We live in the world of technology and the most of our personal and professional tasks are performed through the online method only. Gone are the days when people used to stand in the long queues for doing the small transactions in a bank, such as transferring money. The technology has made our lives so easy that we don’t have to wait in the queues, now there are systems in place where one can do every transaction online.
If you have ever transferred the money or did any transaction online, then you must be aware of the bank IFSC code, which is used for doing transactions online. IFSC as it is generally known stands for Indian Financial Code System. This code is assigned to all the banks and their branches by the Reserve Bank of India. The IFSC code is used for the purpose of RTGS, National Electronic Fund Transfer, and CFMS. This code enables a person to know the exact location of a bank.
It is very convenient to get the whole details of a bank through IFSC code, all you need to do is to put the name of the bank on the website which has the details of IFSC codes and you will get the full details of that particular bank and if you have the details such as location and name of the bank, then you can retrieve the information on the IFSC code of that particular bank branch.
The code is of 11 alphanumeric characters and it is necessary for doing all the banking transactions. The initial four characters of the IFSC code are alphabetic and they inform about the name of the bank to which the code belongs to, and the digits in the IFSC code are the identifiers of the branch of a bank. The common thing in all the IFSC codes is the fifth digit of this code which is always uniform in all the IFSC code, the fifth character is always zero in all the codes.
To find the IFSC code of a bank, a person can visit the website of Reserve Bank of India and there are many other websites which provide the information on bank IFSC codes. You need to have the name and location of the bank for which you require the IFSC code.
Let us have a look at an example for a better understanding of IFSC Code Of Indian Overseas Bank:
Let us analyze the above code. As the initial four characters are “IOBA”, this means that the above code is for Indian Overseas Bank, the fifth character of the code is zero, as mentioned earlier, it is always zero in all the banks’ IFSC codes. The last four digits if the code is “2251”, these digits are the branch identifiers and I the above code, it is for the branch of Lajpat Nagar.
In all the cases, the IFSC codes are in the same manner and with the help of it, you can do all the banking transactions. Hope, this information will prove helpful to you.