Bank Account Passbook
The front sheet of your bank passbook contains the account and branch details, including the IFSC. It is usually printed on the top right corner of the front sheet.
The RBI website has a tab for ‘IFSC’, where you can search for the IFSC by entering the bank or branch name.
Is IFSC code only for India?
Yes, this code is used only for transactions conducted within India. For foreign transactions, the SWIFT code is used.
Step 2: Initiate the Transaction
Where to Find the IFSC Code?
If you are wondering how to search for an IFSC code, here are four methods to find the IFSC for a bank branch:
Real Time Gross Settlement (RTGS)
RTGS or Real Time Gross Settlement is a fund transfer method that facilitates sending and receiving money without any delay. This system allows the money sent by you to reach the beneficiary instantly once the transaction is initiated. The processing of transactions happens on an individual basis and not in a batch-wise system.
The Importance of IFSC Code
Now that you know what IFSC is, let’s talk about its importance of IFSC in the banking system.
Sample IFSC Codes of Top Banks in India
Contoh Penulisan IFSC Code
Penjelasan: “SBIN” adalah kode bank untuk State Bank of India. “0000” adalah kode cabang (misalnya, kode 0300 dalam contoh di atas).
Penjelasan: “ICIC” adalah kode bank untuk ICICI Bank. “0000” adalah kode cabang (misalnya, kode 0011 dalam contoh di atas).
Setiap kode IFSC memiliki format yang konsisten dengan 4 huruf pertama mewakili kode bank, angka kelima selalu “0”, dan 6 karakter terakhir mewakili kode cabang. Kode cabang bisa berupa kombinasi angka dan/atau huruf, sesuai dengan kebutuhan masing-masing bank.
IFSC Code memastikan transparansi dan akurasi dalam transaksi keuangan elektronik di India. Kode ini memungkinkan identifikasi tepat dari bank dan cabang, memfasilitasi transfer dana yang aman dan efisien.
Step 5: Transaction Completion and Monitoring
IFSC codes are essential for both fund transfers and investments like mutual funds or insurance, where it ensures that funds are routed to the right accounts. Always double-check the IFSC before confirming any transaction to avoid delays or errors.
National Electronic Fund Transfer (NEFT)
NEFT or National Electronic Fund Transfer is a nationwide electronic fund transfer system that lets you transfer money from one bank account to another. It is a safe and hassle-free process as it is monitored by the RBI. All NEFT settlements are made in a batch-wise format, and funds can be sent through NEFT to accounts of all Indian NEFT-enabled banks. To initiate an NEFT transfer, you would need the account number and name of the receiver, along with the name of the bank branch and its IFSC.
