What does IFSC stand for?
IFSC stands for Indian Financial System Code. It is used during the process of fund settlement viz. payment settlement. It is mostly applicable to NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) transactions.
What is the structure of an IFSC?
An IFSC code is essentially made up of alphabets and numerals arranged in such a way that it denotes the bank and more specifically the branch that the money is being routed to. The destination bank is depicted through an alphabetic code which make up the first four characters of the IFSC. The specific branch of the said bank is depicted through numbers which make up the last six characters of the IFSC. The two are separated by a ’zero’ which is a character kept in reserve to be used, should the need arise, at a later time.
Where are IFSCs used?
As opposed to SWIFT codes or IBANs, IFSC codes are used for domestic fund settlements by participants of the Indian financial system, not for international transfers. The RBI (Reserve Bank of India) maintains a list of all banks and their branches which use IFSC codes.
Where can IFSC codes be found?
Every bank and its branches that use an IFSC code will have it printed on the cheque books issued by them.
If you do not have a cheque book from the said bank-branch, an alternative way to obtain the IFSC code is through the internet. There are many sites that have online directories that have collated this information from banks across the country. BankBazaar is an online financial site that allows users to key in required bank-branch details to obtain the code.
In order to find a bank’s IFSC, one would need the bank’s name, the relevant state and district and finally the location of the branch for which the code is needed. Every bank-branch will have a unique branch code even though the bank code remains the same.
Below are outlined the IFSC codes for Union Bank of India- Bangalore branches.
Similarly the IFSC Codes for Oriental Bank of Commerce are provided below:
Here, the bank code for OBC is ORBC and the branch code is depicted by the last six characters of the code.
Significance of IFSC Codes:
IFSC codes were developed in order to make online transfer of huge amounts of money easy and quick. It also helps in keeping a track of where large amounts of money are being routed to. Besides this, it offers users a secure and efficient way to make payments. Often NEFT and RTGS transactions attract an execution fee which varies from bank to bank. While NEFT payments are processed every hour RTGS payments happen in real-time.
Online transfers have become very popular over the last few years with more money being processed this way than through traditional offline modes.
Payments in India are monitored by the BPSS or Board for Regulation of Payment Settlement Systems in conjunction with the RBI who is constantly trying to find easier and more efficient ways to manage the flow of money in the domestic financial system.
IFSC stands for Indian Financial System Code. It is used during the process of fund settlement viz. payment settlement. It is mostly applicable to NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) transactions.
What is the structure of an IFSC?
An IFSC code is essentially made up of alphabets and numerals arranged in such a way that it denotes the bank and more specifically the branch that the money is being routed to. The destination bank is depicted through an alphabetic code which make up the first four characters of the IFSC. The specific branch of the said bank is depicted through numbers which make up the last six characters of the IFSC. The two are separated by a ’zero’ which is a character kept in reserve to be used, should the need arise, at a later time.
Where are IFSCs used?
As opposed to SWIFT codes or IBANs, IFSC codes are used for domestic fund settlements by participants of the Indian financial system, not for international transfers. The RBI (Reserve Bank of India) maintains a list of all banks and their branches which use IFSC codes.
Where can IFSC codes be found?
Every bank and its branches that use an IFSC code will have it printed on the cheque books issued by them.
If you do not have a cheque book from the said bank-branch, an alternative way to obtain the IFSC code is through the internet. There are many sites that have online directories that have collated this information from banks across the country. BankBazaar is an online financial site that allows users to key in required bank-branch details to obtain the code.
In order to find a bank’s IFSC, one would need the bank’s name, the relevant state and district and finally the location of the branch for which the code is needed. Every bank-branch will have a unique branch code even though the bank code remains the same.
Below are outlined the IFSC codes for Union Bank of India- Bangalore branches.
- Staff College - UBIN0553042
- NIFT Campus - UBIN568864
- Bangalore City - UBIN0533131
- RAB BHCS Layout - UBIN0556361
- Cantonment - UBIN0533114
- Gandhi Nagar - UBIN0535311
- FGMO - UBIN0564974
- Vijayanagar - UBIN0551767
- Vijanapura - UBIN0545473
- Yelahanka - UBIN0554324
- Chamrajpet - UBIN0569216
- R.T.Nagar - UBIN0554669
- Malleshwaram - UBIN0539201
- R.O. Bangalore - UBIN0536741
- IFB - UBIN0550230
- SSI Finance - UBIN0550281
- Mid Corporate - UBIN0573434
- CMS - UBIN0558362
- Channapatna - UBIN0552372
- Richmond Town - UBIN0541028
- Hennur Main Road - UBIN0552275
- J.P. Nagar - UBIN0552461
- Domlur - UBIN0533122
- Indiranagar - UBIN0567434
- Rajajinagar - UBIN0549771
- PBS Koramangala - UBIN0551546
- B.V.K. Iyengar Road - UBIN0539538
- Haines Road - UBIN0545775
- Service Branch - UBIN0547301
Similarly the IFSC Codes for Oriental Bank of Commerce are provided below:
-
- Chirag - ORBC0101838
- Kapashera - ORBC0101848
- Burari - ORBC0101729
- Pushpanjali Enclave - ORBC0101145
- Bhogal - ORBC0101741
- Vivek Vihar - ORBC0101849
- Sadh Nagar - ORBC0101844
- Dariyapur Kalan - ORBC0101906
- EC Holambi Khurd - ORBC0105189
- Pooth Kalan - ORBC0101852
- Pehladpur Banger - ORBC0100324
- Vishwas Nagar - ORBC0101728
- IFB - ORBC0100633
- LU Pitampura - ORBC0100876
- Batra Hospital - ORBC0100629
- Wazirpur - ORBC0100084
- Green Park - ORBC0101703
- Kirti Nagar - ORBC0100022
- Karol Bagh - ORBC0100012
- Yamuna Vihar - ORBC0101333
- Mahipalpur - ORBC0100029
- Palam - ORBC0100464
- Munirka - ORBC 0100101
- Rajgarh - ORBC0100424
- Naraina - ORBC0100222
- Paharganj - ORBC0100282
- Shahdara - ORBC01000255
- EC DDU Karampura - ORBC0105201
- EC Shalimar Bagh - ORBC0105014
- Sector-8, Rohini - ORBC0100944
Here, the bank code for OBC is ORBC and the branch code is depicted by the last six characters of the code.
Significance of IFSC Codes:
IFSC codes were developed in order to make online transfer of huge amounts of money easy and quick. It also helps in keeping a track of where large amounts of money are being routed to. Besides this, it offers users a secure and efficient way to make payments. Often NEFT and RTGS transactions attract an execution fee which varies from bank to bank. While NEFT payments are processed every hour RTGS payments happen in real-time.
Online transfers have become very popular over the last few years with more money being processed this way than through traditional offline modes.
Payments in India are monitored by the BPSS or Board for Regulation of Payment Settlement Systems in conjunction with the RBI who is constantly trying to find easier and more efficient ways to manage the flow of money in the domestic financial system.