Significance of IFSC Codes:
Indian Financial System Codes popularly known as IFSC code have been designed to offer a unique identification to each bank branch in the country. Irrespective of its location in either urban or rural centers, public sector bank or private sector bank, each bank branch has a dedicated and unique IFSC code. The code is used intrinsically in identification of the bank branch in case of any online transaction like funds transfer or net banking. IFSC code is a standardized 11 digit code comprising of numeric and alphabetical codes. The first four characters of the code must be alphabetical and relate to the bank name while the last six characters relate to the bank branch. The fifth character from the front in always zero and reserved for future use.
IFSC Code Vs Branch Code:
IFSC or Indian Financial System Codes are unique for each bank branch and must not be confused with branch codes. Branch codes are internally allocated to each bank branch by its headquarters or main banking branch to identify the various branches internally.
For example State Bank of India, the country’s largest public sector bank has designated a unique branch code to all its branches worldwide. The branch code system is an inter system developed by SBI to identify the rural, urban and other specialized branches like personal banking branches.
The IFSC code on the other hand is a unique code offered by the Reserve Bank of India on its designated format having 11 characters with:
- First four characters displaying the bank name.
- The last six giving the branch information.
- The fifth character set to numeric zero for future reference.
BankBazaar.com IFSC Code Finder Tool:
According to RBI rules, each bank branch must disclose the OFSC code on its entrance and in the branch outlet. A large number of people however do not note the IFSC codes of their designated branch till they are faced with an online transaction requiring the concerned IFSC code.
Instead of taking time out to specifically visit the bank branch or hunt through massive layers of information on the bank’s official website, BankBazaar.com, the country’s premier financial marketplace portal has introduced a IFSC code finder tool allowing easy access to over 86198 bank branches. Users can easily find out the IFSC code by logging on to the code finder tool available at Bankbazaar.com/ifsc-code.html and clicking on their bank name. Once the user clicks on the bank name he or she can shortlist the bank depending on the city and designated branch for complete information regarding IFSC codes.