What is IFSC code and its Purpose?
India: One of the most populated countries in the world. Growth of Indian economy in the past 5 years are good and all the people are creating the bank account and start to make use of financial institution services.
Reserve Bank of India is the central and head of all the financial institutions in India. In order to make customer banking easy, secure and hassle-free, RBI has introduced many online and offline banking facilities.
One among them is IFSC code. IFSC stands for Indian Financial System code. RBI has provided unique IFS code for all the computerized banks and their branches in India. Let’s take State Bank of India IFSC code and explain it.
- First 4 character of all IFSC code is to represent bank name. SBIN is common for all the branches of state bank of India.
- 5th digit is zero. This will be common for all banks IFSC code which is for future use.
- 000810– Last 6 digits are called as branch code. This will differ for all the branches of the state bank in India.
Purpose of IFSC code.
IFSC code is used by banks for transferring fund between inter and intra banks. There are 3 different types of fund transfer RTGS, NEFT, and IMPS. If you want to transfer money online, then you should add IFSC code of beneficiary before transferring money.
Banksifsccodes.com is one of the reputed websites where you can get IFSC code, MICR code, and more bank branch information. You can also get this information by entering MICR code of the bank branch.