IFSC code helps one identifying a particular bank branch.
The Reserve Bank of India assigns every bank branch a unique eleven digit number called the Indian Financial System Code or the IFSC. The unique number is a combination of both alphanumeric code, specially designated to a particular bank branch. The IFSC code is a potent requirement when it comes to making online financial transactions namely Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS) and the National Electronic Fund Transfer (NEFT). Without the IFSC code, one cannot make a financial transaction since the IFSC code determines the bank branch where the transaction is supposed to be made.
Format of the IFSC code
How one can find their IFSC code?
What is the importance of IFSC code?
What happens to your IFSC code when bank merges?
The IFSC code of the account holder changes if the bank undergoes the process of a merger. Post this, the account holder will be issued a new IFSC code, the same represented on bank documents like the bank passbook as well as the chequebook. This is done to ensure that financial transactions made online reaches the targeted beneficiary’s account.
(By Ruchika Goswamy)
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