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What is Bank IFSC Codes?


Date: 28 Apr 2010   Posted By: Vilas     Group: Opinion About    Category: Miscellaneous   

What is Bank IFSC Codes?

What is the Use?




Author: Nitst    04 May 2010      Member Level: Gold     Points : 5  (Rs 3)    Voting Score: 0

Hi Vilas,

IFSC is an 11 digit alphanumeric code and is known as Indian Financial System Code. All the banks which are participating in the electronic payment process have been designated an IFSC code by the Reserve Bank of India. It is a unique code assigned to a particular bank branch. The last 6 characters depict the branch details.

Today, when internet transactions have gained momentum even in India IFS codes play a crucial role in it.It is used in various payments in India and a useful tool for electronic payments and internet banking.

If anyone wants to transfer money or make payments using PayPal, then this IFSC code is mandatory.

The plan is to gradually cover all the bank branches under this system and allocate a single code to all of them for smooth and rapid transactions.


Author: pravin kumar    07 May 2010      Member Level: Bronze     Points : 1    Voting Score: 0

hai
The Indian Financial System Code (also known as IFSC) is a code for identifying the bank and branch which an account is held.

The IFSC code is used both by the RTGS and NEFT finance transfer systems.


Author: Govindarajan    08 May 2010      Member Level: Silver     Points : 3  (Rs 1)    Voting Score: 0

IFSC is the abbreviation of Indian financial system code.

It is clearly mentioned in the cheque book of the concerned bank. It is basically denoted in alpha numeric.

All the banks having net banking and fund transfers across India should have this code for doing the net banking and fund transfer.

It is the address of the bank. Just by mentioning this code one can get fund transfers from abroad easily within hours.

Govinda


Author: Marichamy    09 May 2010      Member Level: Silver     Points : 4  (Rs 2)    Voting Score: 0

Hi,

1.IFSC is Indian Finanancial System Code is an alpha numeric code.This code is designed to the identify the bank branches in Indis.

2.It is a 11 digit code with first 4 character denoting the banks code,the fiifth code is o that is control character then remaining 6 characters are represents to identifying the bank branches.

For Example: State Bank of India IFSC code is SBIN0004343.

SBIN - represents SBI Bank code.

0 - represents the control character.

004343 - represents the SBI branches in India.

Best Regards,
Marichamy K


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