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Bank IFSC Code Detail Finder Tool
Bank IFSC (Indian Financial System Code) is a 11-digit
alphanumeric code that is used to identify bank branches participating in the
electronic funds transfer system in India. This code is assigned to each
individual bank branch by the Reserve Bank of India (RBI) and is used to route
funds between banks and financial institutions in India.
The IFSC code is a unique code that is used to identify a
specific bank branch, as each branch of a bank has a unique code. The code is
comprised of four parts:
The first four characters represent the bank code.
The fifth character is always 0 and is reserved for future
use.
The last six characters represent the branch code.
For example, the IFSC code for the State Bank of India (SBI)
branch in Mumbai, India is SBIN0001234, where "SBIN" represents the
bank code, "0" is reserved for future use, and "001234"
represents the branch code.
Bank IFSC codes are used to facilitate electronic funds
transfers between banks and financial institutions in India. When a person or
business initiates an electronic funds transfer, they will need to provide the
IFSC code for the bank branch they wish to transfer funds to. The transfer will
then be routed to the correct bank branch using the IFSC code, ensuring that
the funds are credited to the correct account.
Bank IFSC codes can be found on a variety of sources,
including bank statements, checkbooks, and online banking portals.
Additionally, there are many online resources that can be used to search for
IFSC codes, such as the RBI website and third-party websites.
In conclusion, Bank IFSC codes are an important tool for
facilitating electronic funds transfers between banks and financial
institutions in India. By providing a unique identifier for each bank branch,
IFSC codes ensure that funds are routed correctly and credited to the correct
account. If you need to initiate an electronic funds transfer in India, be sure
to have the correct IFSC code for the bank branch you wish to transfer funds
to.
