IFSC Code is an alphanumeric code, it is also known as The Indian Financial System Code. It is an innovation in financial sector; this code identifies a particular bank branch that is involved in RTGS and NEFT two of the major electronic funds arrangement in India. The code is of 11 characters the first four letters is the representation of the bank and the ending 6 letters represent the branch of the particular bank.
IFSC codes has made fund transfer easy across the country, it helps in receiving and making payments using various methods such as RTGS, IMPS and NEFT. The fastest inter branch money transfer is known as IMPS (Immediate Payment Service), this service is carried on mobiles making use of IFC code to make sure that the funds are received or transferred to the entitled person. Similarly in other fund transferring service like RTGS and NEFT IFSC codes are used.
Banking transactions are easily validated by IFSC code; they are one of the important aspects in fund transfer, making and receiving payments online is easy if you have enough knowledge about internet banking. Major financial/ banking institutions for fund transfer between different accounts and branches of banks use IFSC code for NEFT and RTGS transfer. This code is useful for streamlining and recognizing economic transactions.
How to find IFSC code of particular Bank’s branch?
By using search box one can find IFSC code of any bank’s branch, in the search box type Bank, State, District and branch to get exact results. The search box also gives you an option to choose the bank’s IFSC code from the drop down menu; you just have to click on the fields such as name of the bank, city/district/ state and branch. By doing this you can save lot of time and get correct results.
What does IFSC mean?
IFSC means Indian Financial System Code.
What is MICR?
MICR Code is a modern technology it stands for Magnetic Ink Character Recognition, it is essentially used for confirmation of the authenticity/ uniqueness of paper credentials for ex Cheque used in banks. To secure IMPS and NEFT transfer process MICR technology is effective and useful as IFSC codes.
What does RTGS mean?
RTGS means Real Time Gross Settlement, it is an online system used for resolving financial transactions. Enter the particular bank’s branch’s IFSC code to make RTGS payment online in simplified manner, major financial institutions use RTGS for hassle free payment online. RTGS is similar to IMPS and NEFT.
what is NEFT?
NEFT is accepted money transfer system in the country; it stands for National Electronic Fund Transfer. Individuals and big corporate houses use NEFT to transfer funds electronically from any particular bank’s branch. Just like other money transfer process such as IMPS and RTGS, NEFT transfer also requires IFSC code of the bank’s branch to successfully carry out the transaction.
what is IMPS?
IMPS stands for Immediate Payment Service. IMPS is used to transfer quick payment throughout India. It is the latest service initiated in India for immediate payment, the use of this service is one can transfer quick money from one account to another account within the same bank. IMPS too does not have any upper limit for the highest amount of money transfer as established for RTGS and NEFT.