Indian Financial System Code (IFSC)
What is an IFSC code?
Introduction of IFSC code in the financial system has brought a revolutionary change in the mode of money transfers making money transfer both accurate and easier. Indian Financial System Code commonly known as IFSC code is 11 digit bank specific character that is helpful in identifying a particular branch of a bank. With the help of IFSC code one can locate the banking branch where the money needs to be deposited anywhere across India through IMPS, RTGS or NEFT online money transfer facility. IFSC code consists of following:
1. First four character of the IFSC code consist of the name of a particular bank
2. The fifth character in an IFSC code is “Zero” which is placed numerically in order to ensure reserve for future use.
3. The last six characters can either be alphabets or numerical value that is specific to the branch of a particular bank.
Since IFSC code is a very branch specific character of a bank therefore, it helps in locating a branch where a particular account belongs and thus helps in making money transfer more accurate and swift process.
How is IFSC code used?
IFSC code being a bank specific characteristic is used in making online transfer a fast process through various modes of payments authorized by of Reserve Bank of India.
IMPS: Immediate Payment Service
CFMS: Centralized Fund Management System
NEFT: National Electronic Funds Transfer
RTGS: Real Time Gross Settlements
What is the importance of IFSC Code?
Previously, if one had to transfer money immediately he or she would have had to visit the branch and transfer the money or deposit a cheque in other persons account. IFSC and online banking has made money transfer easier than one can think of. Now, one can register the account number where you want to transfer money along with its IFSC code and you are sure to witness a quick money transfer as and when you want, even if it’s the middle of the night. You need not go visit the bank at working hours with the help of online banking you will be able to transfer money at any time. Making use of IFSC code to transfer money you can transfer money within a matter of a day or two. Through IMPS and RTGS money transfer can take place with a matter of minutes thereby making money transfer instant, whereas through NEFT transaction the amount gets deducted the same day and gets credited into another account within a matter of 1 or 2 working days.
Where can you find IFSC code?
There are many places where you can find IFSC code of a banking branch such as bank statements, cheque, etc. There are many online portals that offer IFSC codes particular to the branch of a bank, however Letzbank portal offers the most accurate method of fetching branch specific IFSC codes. Given below are 3 steps to find IFSC codes at Letzbank:
1. Mention the name of the bank
2. Mention the state where the banking branch belongs
3. Enter a Landmark or the address mentioned from the options given to you
Through these 3 simple steps you will be able to locate your branch specific IFSC code. Once you get IFSC code – enjoy online banking, it saves time, money and is more accurate for any user anywhere across the country!