Whenever you want to transfer money via Netbanking, you need IFSC code of the beneficiary. Without this code, you can not add the bank account and hence can not transfer the money. Since Netbanking is the most preferred way to exchange or pay money, IFSC code finder becomes an important tool.
Considering you are looking forward to sending money to your family’s bank account, it’s a surprise, you can’t ask them to share their IFSC code. So, how will you transfer money now? For such purposes including non-surprising transactions, you can use any IFSC code finder available online. The service is free of cost and can be used for any Indian bank.
Is it safe to share IFSC code publicly?
This code can be shared publicly without any tension. If it would have been unsafe to use this code publicly, it would not have been given on your cheque books, passbooks and respective banks websites. Also, it is required for online money transfer even among strangers, it can be shared. But, never ever you should share the credit card or debit card number, its expiry date and CVV number. You should also not use customer ID or NetBanking ID details with anyone.
Is IFSC Code used for ECS?
IFSC is an alphanumeric code that is utilized to recognize the specific branch of a bank in both of the well known electronic assets settlement alternatives in India, in particular RTGS and NEFT.
What is the importance of IFSC code?
This code is important for online money transfer from one bank to another in India. It helps the correct distinguishing proof of the bank branches included and stays away from exorbitant and tedious errors.
Where can you get IFSC Code finder online?
There are many websites including banks website where the IFSC code online of the relevant bank can be tracked. For this, you have to mention the following details:
- Bank Name
Once you have mentioned these information, you will get the code for the searched bank.
Does IFSC code change with bank branch?
Yes, it does. This code is the identity of a bank branch and hence is different for every branch. Also, a person having multiple bank accounts at the same bank will have different IFSC codes. Read below the structure of IFSC code:
It is an 11 -Digit Alpha Numeric Code.
First Four (Alphabets) : Name of the Bank
Fifth letter : Always Zero ( Left for future expansion to avoid Y2K like situation)
Remaining 6 Characters Mostly Numeric ( can be alpha also )
- g. IOB Hyderabad : IOBA 0 000030
HDFCBank Eluru: HDFC 0 001641
Thus while sending remittances by NEFT or RTGS handling lacs of transactions this code will ensure easy processing and accuracy.
You can see how IFSC code is important for online transactions and also have understood the steps with which you can check it online.