WHAT IS IFSC CODE?
The IFS code a.k.a. IFSC (Indian Financial System Code) is used in electronic fund transfer in different banks across India. It is an alphanumeric code which uniquely recognizes every bank branch.
It is used for National Electronic Fund Transfer (NEFT) transactions, Real Time Gross Settlement (RTGS) transactions, Immediate Payment Service (IMPS) transactions and Centralized Funds Management System (CFMS) for online fund transfer in India.
All these services created by Reserve Bank of India (RBI). The IFS code is an eleven character alphanumeric code, initial 4 characters indicate the bank name, and the 5th character is kept for later use in future. It is always 0 (zero) and the last 6 characters represent the branch.
How IFSC Code Works?
Now you get to know what IFSC code is but do you know how does IFSC code work? It is fun to know how exactly It works, so here we go.
Let’s take an instance of State Bank of India (SBI) IFSC Code to better understand what is it and how does it work with Indian banking system. IFSC code of SBI branch Janakpuri, Delhi is SBIN0030503.
Things to notice here is:
- SBIN represents the name of the bank i.e. State Bank of India.
- Here the 5th character is 0, it is there for later use
- Last 6 characters i.e. 030503 particularly help the RBI to recognize the branch without any complication.
Now when someone transfer money and the sender initiate the transfer to a particular payee account and to do that one has to provide that particular branch IFSC code and his bank account number. Once the sender fills all these details and submits the form the money sent to that account holder and IFSC helps a lot, in this case, to avoid any error in the transaction.
Do you know IFSC is also useful when you need to purchase mutual funds or insurance via online banking? With the help of this code, RBI can monitor and keep track of all the transaction for securities and convenience of account holders.We have added a list of all the bank's branches such as ICICI, SBI, HDFC, Axis bank and more.
How to Find IFSC Code?
There are multiple ways to find the IFSC code of any bank branch. Some of them have been listed below.
- You can find it on bankifsccodes.in, we have listed all the banks IFSC code here.
- It can also be found in your cheque book.
- It can be found on your bank passbook.
- You can find it on your monthly bank statement as well.
So as you can see in point from 2 to 4 you don’t need to go online to find the IFSC code, you can find it offline as well. Remember IFSC code is unique for each branch and the bank even if one holds an account in multiple branches then his every branch will have its own code.
What is MICR Code?
MICR code is a short form for Magnetic Ink Character Recognition code is actually a technology which is being used by the Indian banking system to print the MICR code.
It’s a 9(nine) number code that distinctively recognizes a bank and a branch which is part of the Electronic Clearing System (ECS). The first three number of the code indicates the area code, the middle three numbers indicate the bank code and the last 3 numbers represent the branch code.
What is Area Pin Code?
PIN code a.k.a. zip code in some places around the world stands for postal index number. The PIN code was first introduced in India on 15th August 1972. Shriram Bhikaji Velankar is the creator of the pin code system in India. It is a 6 number code in which each number having its own particular meaning.
This PIN code system was came into action to make the labor-intensive sorting and delivery of letters easier by eliminating uncertainty to incorrect addresses, because similar place names has been used by public in different area with different languages which causes the mail delivery on wrong place.
We are showing pin code along with each branch information. You can find all the banks and their branch details on this website. But if you need pin code of any area in India then we have another website which is totally dedicated to Pin codes and post office details.