#BankIFSCcodes

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Decoding Indian Bank IFSC Codes

Indian Bank IFSC Code (IFSC) is an 11-character number used for electronic fund transfer services like NEFT, RTGS and IMPS (Payment In Lieu of Stamps). It assists in locating the bank and branch where your account is held.

The Reserve Bank of India (RBI) has allocated nearly 130,000 IFSC codes for use by banks and branches to ensure correct identification, allowing money transfers to be processed quickly and accurately. These codes help identify banks and branches so money transfers can be processed correctly.

First Four Characters

The RBI issues an 11-character alpha numeric code to identify each bank and branch participating in NEFT, RTGS, and IMPS payment systems. This code helps identify which payment institution handles a particular transaction.

The initial four characters represent the name of a bank, while the last six characters are an IFSC code assigned specifically to that branch. For instance, SBIN0005943 is the IFSC code for SBI branch at 23, Himalaya House Kasturba Gandhi Marg, New Delhi 110001;

This IFSC code consists of 4 characters representing "SBIN", a zero, and 6 specific branch codes.

These IFSC codes are unique to each bank branch in India and necessary for transferring funds through NEFT, RTGS and other finance transfer systems. Utilizing this coding system helps reduce payment transfer errors.

Last Six Characters

An IFSC Code is an alphanumeric identification number that uniquely identifies a bank branch and is required for NEFT and RTGS online fund transfers.

At present, the Reserve Bank of India has assigned approximately 130,000 codes to banks throughout India. These codes enable RBI to quickly identify bank branches and facilitate an efficient transfer of funds.

Each IFSC code consists of 11 alphanumeric characters, the initial four representing the bank name and the last six representing a specific branch. For instance, SBI's branch at 23, Himalaya House, Kasturba Gandhi Marg, New Delhi 110001 has an IFSC code of SBIN0005943.

First Two Characters

IFSC code is an 11-digit alpha-numeric number which uniquely identifies each bank branch participating in the National Electronic Funds Transfer (NEFT) system. It's used for transferring money between accounts.

Therefore, using the correct IFSC code when making a money transfer is essential. Doing so can help avoid any problems such as having your payment rejected or delayed.

An IFSC code's initial four characters represent the bank, while its last six indicate which branch it belongs to. A constant fifth character remains constant across all codes at this level of representation.

The Reserve Bank of India assigns an IFSC code to each Indian bank and its branches. You can usually find this number on your bank's cheque leaf as well as on the RBI website.

Last Two Characters

IFSC Codes are essential components of electronic payment systems like NEFT, RTGS and IMPS. They help eliminate errors during fund transfers, making online banking both secure and user-friendly.

An IFSC code (International Financial System Code) is an alphanumeric string of 11 characters that uniquely identifies a bank branch in India. This code is assigned by the Reserve Bank of India (RBI) to all banks within the country.

The initial four digits of an IFSC code represent the bank name. The second part consists of six digits, both alphabetical and numerical, that identify which branch of that bank it represents.

These digits are unique to each branch of a bank and should always be verified before making a transaction. You can locate this information on your chequebook and passbook provided by the bank, or on its official website.

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In a recent Mandate, the union government of India has made aadhaar- bank linkage compulsory under the Prevention of Money Laudering Act. The governmnet has set 31st December as the last date to complete the linking process after which any bank account which has not been seeded with Aadhaar card will be rendered invalid. According to UIDAI this step will provide an additional layer to the security of the bank account. An Aadhaar linked bank account will enable the governmnet to identify the weaker section of the society. After identifying the targeted section the beneficiaries under various schemes will be directly benefited. This in turn will eradicate corrupt middle men and “ghost workers”. Further, Aadhaar linked bank account will also help the Income Tax department to identify eligible taxpayers in the country.

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