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What is IFSC Code? Full Form, Importance and How to Find
Posted on Wednesday, September 25th, 2024 | By IndusInd Bank
IFSC code is a code that uniquely identifies a bank branch and is important for making financial transactions. This 11-character code assists in routing fund transfers efficiently and accurately via NEFT, IMPS, and RTGS systems. Without the right IFSC code, your electronic payment could be delayed or even fail.
To perform electronic payments, you must be aware of your bank’s IFSC code. Read on to understand what the IFSC code is in detail and how you can find it.
IFSC Code: Full Form and Components
Ever wondered what that string of letters and numbers on your cheque book actually means? That’s your IFSC code, short for Indian Financial System Code. It’s like a postal address, but for your bank branch.
Here’s how it breaks down:
- The first four characters tell you which bank it is
- The fifth character is always a zero (reserved for future use)
- The last six characters point to your specific branch
For instance, if you open a savings account online with IndusInd Bank on Andheri Kurla Road, Mumbai, your IFSC code would be INDB0000018. Here, the “INDB” represents IndusInd Bank and “000018” identifies the Andheri Kurla Road branch.
Importance of IFSC Code
It’s easy to overlook, but this little code does a lot of heavy lifting. Every time you transfer money online—whether it’s paying rent, sending cash to a friend, or receiving your salary—the IFSC code makes sure it lands in the right place.
Without it, your transaction might bounce or get misrouted. Think of it as the GPS for your money. It’s also what enables systems like NEFT, RTGS, and IMPS to work smoothly.
Reasons to Find IFSC Code
You don’t need to memorize it but knowing where to find your IFSC code can save you time. Here are a few situations where it comes in handy:
- Adding a new payee in your banking app
- Sharing your bank details for a refund or salary credit
- Filling out financial forms, like for investments or taxes
- Verifying your branch when details differ across platforms
You’ll usually find it printed on your cheque book, passbook, or in your bank’s mobile app. And if all else fails, a quick search on the bank’s website will do the trick.
How to Find the IFSC Code?
Understanding how to find your IFSC code is essential for ensuring smooth banking transactions. Here are three simple methods to locate your bank’s IFSC code:
1) Bank’s Chequebook
One of the simplest ways to find your bank’s IFSC code is to check your chequebook. The IFSC code is generally printed on the top of the cheque along with other crucial details.
2) Bank’s Website
Visit your bank’s official site. Most financial institutions have a section where you can get the IFSC code of all their branches. Simply input the branch name or location to find the IFSC code.
3) RBI Website
The Reserve Bank of India (RBI) provides a holistic list of IFSC codes for all banks and their branches on its official site. This is a reliable source to find the IFSC code for any branch. You just need to visit this website, choose the bank, and input the branch name. Once done, the IFSC code of the branch will be displayed.
Also Read: Decoding Bank Cheque Books
Ending Note
Being aware of what an IFSC code is and how to find it is essential for smooth banking transactions. Finding an IFSC code is simple through a chequebook, the bank’s official website, or the RBI’s official site. Besides this, if your concern is finding the best savings account in the market, then you may consider the Indus Delite Savings Account by IndusInd Bank.
This zero-balance account not only offers flexibility in managing your funds but also comes with a host of other perks, making it a prudent choice for anyone looking to open a savings account. Its zero-balance account opening online process is seamless and can be completed from the comfort of your home. So, why wait? Apply Now!
