IFSC Code is basically a unique identification number of a bank branch in a city. IFSC Code is unique for a branch in India. In internet banking this code is used to identify the bank branch where the account is operating from. IFSC Code is very important when online money transfer came into action. Because it is very important to identify the correct account number and branch of a bank to which the money is transferred.
IFSC Code is an 11 digit character which will usually appear on the check leaf of a bank. This 11 character code helps a person or an internet based money transaction server to identify the individual bank branches that participate in online money transfer mechanisms like NEFT or RTGS.
The standard IFSC Code is an 11 character code, with the first four characters representing the bank’s name, the fifth character is ‘0’ (Zero) and is reserved for future use, with the final six numeric/alphabetic characters represent the specific branch of the bank. IFSC code is very important when online money transfer happens from one bank to another across India, as the code helps for proper identification of the bank branches involved and avoids time-consuming mistakes.
IFSC Codes are very important when money is transferred from one account to another through online banking methods such as IMPS, NEFT and RTGS. All this money transfer options are fundamentally transfer money from one account to another across India. The essential code to perform these various options is the bank IFSC codes system. It will identify the bank and branch to which money is transferred. IFSC Code routes the money to the correct destination account and branch. In current day the money transfer in India mainly relays on the IFSC Code system to perform all kind of money transactions.
It is very important to give the correct IFSC Code in every money transfer because without correct code the transaction will end up in failure. Some time the transaction will be reversed to the starting account automatically. But there is a risk of loosing money and end up in a false transaction to false account.