Once you have provided details, IFSC Code appears with the details like your Bank, State, District, City, Branch, Branch code, Address, and Contact No. You can also get the full details about all branches by entering Banks IFSC and MICR codes.
In case of moving a bank account from one branch to another in the same bank, you need to use IFSC Code of the new branch. You cannot transfer funds online without providing IFSC code of the beneficiaries bank branch. To transfer funds via NEFT, a transferor must have beneficiary details like their name, bank name, account number, and the IFSC code.
Choosing an electronic transfer system reduces the chances of errors in a transaction as fund transfers are authorised only when precise details like IFSC code of specific bank and account number of recipient are provided. Bank account holders are required to use their banks branchs IFSC codes for making an online transfer or sending money from their account online to the account of another individual using the NEFT, IMPS, or RTGS facilities. IFSCs (Indian Financial System codes) are used by Indian banks for identifying the banks branches while processing a money transfer.
The Indian Financial System Code (IFSC) is a unique 11-digit code assigned by the Reserve Bank of India (RBI) to every bank branch in India, that is contributed to online fund transfer systems such as RTGS (Real-Time Gross Settlement), NEFT (National Electronic Fund Transfer) and IMPS (Immediate Payment Service). The Reserve Bank of Indias (RBI) National Clearing Cell tracks all transactions, and IFSC codes help the RBI keep track of transactions as well as perform fund transfers seamlessly. The Reserve Bank of India (RBI) uses the IFSC code to conduct electronic funds transfers among banks because the code is quick to recognize where funds are coming from and going to. A list of banks-branch participating in NEFT/RTGS, with their IFS codes, is available at RBIs website. Banks also print Indian Financial System codes on the checks issued to their customers from branches.
Sub-letting branches refer to smaller banks such as cooperative banks, which are not assigned an IFS code which could be used to identify their names. It is an 11-digit alphanumeric code, where first 4 characters of IFSC codes represents bank name, 5th character is 0, and the last 6 numbers determines bank branch code. You can find the IFSC Code in chequebooks and passbooks provided by banks, or you can look up IFSC codes at respective banks websites or RBI websites. These are mechanisms for quickly transferring the money in a single day, without using a cheque. First, you can scroll the list down to search the IFSC code of the bank and the branch that you want. The IFSC is an 11-character code, the first four letters being the alphabetic characters representing the banks name, while the final six characters (usually numerical, but may also be alphabetic) representing the branch.