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Technology has played a great role in all the spheres of our lives, be it our personal or professional tasks. With so much progress in the technology, now we don’t have to stand in the long queues for the banking transactions as well. Have you heard about IFSC code? Are you aware of its uses? Do you that it can help you to do the banking transaction in a fast and efficient way? This piece of writing will help you to know about the importance of the IFSC codes.
There are a lot of benefits which you can take by using the IFSC codes of a bank. The term IFSC stands for Indian Financial Code system and this code is provided by the Reserve Bank of India to all the banks and their branches. With the help of the IFSC code, you can easily know about the branch of a bank and vice versa.
This code is of 11 characters which are alphanumeric, the first four characters of an IFSC code are in alphabets and the rest of them are in numerical. There is one thing which is same in all the IFSC codes, that is the fifth character which is “0” in all the cases.
IFSC code not only makes all the banking transactions easy, it is also very helpful to do all the transactions in a transparent way. Let us look at some of the top Use of Union Bank of India IFSC Code
Helps in Escaping Frauds:
The IFSC code is written on all the cheques, thus there will less or no chances of fraud as you can do all the transaction by sitting at your hope, and the best part about using the IFSC code is that it eliminates the use of paperwork.
Provides Quick Transactions:
With the help of the IFSC code you can do the banking transactions by sitting in any part of the world. The transaction happens in a couple of minutes so that you don’t have to spend your time waiting in the long queues.
With so many other benefits of using the IFSC code, this is one of the biggest advantages of using an IFSC code as the person as a person receives a message from his bank in case there is any debit/credit in his account. This proves very helpful as if there is some kind of fraud is there in your account, you will get a direct message of a transaction from your bank.
Hope, this piece of writing will prove helpful for you to provide the information of IFSC code.