IFSC code is generally known as Indian Financial Code System, it is the code assigned by the Reserve Bank of India to all the banks and their different branches. The IFSC code is used by the electronic payment system application, such as National Electronic Fund Transfer, RTGS, and CFMS. It becomes very easy to find a bank and its location through the use of IFSC code, by putting the bank name and location on a website which has the details of IFSC codes, one can easily find the IFSC for that particular branch.
The IFSC code has 11 alphanumeric characters and it is compulsory for all banking transactions. The first four characters are always in alphabets and by having a glance at these four characters, one can easily tell the name of the bank to which it belongs to. The digits in the IFSC code are the bank identifiers and they inform about the branch of a bank, there is one thing common in all the IFSC codes and that is the fifth character, which is “0” in all the cases.
Here is an example of the Allahabad Bank IFSC Code:
As we can see that the first four characters are “ALLA” which means that this IFSC code belongs to the Allahabad Bank, and as we can see that the fifth character is zero, which is uniform for the IFSC codes of all the banks, and the last five digits tell about the location of a Bank Branch. The above-mentioned code belongs to Allahabad Bank, Ghaziabad, by putting this IFSC code on a search engine you will get the same details.
The IFSC code plays an important role in all the banking transactions. By knowing the IFSC code, it becomes easy to make the transactions virtually. It is used by the banks and financial organizations to conduct National Electronic Fund Transfer and Real-time Gross settlement, the IFSC code helps in unifying the transactions between different banks, branches and accounts.
How to Find an IFSC code:
There are different ways available to find the IFSC code of a bank. With so many websites on the internet and the Reserve Bank of India’s official website, it is not tough to find the IFSC code and it is also mentioned on all the cheques of each and every bank as ordered by the RBI.
It is compulsory to know the branch of a bank to know its IFSC code, without knowing the location, it is not possible to find the code for that particular bank branch for which you have been searching for.
Hope this article will prove helpful for you to provide the knowledge of IFSC code.