The ifsc code is the brief form of the Indian Financial System Code. An account holder can find this code on the passbook or the cheque leaf that the bank provides an account holder. Account holders can also find the ifsc code on the official bank website and the Reserve Bank of India.
What is an IFSC Code?
The Indian Financial System Code is an exclusive eleven-digit number mix of alphabets and numbers. It is found on the chequebook that a bank provides its account holders. The ifsc code transfers funds online for National Electronic Funds Transfer, Immediate Payment Service, and Real Time Gross Settlement.
The first four characters of the ifsc code or the Indian Financial System Code are the symbol of a bank.
For example, in the case of the Housing Development Finance Corporation Limited or the HDFC Bank, the HDFC IFSC code or the Indian Financial System begins with the initials of the HDFC Bank, which is HDFC.
On the official website of any bank, a person can find the ifsc code or the Indian Financial Code for a specific branch. On the National Electronic Funds Transfer or NEFT network, the ifsc code or the Indian Financial System Code is used to pinpoint a bank branch.
The last six characters of the ifsc code or the Indian Financial System Code serve as the identifier of a bank branch and are always in a numerical form. Every bank branch comprises an exclusive code of six digits. The 5th character of the Indian Financial System Code is zero.
Multiple banking transfers have moved online since the inception of the digital payment system. Many banks moved their banking transactions online. From one account to another account, account holders can transfer funds via National Electronic Funds Transfer, Real Time Gross Settlement, and Immediate Payment Service.
Accordingly, the ifsc code surfaced to retain the surveillance of fund transactions and reassure that the funds get credited to the appropriate account. The code aid the Reserve Bank of India trace banking traditions done online.
Without the code, account holders of any bank can not transfer money or funds. Thus, with the accurate Indian Financial System Code, account holders of any bank can be reassured that the fund or money transfer took place with the correct account. If anyone wants to transfer money online, the ifsc code or the Indian Financial System Code is significant.
How to Find IFSC Code?
The procedure for finding the ifsc code is as follows:
- Cheque Leaf- An uncomplicated way to find the code of a bank is to refer to the cheque leaf. The cheque leaf that a bank provides its customers consists of the code. After the residence address of the account holder, a customer will find the ifsc code.
- Passbook- Every passbook the bank provides its customers comprise the ifsc code. The passbook consists of the account details of the account holder, branch details, and a few alternate details. Account holders can find the ifsc code near the details of the account holder.
- Official Website Of a Bank- On the official website of a few banks, branch locator services are available for people. Account holders can visit the official website and search for the branch locator mechanism. Customers can tap on the tool and find the ifsc code.
The HDFC IFSC code is provided by the Reserve Bank of India for identifying the bank account transactions at any time. It can be used for deducting tax from the remittances made by non resident Indians (NRIs). The Reserve Bank of India assigns the ifsc code to every bank branch. Without an authentic Indian Financial System Code, net banking transactions for transferring funds through National Electronic Funds, Immediate Payment Service, and Real Time Gross Settlement can not begin. The State Bank Of India recently decided to change the Indian Financial Code of SBI branches all over the country after the unification of the State Bank of India with five associate banks and one alternative bank.