IFSC (Indian Financial System Code) is a unique code that helps banks identify the bank-branch that funds are directed to during an electronic transfer or electronic settlement of funds. It is made up of 11 alphabets and numbers arranged in a manner such that the first four characters are alphabetic and denote the bank and the last six characters are numeric (usually) and denote the branch of the bank. The two are divided by the fifth character, usually a zero (0), that can be used at a future date when required.
When is it Used?
The IFSC Code, or IFSC, is used for electronic settlement of funds through:
- NEFT (National Electronic Funds Transfer)
- RTGS (Real Time Gross Settlement)
- IMPS (Immediate Payment Service)
- CFMS (Centralised Funds Management System)
How do we get a Bank's IFSC?
- Every bank-branch that uses an IFSC can provide information on its code.
- It is also printed on the cheque books issued by the bank-branch that uses the IFSC.
- Alternatively, it can be found online either at the bank's website or through the RBI's website at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009.
An online source for IFS codes is Bankbazaar.com which has an online directory of IFSCs of all banks in India, besides related information like bank details and offerings. You can reach the appropriate page by navigating to the 'Resources' tab on the home page and choosing 'Bank IFSC Codes' from the drop-down menu. Here, you will be required to select the bank of your choice either from the drop-down list or from the list of banks provided, followed by the state and district in which the bank is located and finally the particular branch for which the code is required.
Union Bank of India
Union Bank of India is one of India’s largest public-sector banks. Headquartered in Mumbai, it has an extensive branch network across India and also has an international presence with representative offices in the UAE, China, Hong Kong and Australia.
As mentioned above, the IFSC code can be obtained either directly from the bank or online.
IFSC for Union Bank of India, Nariman Point Branch
The IFSC code for Union Bank of India, Nariman Point Branch is UBIN0537896 where Union Bank of India is the bank, Maharashtra is the state, Mumbai is the district and Nariman Point is the branch.
UBIN - denotes the bank; 0 is the fifth character and 537896 - denotes the branch code.
Please note, the information provided above is subject to change.