If you frequently send money to India or plan to do so, you’re likely familiar with the term IFSC Code. But what exactly is an IFSC Code, and how does it work in banking transactions? This article will answer all your questions about the Indian Financial System Code (IFSC) and provide practical guidance to ensure your money transfers to India go smoothly.
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What is an IFSC Code?
An IFSC Code, or Indian Financial System Code, is a unique code used to identify banks and their branches in India. It consists of 11 characters, a mix of letters and numbers. The main purpose of the IFSC Code is to ensure that financial transactions, whether money transfers or other electronic transactions, are conducted accurately and securely.
This code is crucial, especially when sending money to India. Without the correct IFSC Code, your transaction may fail or even end up at the wrong bank branch. Therefore, understanding the IFSC Code and how to use it is essential for anyone planning to transfer money to a bank in India.
Read also: What Is IBAN (International Bank Account Number)?
How to Read an IFSC Code
The IFSC Code is an 11-character unique identifier that’s easy to understand once you know how it works.
- First Four Characters
These letters represent the bank’s name. For example, in the code SBIN0000300, “SBIN” is the bank code for the State Bank of India. Each bank has its own specific set of letters, making it easy to identify. - Fifth Character
The fifth character is always zero (0). While this digit currently serves no functional purpose, it is reserved for future use in the system. - Last Six Characters
These represent the branch code. This segment could be numbers, letters, or a combination of both. For instance, in the code SBIN0000300, “000300” refers to the Mumbai Main Branch of the State Bank of India. This ensures the system directs your money to the correct branch.
How the IFSC Code Works in India’s Financial System
The IFSC Code is designed to ensure that all electronic financial transactions are processed seamlessly. Here’s how it works step by step.
Entering the IFSC Code During Transfers
When you send money to India, the transfer platform (like Transfez) or bank will require the IFSC Code. This code identifies the specific bank and branch in India.
Verification by the Banking System
After you enter the IFSC Code, the receiving bank’s system validates it. This step ensures the money is directed to the correct bank and branch.
Money Transfer to the Correct Branch
Once the code is verified, the money is sent to the designated bank branch. This step ensures the funds are transferred quickly and accurately.
Money Received by the Recipient
After reaching the correct bank branch, the money is made available to the recipient as per the transaction details you provided.
How to Find the IFSC Code for Indian Banks
Finding the IFSC Code is simple. Here are a few ways to locate it.
Check the Bank Passbook or Cheque
If you have a bank passbook or cheque, the IFSC Code is usually printed on the front or bottom.
Use a Search Engine
You can search for the IFSC Code on Google by typing the bank name and branch location. For example, “IFSC Code SBI Mumbai.”
Visit the Bank’s Website
Most Indian banks have an IFSC Code search feature on their official websites. Simply visit the site and use the search function to find the code for a specific branch.
List of IFSC Codes for Banks in India
Here are a few IFSC Codes of some of the well known or biggest banks in India.
| Bank | IFSC Code |
|---|---|
| HDFC Bank | HDFC0000128 |
| ICICI Bank | ICIC0000011 |
| Axis Bank | UTIB0000400 |
| State Bank of India | SBIN0000300 |
| Punjab National Bank | PUNB0112000 |
| IDBI Bank | IBKL0NEFT01 |
| Yes Bank | YESB0CMSNOC |
| IndusInd Bank | INDB0000018 |
| Citibank | CITI0000003 |
Always verify the IFSC Code before initiating a money transfer to ensure the funds reach the intended destination accurately.
Use Transfez by Jack for your business needs
Download Transfez App
Transfez App can help you transfer money abroad more quickly and efficiently. Transfez Business can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.
For those needing a reliable and fast way to send money to India, platforms like Transfez are incredibly helpful. Transfez simplifies international money transfers, including those to India, with straightforward procedures and low costs. Always double-check the IFSC Code and transaction details to ensure your money reaches its destination safely!
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