Why IFSC Code Vital for Your Money Transfer?

Feb. 13, 2013 - PRLog -- The importance of IFSC Code is best understood by the facts that the online electronically payment transfer through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement Finance Transfer Systems (RTGS) requires IFSC and other customer details to facilitate payment transfers. The system is only applicable in India and not valid for overseas payment transfers.

IFSC online site has been launched keeping in mind the necessity of the bank customers to know about their banks Code and address. Individuals, corporate and trading houses can transfer payments using NEFT, RTGS and CFMS systems, and while transferring funds, they must provide the bank’s unique identification numbers. You must also remember that IFSC code is vital for net banking customers who are using online electronic money transfers.

IFSC consists of 11unique figures and combines, both alphabets and numeric numbers. The unique numbers can be divided into three parts – the first part of 4 alphabets identifies the bank branch, the last six characters may be in numbers or alphanumeric and signifies the Bank Code, and the fifth number is (0) Zero, for future use.

There are two ways to find your bank’s unique identification characters - banks unique codes printed on the Cheque leaves or online site. The banks print these characters on the Cheque leaves given to the account holders.  You can provide these characters when transferring the funds.

The second way that could assist you in finding the IFSC code is by visiting the internet site http://www.mybankifsccode.com. It provides you the complete list of Indian banks in all States and Union Territories. The website page also offers the IFSC Code search option. When you open the page, you will find keywords - Bank, State, District, City, Branch or Locality and Search in vertical order. By using these keyword options, you can select and search your bank and its unique identification numbers.

You must also remember that when you provide necessary details such as Account No, Account Name (currently in bank records), Account Types and Name of the Bank for receiving payments electronically from the sender during net banking, you must provide your bank’s unique identification number. The failure to supply the same may make your fund transfer transaction invalid.
Therefore, if you use net banking for making different kinds of payments, you can always save the link of online site on your browser, because by visiting the site, you can always get the Indian Financial System Code of the bank.