Deprecated: Function create_function() is deprecated in /home/244564.cloudwaysapps.com/bfwxmcdzsg/public_html/wp-content/plugins/wordpress-23-related-posts-plugin/init.php on line 215
Deprecated: Function create_function() is deprecated in /home/244564.cloudwaysapps.com/bfwxmcdzsg/public_html/wp-content/plugins/wordpress-23-related-posts-plugin/recommendations.php on line 264
The IFSC code is the short form for Indian Financial Systems Code. The code is a unique identification code which is assigned to a Bank by the Reserve Bank of India. It is akin to the voter ID card or Adhaar card which an Indian Citizen holds as his Identity proof. Just as no two individuals can have the same Voter Id or Adhaar number similarly no two banks/ branches can have the same IFS code.
The main utility of the IFS code is to facilitate virtual net banking and Inter-bank electronic transfers between Banks and between Bank branches.
How to decode the IFS code:
- The IFSC is an 11 digit alpha-numeric code.
- The Bank Name is indicated by the first four digits which are in alphabets.
- The fifth digit is always zero and is reserved to indicate the future transaction.
- The last six characters may be in alphabets or digits and denote the particular branch of that bank.
How to find the IFS code of any bank branch?
- The RBI website will give you a list of all IFS codes of all banks in its purview.
- All banks have a list of their IFS codes for all their branches, so you can just contact them and find out.
- The cheque book issued by a particular bank branch will always have the IFS code printed on it.
- The website www.indianbankdetails.com will help you to find the IFS code.
- The easiest way is to go to the website of that bank and fill in the required information regarding the State, district, and branch, to get the IFS code of a particular branch.
Let us demonstrate by finding out the IFSC code of State Bank of India branch:
Go to the SBI website and find the page for finding IFS code. Then let us say you want to find the IFSC code for the SBI branch at C.G road, in Ahmedabad district, in the state of Gujarat. All you have to do is fill in the details of the State, district and branch and you will get the code as SBIN0060399.
So as stated earlier, the first four characters- SBIN, indicate State Bank of India and will remain constant for all SBI IFS codes irrespective of Branch.
The fifth digit is zero and remains constant for all IFS codes of all Banks/ branches.
The last six digits- 060399, indicate that it is the C.G road branch at Ahmedabad. The last six digits will change for each and every SBI branch across the country. So for instance, 060400 will indicate another branch of SBI.