What is bank IFSC code?
IFSC code stands for Indian Financial System Code. It is a unique alphanumeric code that is used to identify a bank branch in India that participates in the NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) systems.
The IFSC code is an 11-digit code that is assigned by the Reserve Bank of India (RBI) to each bank branch in India. The first four characters of the code represent the bank’s name, while the fifth character is always zero. The remaining six characters identify the specific branch of the bank.
The IFSC code is used to facilitate electronic money transfers between banks within India. It is necessary to provide the IFSC code when making an online money transfer from one bank account to another.
Why IFSC is required?
The IFSC code is required for electronic money transfers between banks within India. Here are some reasons why IFSC is required:
- Unique identification: The IFSC code is a unique identification code that is assigned to each bank branch in India. It helps to identify the bank and the branch to which the money is being transferred.
- Facilitates electronic transactions: The IFSC code is necessary for electronic transactions such as NEFT and RTGS. When making an online money transfer, the sender needs to provide the IFSC code of the recipient’s bank branch.
- Speeds up transactions: The use of IFSC codes in electronic transactions helps to speed up the process. It ensures that the money is transferred to the correct bank and branch quickly and accurately.
- Reduces errors: The use of IFSC codes helps to reduce errors in electronic transactions. Without the IFSC code, it would be difficult to identify the correct bank branch and mistakes can happen.
Overall, the IFSC code plays a crucial role in facilitating electronic money transfers between banks in India. It ensures that transactions are processed quickly, accurately, and securely.
How does IFSC code to bank details converter tool work?
An IFSC code to bank details converter tool is an online tool that allows you to find the bank and branch details associated with a particular IFSC code. Here’s how it works:
- The tool retrieves the IFSC code entered by the user.
- The tool then uses an API or database to look up the bank and branch details associated with the IFSC code.
- The tool then displays the relevant bank and branch details, such as the bank’s name, branch name, address, and contact details.
- Some tools may also display additional information, such as the bank’s MICR code, SWIFT code, and other branch details.
- The user can then use the information displayed by the tool to verify the accuracy of the IFSC code or to complete an electronic money transfer to the correct bank and branch.
It is important to note that the accuracy of the information displayed by an IFSC code to bank details converter tool depends on the quality and reliability of the data source used by the tool. Therefore, it is always recommended to double-check the information obtained from such tools with the bank or the official sources to ensure its accuracy.
How to use this tool?
- Enter Bank IFSC Code
- Click submit to get below details:
- IFSC Code
- BANK NAME
- BANK ADDRESS
- BANK PHONE NUMBER (please cross check correctness of phone number before using it)