Indian Financial System Code or IFSC code is a series of eleven character code specially formulated and controlled by the Reserve Bank of India. The eleven characters can be a combination of alphabets and numerical corresponding to each designated bank branch. IFSC codes help in clear demarcation of the various bank branches involved in online transactions enabling a secure banking transaction or funds transfer.
IFSC Code and its Correlation with IMPS:
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service made available through mobile phones. Immediate Payment Service (IMPS) is changing the face of modern day banking as electronic funds transfer using IMPS is now being made available for other channels including internet banking and debit cards or ATMs. Immediate Payment Service (IMPS) services uses the IFSC code to know the origin and destination of funds transfer allowing easier transfer of funds in a secure manner.
Example of IFSC Codes:
Let us consider the Axis Bank Haridwar IFSC codein Haridwar City. The IFSC code for the bank is UTIB0000358.
Similarly let us find the Bank of India Girgaum branch IFSC code, located at Jagannath Shanker Seth Road in Mumbai.
Finding IFSC Codes for Various Banks:
IFSC codes are listed on the bank branch concerned as per the RBI guidelines. One can also find out the ISFC code of any bank branch by physically visiting the branch concerned. The official website of the Reserve Bank of India also lists the IFSC codes of all bank branches concerned. In case any individual does not have the time to physically walk into the nearest bank branch to find out the relevant IFSC code, they can make use of the IFSC code calculator on BankBazaar.com website. Users can take advantage of the IFSC code finder tool available at BankBazaar.com, the country’s most popular financial portal. BankBazar.com code finder tool allows users to search from more than 80,000 IFSC codes for various domestic bank branches at the click of a button.
- The first four characters of an IFSC code are always alphabetic and correspond to the name of the bank.
- The fifth character is reserved for future use and is always numeric zero as of now.
- The last six characters can be a combination of numeric and alphabets and correspond to the exact bank branch concerned.
IFSC Code and its Correlation with IMPS:
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service made available through mobile phones. Immediate Payment Service (IMPS) is changing the face of modern day banking as electronic funds transfer using IMPS is now being made available for other channels including internet banking and debit cards or ATMs. Immediate Payment Service (IMPS) services uses the IFSC code to know the origin and destination of funds transfer allowing easier transfer of funds in a secure manner.
Example of IFSC Codes:
Let us consider the Axis Bank Haridwar IFSC codein Haridwar City. The IFSC code for the bank is UTIB0000358.
- First 4 characters are UTIB representing the earlier name of the bank i.e. UTI Bank Limited.
- The last six characters are 000358 which correspond to the Haridwar New Delhi road branch of the Axis Bank in Haridwar city.
- The fifth character from the front is o and reserved for future use.
Similarly let us find the Bank of India Girgaum branch IFSC code, located at Jagannath Shanker Seth Road in Mumbai.
- The IFSC code of the corresponding branch is BKID0000021.
- First 4 characters are BKID representing the name of the bank which is Bank of India Limited.
- The fifth character from the front is o and reserved for future use as per RBI guidelines.
- The last six characters are 000021 corresponding to the Girgaum branch of Bank of India in Mumbai City.
Finding IFSC Codes for Various Banks:
IFSC codes are listed on the bank branch concerned as per the RBI guidelines. One can also find out the ISFC code of any bank branch by physically visiting the branch concerned. The official website of the Reserve Bank of India also lists the IFSC codes of all bank branches concerned. In case any individual does not have the time to physically walk into the nearest bank branch to find out the relevant IFSC code, they can make use of the IFSC code calculator on BankBazaar.com website. Users can take advantage of the IFSC code finder tool available at BankBazaar.com, the country’s most popular financial portal. BankBazar.com code finder tool allows users to search from more than 80,000 IFSC codes for various domestic bank branches at the click of a button.