Step 2: Initiate the Transaction
Methods to Transfer Money by Using IFSC Code
IFSC is used to transfer funds through three primary electronic fund transfer modes – NEFT, RTGS and IMPS. These electronic fund transfer systems enable you to easily transfer money from one account to another. They reduce the chances of errors in a transaction as the fund transfers are authorised only if accurate details like bank account numbers and the bank-specific IFSC are validated.
How Does IFSC Code Work?
Here’s a step-by-step guide on how IFSC codes are used in bank transactions:
IFSC Code in Cheque Leaf
The IFSC is usually printed at the end of the branch address on the top left corner of the cheque leaf.
Is IFSC Code the Same for All Branches?
No, the IFSC code is unique to each branch of a bank. Each branch has a distinct IFSC code to identify it separately. For example, the SBI Main Branch in Lucknow will have a different IFSC than the SBI branch in Kanpur.
Bank Account Passbook
The front sheet of your bank passbook contains the account and branch details, including the IFSC. It is usually printed on the top right corner of the front sheet.
The RBI website has a tab for ‘IFSC’, where you can search for the IFSC by entering the bank or branch name.
Can I transfer money without an IFSC code?
No. This code is mandatory for conducting online transactions through NEFT, IMPS or RTGS.
Differences between IFSC, MICR and SWIFT Codes
Online fund transfers via NEFT, IMPS and RTGS
Verifies the authenticity and validity of the cheque and aids in quick processing
SWIFT is approved by the International Organisation for Standardisation (ISO); identifies the bank and branch of the sender and receiver of funds
city code (first three digits)
bank code (next three digits)
branch code (last three digits)
bank code (first four characters)
country code (next two characters)
location code (next two characters)
optional branch code (last three characters)
Contoh Penulisan IFSC Code
Penjelasan: “SBIN” adalah kode bank untuk State Bank of India. “0000” adalah kode cabang (misalnya, kode 0300 dalam contoh di atas).
Penjelasan: “ICIC” adalah kode bank untuk ICICI Bank. “0000” adalah kode cabang (misalnya, kode 0011 dalam contoh di atas).
Setiap kode IFSC memiliki format yang konsisten dengan 4 huruf pertama mewakili kode bank, angka kelima selalu “0”, dan 6 karakter terakhir mewakili kode cabang. Kode cabang bisa berupa kombinasi angka dan/atau huruf, sesuai dengan kebutuhan masing-masing bank.
IFSC Code memastikan transparansi dan akurasi dalam transaksi keuangan elektronik di India. Kode ini memungkinkan identifikasi tepat dari bank dan cabang, memfasilitasi transfer dana yang aman dan efisien.
Daftar Tabel IFSC Code
Tabel IFSC Code berisi daftar lengkap kode IFSC untuk berbagai bank dan cabang di India. Tabel ini mencakup informasi penting yang diperlukan saat melakukan transaksi keuangan.
Sebelum melakukan transaksi, pastikan kode IFSC kalian benar! Untuk memastikan bahwa Kode IFSC yang kalian gunakan benar, kalian dapat klik link berikut untuk memvalidasi kode IFSC kalian: Validasi Kode IFSC
Sekarang kalian telah memiliki pengetahuan yang lebih dalam mengenai IFSC Code, dan sekarang kalian mengetahui bahwa IFSC Code merupakan suatu aspek penting dalam transaksi perbankan India. Untuk kirim uang ke India, Anda bisa gunakan Easylink sebagai Platform Transfer uang ke luar negeri.
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Ever wondered what IFSC printed on our passbook/chequebook stands for, and what is its significance in the Indian banking sector? Let’s find out everything about it.
Most of us are familiar with the Indian Financial System Code or IFSC that is used for electronic money transfers. Yes, we are referring to the alpha-numeric code printed on bank documents like the front leaf of the passbook and the chequebook. But do you know what is an IFSC and why is it important for carrying out banking transactions? Here's all you need to know about it.
IFSC is an important part of the Indian banking infrastructure. It is a unique 11-digit number issued by the Reserve Bank of India (RBI), for identifying an individual bank and its specific branch. The format of IFSC is such, wherein the first four characters represent the bank's name, and the last six digits (combination of alphabets and numerals) indicate the location of the branch. The fifth character is zero and remains constant for all codes.
The first 4 alphabets (ICIC) in the above example serve to identify the bank, in this case - ICICI, and the last 6 digits (000053) represent its Jayanagar branch, in Bangalore.
It must be noted that no two banks or branches have the same code. In fact, the IFSC is different even for two accounts held in two different branches of the same bank. The RBI website has a list of all the banks and their IFSC.
What is the significance of IFSC?
The importance of the IFSC code cannot be stressed enough. It has made online transferring of funds easy, secure and accessible for all. Listed below, are some of the benefits it bestows:
IFSC ensures that fund transfers between banks are carried out seamlessly, without any blunders. The identification code can help RBI track, monitor, oversee, as well as authenticate all financial transactions conducted through modes such as the National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS).
IFSC plays a pivotal role in transferring money efficiently, from one bank account to another. It helps in determining the source as well as the recipient bank branch.
Since a valid IFSC is vital for initiating Fund Transfers through Net Banking, the online platform has become extremely safe. IFSC eliminates the odds of fraud, error, or theft during the Fund Transfer process.
Due to IFSC, the procedure of carrying out financial transactions, has not only become convenient but also picked up pace. Funds can be transferred in just a few minutes, from any corner of the globe. This is a boon for those in dire need of funds, due to a financial emergency.
Financial transactions through electronic modes are paperless. Thanks to IFSC, account-holders are doing their bit for Mother Earth, by using eco-friendly measures for money transfer.
As a rule, the IFSC cannot be changed, revised or updated. However, in the event of a merger or reorganisation of the bank, the IFSC identification code changes. In this case, the account holder is issued a new code. This is to ensure the online financial transaction is successful and it reaches the beneficiary's account, without any glitch.
As you can see, the IFSC code is an integral part of the modern banking system. Apart from making Internet Banking quick, safe, and convenient, it also indirectly contributes to a greener environment.
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