IFSC Stands for the Indian Financial System Code. IFSC code is 11 characters alphanumeric code assigned uniquely to each individual branch of every bank by RBI. First Four Characters denote the bank, the last six digits denote the branch code and fifth digit a zero. IFSC is a mandatory requirement during online transactions using NEFT/ RTGS/ UPI or ECS.

IFSC Code
IFSC Code

What is the importance of IFSC Code?

IFSC Code plays a vital role while online transactions. As it is unique for every individual branch. Hence, it has the following key benefits:

  • Accurate Fund Transfer: IFSC code is unique. It removes the chances of errors while transferring the payments.

Removes Discrepancies: It removes all discrepancies while fund transfer.

  • Key Ingredient during online transactions: IFSC code plays a key and vital role while NEFT, RTGS, UPI, or ECS Payment transfers.

What is the Format of the IFSC Code?

IFSC code is unique and an important part of online transactions. Therefore, the format has to be unique as is assigned to every branch by the Reserve Bank of India.

IFSC code has mainly three parts.

  • First four characters
  • Fifth Character
  • Last Six Digits

Let me elaborate the whole format for your easy understanding:

  1. First Four Characters: These characters derived from the Bank Code. for example, Punjab National Bank – PUNB.
  2. The fifth character is always zero for every IFSC Code.
  3. Last Six Digits: These digits are composed of the branch code and prefixed with zero as many remaining digits. For Example: HDFC00002940
HDFC0002940
Bank CodeFifth Digit Always Zero2940 Prefixed with two zero.
Format of the IFSC Code

IFSC code is a combination of 11 alphanumeric characters, which assigned to every branch of each bank.

Process of Online Transactions using IFSC code?

Online Transactions are a structured process and no deviation can take place from its structure. Indian Financial System Code is eleven characters alphanumeric code used for the electronic fund transfers.

Electronic fund transfer is done mainly via two forms:

  • NEFT: National Electronic Fund Transfer
  • RTGS: Real-Time Gross Settlement

This code assigned by Reserve Bank of India to each individual branch of every bank.

Now let us take an example of Online Transaction:

Bank: State Bank of India

Branch: Nangloi, New Delhi Branch

Beneficiary Name: ABC

Beneficiary Account Number: 12345687984131

Branch IFSC Code: SBIN0011548

Therefore, the transfer may take a process by:

  1. Adding the beneficiary to account via net banking.
  2. Add all required details into the form.
  3. Select the beneficiary.
  4. Add the transfer amount.
  5. Add Comments if any.
  6. Input your net banking password.
  7. Select mode of transfer NEFT/ RTGS/ IMPS.
  8. The transfer is done. Cheers.

How can we know the IFSC code of any branch?        

Searching IFSC Code is very easy. As it is available on many platforms. Check the below listed ways to find out the IFSC code.

  1. You can simply check the Passbook and Cheque Book Provided by the bank.
  2. You can contact your branch by visit, net banking, phone banking, etc.
  3. You can check your account statement.
  4. Search the branch on Reserve Bank of India Website.
  5. The simplest way is to log on to our website and select Bank, State, District, and Branch. You will get the required answer.
  6. You can search for the Google search box.

What is a cheque? What are its types?

Section 6 of Negotiable Instrument Act 1881 defines a cheque as a negotiable instrument. In simple words

A cheque is an instrument by which any bank account holder can submit a request to pay, withdraw or transfer any particular sum of amount to any other bank account holder of any bank in India or abroad.

In the case of Cross Border Transactions, there are various rules and regulations, which have to follow by the bank account holder. The person issuing the cheque to pay money.

Cheque categorized in many ways. However, for simple understanding we are elaborating them below:

Sources:

  1. Bearer Cheque
  2. Order Cheque
  3. Post Dated Cheque
  4. Ante Dated Cheque
  5. Crossed Cheque
  6. Uncrossed or Open Cheque
  7. Slate Cheque
  8. Mutilated Cheque

Importance & usage of a cheque.

Cheque is very important while the money transactions are involved. These are used while business transactions.

  • The cheque is the vital element of authenticity during money transactions. Hence, no fear of Black Money involved during the transaction.
  • The safest way to pay money to others. As no cash is involved in the whole transaction.
  • No separate record-keeping is required as every entry is safe with bankbooks.
  • If the cheque is crossed then no fear of bank fraud is involved as the person can be easily traced.
  • Usage is very easy in many different ways as per the requirement.

