As a banking professional, I have noticed that many people are unaware of the significance of the IFSC code and its importance in online transactions. It is crucial to understand what an IFSC code is, how to find it, and how to verify it before making any online transaction. In this article, I am going to explain everything you need to know about IFSC codes and how to find your bank's IFSC code.
Introduction to IFSC Codes
IFSC stands for Indian Financial System Code. It is an 11-character alphanumeric code that is used to identify a bank branch in India. This code is unique for each bank branch and helps in identifying the bank and the specific branch during online transactions.
The Reserve Bank of India (RBI) assigns the IFSC codes to banks. The code consists of four parts - the first four characters represent the bank code, the fifth character is always zero, and the last six characters represent the branch code. For example, the IFSC code for the State Bank of India branch located in Connaught Place, New Delhi is SBIN0000691. Here, SBIN is the bank code, the fifth character is zero and 000691 is the branch code.
What is an IFSC Code and Why is it Important?
IFSC codes play a vital role in online transactions in India. All electronic fund transfers, including NEFT, RTGS, and IMPS, require the use of IFSC codes. When you transfer funds online, the bank uses the IFSC code to identify the recipient bank and the specific branch where the account is held. Without the correct IFSC code, the transaction will not be processed.
IFSC codes are also used for other financial transactions, such as credit card payments and loan repayments. In such cases, the IFSC code is used to identify the bank branch where the payment needs to be credited.
Types of Transactions that Require IFSC Codes
As mentioned earlier, IFSC codes are required for all electronic fund transfers, including NEFT, RTGS, and IMPS.
NEFT - National Electronic Funds Transfer is a payment system that enables individuals to transfer funds electronically from one bank account to another. NEFT transactions are processed in batches and are settled within a few hours.
RTGS - Real-Time Gross Settlement is a payment system that enables individuals to transfer funds electronically from one bank account to another in real time. This system is used for high-value transactions, and the minimum amount that can be transferred is Rs. 2 lakh.
IMPS - Immediate Payment Service is a payment system that enables individuals to transfer funds instantly from one bank account to another. IMPS is available 24x7, and the maximum amount that can be transferred is Rs. 2 lacks.
How to Find Your IFSC Code - Step-by-Step Guide
Finding your bank's IFSC code is a simple process. Here's a step-by-step guide to help you find your IFSC code:
Log on to https://www.digiunivers.com/ifsc-code-to-bank-details website.
Look for the IFSC code search option.
Enter the details of your bank branch, such as the bank name, state, district, and branch.
The website will display the IFSC code for your branch.
Alternatively, you can find your bank's IFSC code on your chequebook or passbook. The IFSC code is usually printed on the front page of the passbook or on the cheque leaves.
Bank-wise IFSC Code Search
Here are the IFSC codes for some of the popular banks in India:
Bank of Baroda IFSC Code
Bank of Baroda is one of the largest banks in India. Here's the IFSC code for the Bank of Baroda:
Bank of Baroda IFSC Code: BARB0VJUCOM
SBI IFSC Code
State Bank of India is the largest bank in India. Here's the IFSC code for SBI:
SBI IFSC Code: SBIN0000691
Indian Bank IFSC Code
Indian Bank is a public sector bank in India. Here's the IFSC code for Indian Bank:
Indian Bank IFSC Code: IDIB000N043
Paytm IFSC Code
Paytm is a popular digital wallet in India. Here's the IFSC code for Paytm Payments Bank:
Paytm Payments Bank IFSC Code: PYTM0123456
Canara Bank IFSC Code
Canara Bank is a public sector bank in India. Here's the IFSC code for Canara Bank:
Canara Bank IFSC Code: CNRB0004844
Union Bank IFSC Code
Union Bank is a public sector bank in India. Here's the IFSC code for Union Bank:
Union Bank IFSC Code: UBIN0532783
Punjab National Bank IFSC Code
Punjab National Bank is a public sector bank in India. Here's the IFSC code for Punjab National Bank:
Punjab National Bank IFSC Code: PUNB0766000
Airtel Payment Bank IFSC Code
Airtel Payment Bank is a digital bank in India. Here's the IFSC code for Airtel Payment Bank:
Airtel Payment Bank IFSC Code: AIRP0000001
How to Verify IFSC Codes
It is essential to verify the IFSC code before making any online transaction to ensure that the transaction is processed correctly. Here are some tips to verify IFSC codes:
Check the IFSC code on the bank's website or the RBI website to confirm that it matches the branch details.
Verify the IFSC code with your bank's customer care executive.
Double-check the IFSC code before initiating the transaction.
Tips for Safe Online Transactions Using IFSC Codes
Here are some tips to ensure safe online transactions using IFSC codes:
Do not share your IFSC code with anyone.
Always verify the IFSC code before initiating the transaction.
Keep your computer and mobile phone updated with the latest security software.
Use a secure internet connection for online transactions.
FAQs about IFSC Codes
Q. Can two bank branches have the same IFSC code?
No, each bank branch has a unique IFSC code.
Q. What is the minimum and maximum amount that can be transferred using NEFT, RTGS, and IMPS?
The minimum amount that can be transferred using NEFT is Rs. 1, and there is no maximum limit. The minimum amount that can be transferred using RTGS is Rs. 2 lakh, and the maximum limit is Rs. 10 lakh. The maximum amount that can be transferred using IMPS is Rs. 2 lacks.
Q. Can I transfer funds using IFSC codes internationally?
No, IFSC codes are used only for domestic transactions in India.
Conclusion
IFSC codes are essential for online transactions in India. It is crucial to verify the IFSC code before initiating any transaction to ensure that the transaction is processed correctly. Use the IFSC code lookup tools and websites mentioned in this article to find your bank's IFSC code. Follow the tips mentioned in this article to ensure safe online transactions using IFSC codes.
