The Indian Financial System Code (IFSC identifier) is an 11-digit alpha-numeric code used by the central bank to uniquely identify bank branches within the National Electronic Funds Transfer (NEFT) network.
What is the International Financial Services Code (IFSC)?
Electronic payment system applications like real-time gross settlement (RTGS), NEFT, and the Centralised Funds Management System all use the IFSC code (CFMS). This code is required when transferring money from one bank account to another. Every bank branch will have its own code, and no two branches (even within the same bank) will be the same.
The first four digits of an IFSC code reflect the bank, whereas the last six characters denote the branch. The number zero is the fifth character.
The first four letters of State Bank of India’s (SBI) 11-digit IFSC code will be ‘SBIN,’ while the last six numbers will reflect a specific branch code. For instance, SBIN0005943 is the IFSC code of the SBI branch at 23, Himalaya House, Kasturba Gandhi Marg, New Delhi 110001. The branch code is 005943 in this case.
Typically, RBI does not change or update the IFSC code. After merging with five affiliate banks and one additional bank, SBI (State Bank of India) recently modified the Indian Financial System Code for all of its branches.
What exactly is MICR?
MICR code is a code that is printed on MICR checks (Magnetic Ink Character Recognition technology). This enables the checks to be detected, resulting in faster processing.
A MICR code is a nine-digit identifier that uniquely identifies a bank and branch that participates in an Electronic Clearing System (ECS).
What is the purpose of the MICR code?
When filling out various financial transaction forms, such as investment firms or SIP forms, or when transferring funds, the MICR code must be mentioned.
What is the check number?
A check number is a six-digit number provided to each cheque leaf that is unique. It’s written near the bottom of the left-hand side of the check. When you receive a new cheque book from the bank, it is a good idea to check, i.e. count and check the number on each cheque leaf. This is to guarantee that no cheques from the checkbook are missing.
What is the IFSC Code’s Importance?
Three significant advantages of the Indian Financial System Code are as follows:
Identification: This code aids in the identification of the bank and its branch. It also provides each bank and its branch with a unique identifying number.
Error Elimination: This unique number aids in the elimination of any errors that may occur during the e-fund transfer.
E-transfer: NEFT, RTGS, and IMPS all use an IFSC code to make electronic payments easier.
What is the IFSC Code’s Format?
The Indian Financial System Code is an alphanumeric code with 11 digits. The code’s first four characters are usually alphabets that signify the bank. In most cases, the fifth character of the code is zero (0). The following six characters are usually a combination of numbers and alphabets that represent a bank branch.
What is the IFSC Code’s Purpose?
The Indian Financial System uses this code to facilitate electronic and internet money transfers. You can effortlessly transfer money using NEFT and RTGS with the aid of this code. When transferring cash using UPI, however, an Aadhaar number is required in place of this code.
What is the IFSC Code and how can I find it?
The Indian Financial System Code is freely accessible at:
- The information can be found on the bank’s cheque leaf and bank passbook.
- On the Reserve Bank of India’s website, you can find all of the banks’ codes.
- The codes can also be obtained on the respective bank’s official website.
How Do I Use an IFSC Code to Transfer Money?
The Indian Financial System Code makes money transfers simple, fast, and painless. These codes were assigned by the RBI and are unique to the bank and its branches. Only the IFSC code is valid for NEFT, RTGS, and IMPS funds. Let’s look at how to use the IFSC code to make a money transfer.
When making an electronic fund transfer (RTGS, NEFT, or IMPS), the payer must enter the payee’s bank name, branch, account number, and IFSC code. If the payer provides all of the essential information, the cash is transferred quickly. The fund transfer is safe and simple with the IFSC code.