How can someone open a savings account in the State Bank of India?

Opening a bank account is very easy. Moreover, Central Govt. has introduced a new scheme of Jan Dhan Bank Accounts with zero balance and some limits on the account deposit and withdrawals.

Check the whole process of opening a bank account:

  1. Visit the nearest Bank Branch.
  2. Contact the inquiry section and ask for opening a bank account.
  3. Note down the list of necessary documents required to open a bank account.
    1. KYC Documents
    1. Collect New Account Opening Form from the inquiry section of the branch.
    1. Photographs
    1. Signature or Thumb Impression Specimen
    1. Introducer or Guarantor
    1. Nominee Details
  4. Fill up the complete form as the information required in the form.
  5. Sign on the form where the signatures are required.
  6. Submit the filled form in all aspects to the same branch.
  7. Then will take the online photograph on their system.
  8. Hence, your account will be opened in a couple of days.

How can someone open a current account in the State Bank of India?

Opening a bank’s current account is a little difficult than the savings account. Moreover, Central Govt. has introduced ease of doing business and more hassle-free system developed for the business and MSME of India.

Check the whole process of opening a bank current account:

  1. Visit the nearest Bank Branch.
  2. Contact inquiry section and ask for opening a bank’s current account.
  3. Note down the list of necessary documents required to open a bank current account.
    1. KYC Documents of all partners or single in case of proprietorship
    1. Business Registration Document
    1. Signing Authority Single or Joint
    1. Collect New Current Account Opening Form from the enquiry section of the branch.
    1. Photographs of all Partners
    1. Signature or Thumb Impression Specimen of all partners
    1. Introducer or Guarantor
    1. Nominee Details
  4. Fill up the complete form as the information required in the form.
  5. Sign on the form where the signatures are required.
  6. Submit the filled form in all aspects to the same branch.
  7. Then will take the online photograph of all partners on their system.
  8. Hence, your current account will open after a couple of days.

What are the different modes of online payment?

  • NEFT
  • RTGS
  • IMPS

How can one transfer money without registering for net banking?

  • MMID
  • UPI
  • SMS

What is IFSC code?

IFSC Stands for the Indian Financial System Code. IFSC is 11 characters alphanumeric code assigned uniquely to each individual branch of every bank by RBI. First Four Characters denote the bank, the last six digits denote the branch code and fifth digit a zero. IFSC is a mandatory requirement during online transactions using NEFT/ RTGS/ UPI or ECS.

What is the full form of IFSC?

IFSC Stands for the Indian Financial System Code. This whole process of online payment transfer regulated by the Reserve Bank of India. In addition, IFSC code assigned by the Reserve Bank of India to every Bank Branch.
This Code changes as the branch address changes else, it remains the same. Moreover, it changes with the merger or acquisition of any bank with another bank.

Is IFSC Code unique for every branch?

Yes Of Course. Like every branch is unique and code is assigned to it. Likewise, the IFSC code is unique and the same for all accounts of that branch.
Every branch has a unique IFSC code assigned by the Reserve Bank of India for all online transactions.

Can two branches have the same IFSC Code?

No. Any of two or more branches can have the same IFSC Code. Since, every branch has a unique branch code, which declares a unique IFSC Code for that particular branch.

What is the BSR code of State Bank of India?

BSR Code is a short form of the Basic Statistical Return Code. It is a seven-digit code issued to all Indian Banks by The Reserve Bank of India. The first three digits identify the Bank Code and the last four Digits denote the branch code.

How to find the IFSC Code of State Bank of India?

You can search for the required branch IFSC Code in below-listed ways:
You can simply check the Passbook and Cheque Book Provided by the bank.
You can contact your branch by visit, net banking, phone banking, etc.
You can check your account statement.
Search the branch on Reserve Bank of India Website.
The simplest way is to log on to our website and select Bank, State, District, and Branch. You will get the required answer.
You can search for the Google search box.

What is balance check number of State Bank of India?

You can check the balance in many ways but via calling a balance inquiry number, you get an SMS of the current balance. You can check the contact number mentioned in the bank branch.

How to check the recent transactions of State Bank of India account?

You can check the balance in many ways but via calling a recent transaction inquiry number, you get a sum of recent 5 or 10 transactions depending upon the bank policy. You can check the contact number mentioned in the bank branch.