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Indian Financial System Code better known as ‘IFCS Code’ in Indian Banking System. Basically, it is an 11 digit number that comprises of unique alpha-numeric character combination. The IFSC code is set as: primary 4 numbers are alphabets that indicate the bank, the fifth number is 0 which can be used by bank anytime in future time, the last 6 numbers comprises of only alphanumeric digits. The uses of South Indian Bank IFSC code can be leveraged during National funds transfers. Let’s see how?
Reserve Bank of India
RBI is the main authority which schedules the fund transfer between Indian Banks under NEFT and RTGS systems. RBI’s official website presents the list of all banks in Indian union territories and states that are part of a system. The bank which offers net banking services and EFT facility must give bank identification to the customers of the bank.
How to Find IFSC Code?
Customers who are gaining the facility of net banking and online banking must have knowledge about his bank’s IFSC code so that he can send or receive the payments within the nation anywhere by using NEFT and RTGS systems. Corporate firms, persons with or without any account in the bank can also transfer money but the only limitation is the bank has to be a member of RBI regulated EFT system. You can check the list of EFT participating banks on the website of RBI.
You can recognize your bank’s IFSC code. Usually, banks print these exclusive characters on the Cheque book leaves, if you cannot find them on the chequebook leaves, then you can call Bank’s customer care service to know the IFSC code. An alternate option, to get the IFSC code is to visit the Banks’ financial site as they leave Bank’s complete information on websites like Branch address, branch location, IFSC code or NEFT’s status.
It is your responsibility to remember the unique characters of IFSC code as they can be changed by the RBI. One can confirm the identification number from the bank’s branch is obtained from any third party source. A wrong IFSC code will not allow a successful fund transfer.
RGTS and NEFT Systems
RGTS and NEFT systems are developed for successful transfer of funds whether it may be receiving the funds or sending the funds. These systems are supported by RBI. Both the systems are somewhat different:
- RTGS System: This system transfers the funds at the fastest rates. The transaction functions in real time or gross basis and does not cluster with other transactions. RTGS system does not transfer less than Rs. 1, 00,000 to the beneficiary account within 2 days.
- NEFT System: There is not any limitation of fund transfer in this system. The money which you transfer to the beneficiary will reach within 24 to 48 hours.
You must remember that IFSC code is the most important thing whenever you try to transfer fund. Uses of South Indian Bank IFSC code can be taken into account when you try to transfer funds inter-Indian states, but it is not valid for international states.