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Saturday, November 20, 2021

What are the IFSC codes, why is this necessary? Find out his full name

What are the IFSC codes, why is this necessary? Find out his full name

What is IFSC Code When you send money from bank account to someone's bank account, then apart from name, account number, one thing will be required and that is IFSC code. As soon as this column has to be filled, and in case of not remembering, you will have to google it or ask someone. After all, what is this IFSC, why is it needed. Why is this so important that without this you cannot transfer money from the account. Today we are going to answer these questions for you.

Under internet banking, when we send money to any person or relative's account, we need an IFSC code in addition to the account number. Without this we cannot send money to the account. The IFSC code is different for each bank. But have you ever wondered what his full name is? And why is it so important?

IFSC is a short form made up of different words. The full name of IFSC ie Full Form Indian Financial System Code is Indian Financial System Code. IFSC code is an 11 digit alphanumeric code. Just as the Aadhar card has become the identity of the people, in the same way the IFSC code is the identity of the banks.

The full form of IFSC i.e. full name is Indian Financial System Code. It is a unique code of every bank branch. When transferring money online, you also need to enter the correct IFSC with the correct account number.

If you enter the wrong IFSC code, the money will not be transferred even after millions of attempts. The IFSC code is an 11-digit alpha-numeric code. It also includes English letters and numbers. It is assigned by the Reserve Bank of India. The IFSC code of each bank branch is different.

Actually, a unique code is given for every branch of every bank. And IFSC is the unique code of every bank and every branch. The bank in which the account will be held. IFSC of the same branch of the bank is entered. With IFSC, the bank understands to which branch the money has been sent.

The advantage of IFSC is that there is less chance of mistake. If you have entered the IFSC code wrong, then the money transfer will not happen in the bank under any circumstances. If you send money through NEFT, RTGS and IMPS, then it is required.

English letters are also included in this 11-digit code. RBI approves it. For example, if you want the IFSC code of HDFC Bank, then it will start with HDFC000. After this there will be four more digits. Similarly, if IFSC of State Bank is required, then it will start with SBIN000. Four more digits will be added to this too. That is, in total it is made up of 11 numbers and letters.


Where to find in the passbook

IFSC is written on the first page of the passbook issued by the bank. The first 4 digits of this 11-digit code represent the respective bank. One or more digits after this is 0, which is reserved for future use. The last 6 digits or less is the branch identification.

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