Find Branch Details By IFSC Code
What is the IFSC Code?
IFSC code stands for Indian Financial System Code. it is a unique 11-digit alphanumeric code each holding a specific meaning. which is used for electronic transactions like NEFT, RTGS and IMPS. IFSC can be found on the cheque which is provided by the bank and the official website of the bank also found on RBI website.
If we Break down this code it reveals valuable information about the transaction and the entities involved. Understanding the structure is key to utilizing it effectively.
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- IFSC Code
- Cheque Number
- MICR Code
Bank IFSC Code Format:
A | A | A | B | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
Code for Bank Name | 0 | Code for Branch Name |
The IFSC code follows a specific format, which is 11 characters long. Let's break down the IFSC code format:
- The first four characters represent the bank code: These characters identify the specific bank that the branch belongs to. For example, in the IFSC code "AAAB0123456," "AAAB" represents the Able & Aware Bank.
- The fifth character is a zero: This is a placeholder and is currently set to zero. In the future, this digit may be used for expansion or to indicate specific services.
- The last six characters represent the unique branch code: These characters identify the specific branch of the bank. It is usually numeric but can also include alphabets. In the example "AAAB0123456," "123456" is the branch code.
Here's an example of an IFSC code: AAAB0123456
- "AAAB" is the bank code for the Able & Aware Bank.
- "0" is a placeholder.
- "123456" is the branch code for a specific branch of the Able & Aware Bank.
Why IFSC code is important?
- Identification of Bank and Branch: The IFSC code uniquely identifies a specific bank branch participating in electronic fund transfers. It helps distinguish one bank branch from another, even if they belong to the same bank.
- Online Fund Transfers: When we initiate an online fund transfer, whether through NEFT, RTGS, or IMPS, we need to provide the IFSC code of the recipient's bank branch. This ensures that the funds are routed accurately to the particular account.
- Avoiding Errors: The IFSC code acts as a safety guard against errors that are happening during fund transfers. Using the correct IFSC code is a good practice to ensure that the money reaches the correct destination. If we provide the wrong IFSC code then the transaction might be rejected, delayed, or sent to the wrong account.
- National and International Transactions: majorly IFSC codes are used for domestic fund transfers within India. For international transactions, SWIFT codes are more commonly used, but the IFSC code remains important for both National and International types of transactions.
- Government and Financial Regulations: The use of IFSC codes is mandated by regulatory authorities, such as the RBI, to ensure a standardized and secure system for electronic fund transfers. Compliance with these codes is essential for banks and financial institutions.