IFSC stands for Indian Financial System Code. It helps identify a particular branch for online money transfers such as NEFT and RTGS. The bank IFSC code is generally present on the chequebook, passbook, or other bank-sponsored materials.
What is Bank IFSC Code?
The Bank IFSC code is an 11-digit code provided to each branch of the bank. This code is provided by the RBI, and it is necessary to recognise each branch of the bank. While providing the bank IFSC, the following steps are considered:
- The first 4 alphabets represent the bank.
- The fifth character of any bank such as SBI or Canara bank IFSC is 0.
- The last 6 characters represent the code of each branch. They are generally numeric, but sometimes they can also be alphabets.
Use of Bank IFSC Code
The bank IFSC is crucial for making electronic money transfers. The Indian Financial System requires this number when you opt to make a money transfer through RTGS or NEFT. However, during UPI fund transfer, the Aadhar number is mandatory instead of IFSC.
Significance of Bank IFSC Code
During online money transfers, people want that the fund smoothly reaches the intended person’s bank account without any hassle. If the fund is transferred to the wrong bank account, it leads to unnecessary inconvenience because the online transfer can not be reversed automatically.
Moreover, if such a situation arises, people need to contact their bank and explain the whole situation and wait before getting their money back. This increases the stress and anxiety of people.
On the other hand, the bank IFSC sends an electronic routing message of fund transfer to the particular branches of the banks. Moreover, the fund transferring system uses the bank IFSC to acknowledge the branches involved in the online monetary transfer process.
How to Find Bank IFSC Code?
The Canara bank IFSc code or any other bank IFSC can be found easily through the following steps:
- By visiting RBI’s official website and checking for the IFSC of any particular bank and its branch.
- The passbook and cheque leaf provided by the bank has the information of its IFSC code.
- The official website of the bank has the information of its branch and their separate IFSC.
Benefits of Bank IFSC Code
The 11-digit IFSC is crucial for online money transfers. The major benefits of the bank IFSC are mentioned below:
- It accelerates the money transfer process: The online banking system and bank IFSC have made the fund transfer a matter of minutes. This is particularly beneficial when the money transfer is required on an urgent basis.
- IFSC makes fund transfer smooth: Visiting a bank to make a transfer requires a good amount of time. Moreover, a writing mistake can result in a wrong transfer. However, with the IFSC, you can easily make monetary transfers anytime and anywhere with complete security.
- It has made online banking possible: The bank IFSC has made it possible to pay the bills, get a phone recharge, and transfer funds.
- It reduces the chances of fraud: Each bank and its branch has its unique IFSC. For example, every Canara bank IFSC is different, and this is helpful in making a secure payment. It also simplifies the process of fund tracking.
Conclusion
The IFSC has simplified and secured the process of money transfer. Moreover, today’s technology has made it convenient to find this 11-digit code of any particular branch. If you need to know the bank IFSC, you can type:<the bank name> <space> IFSC, and the search results will show you the code. For example, if you want to know Canara bank IFSC, type Canara bank IFSC code and click the search button to get the code.
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