and the RBI’s official websites both list the IFSC code.
The IFSC must be input to commence the fund transfer through net banking. Furthermore, banks do not alter or update the IFSC code unless there is a merger.
Now, many people sometimes are unable to find their IFSC code as they might have lost it in some manner. This could be some critical problem, but not anymore. Continue reading the article to know more than one way to know the IFSC code of your bank.
Why is the IFSC code necessary?
Before diving in to explore the various methods to know our IFSC code. It is sensible enough to understand why the IFSC Code is necessary.
To answer this doubt, the IFSC code is necessary for digital fund transfer because The code enables quick and error-free identification of the bank and each of its branches throughout the money transfer procedure. The algorithm also speeds up and simplifies the transfer of funds.
Every bank branch that is active in the nation has a distinct IFSC code serving as an identification. The name of the bank is revealed by the first four alphabetic characters. Every branch of that particular bank has the same ones. Zero makes up the fifth character. The final six characters, which are usually numbers, stand in for the bank branch. For example, look at the Union bank IFSC Code of the main Delhi branch; UBIN0554286, ANAND VIHAR ‑ NEW DELHI, DELHI ‑ DELHI
The Reserve Bank of India is in charge of allocating the code to each bank branch. Any transfer mechanism that is subject to RBI regulation must utilize an IFSC code.
Now we have understood why the IFSC code is necessary. Let us discover the ways to know the IFSC Code of a Particular Bank in India.
How to find the IFSC code
As we have mentioned before, the IFSC code is an integral part of the fund-transferring procedure via the internet. The first four letters of an IFSC code specify the bank’s name; the RBI mandates that the fifth character be zero to allow for branch expansion, and the last six characters specify the location of the financial institution branch. The IFSC code is necessary for a number of digital payments, including RTGS, NEFT, and the Centralised Funds Management System (CFMS). This code must be used whenever money is transferred between bank accounts. The following are the several ways through which you can find the IFSC code:
With the Account Statement
The IFSC codes of each bank’s different branches are often listed on account statements. At the bottom of the account statement, there is a red box that includes the IFSC Code for the specific bank and branch.
Using Cheque Book
The IFSC Code of the bank and branch is written at the top left side of each cheque on the cheque book page.
With the RBI Script
Another way to find out your IFSC code is by visiting the RBI or Reserve Bank of India website. For this you need to follow the below-mentioned steps:
- First, you have to log in to the RBI website
- and select the Scripts option.
- thereafter, select the IFSC option.
- After clicking on the link, it will take you to the page.
- Theron, you will have to enter the name of the bank, the name of the branch, and where it is located in your city.
Using the Bank Website
The modern banking system can be easily accessed through the Internet and operates with the World Wide Web. Each bank has its official website where consumers can do online transactions as well as obtain information. The IFSC codes of the bank’s branches are also mentioned on the bank’s website. Every bank’s website lists both its IFSC Code and the branch that belongs to it. For instance, you may obtain the Union Bank IFSC code simply by visiting their website and entering the necessary information.