Importance of IFSC codes in Banking System

Posted by ifsccode on June 19th, 2017

IFSC code is a unique alphanumeric code in banking branches used while transferring the funds. One can find these codes in cheque book, bank pass books. Code contains 11 alphanumeric characters which has it’sown significance, usually the first 4 characters indicates bank name, fifth character is zero and last six characters identifies the branch of the bank.

Earlier fund transferring was done off the internet, you have to tell the bank representative of bank in which account and branch you want to transfer money. With the advent of technology in banking sector it has become much simpler task all you need is a internet connection and PC. There are certain websites on internet who has IFSC codes of all bank branches likeIFSC Code For ICICI Bank or HDFC bank IFSC code you have to enter your area name in website of that branch and it will provide you with IFSC code.

There are numerous benefits of IFSC code in Banking system -

Limits Fraud - Every branch and their respective bank gave their own unique code example bank of India IFSC code is unique for particular branch of a city. Every transfer using IFSC code have starting and end point so it’s easier to track transfer.

Speedy transfer of funds - Transfer of money takes place within couple of minutes. Making the process more efficient. This is quite helpful in the case when you want to transfer the money on urgent basis.

24/7 availability - Unlike banks, you can access and use your online bank account anytime and make transactions.

Online Banking - You can make online transactions like paying of your bills, recharge, shopping, or amount transfer within minutes using IFSC code.

The Reserve Bank of India (RBI) is a financier of every Indian bank and backer of Indian money and furthermore known as brought together bank of India. RBI secures money related strength and maintain reserves. Managing an account framework in the nation is additionally regulated by RBI. It issues licenses for the foundation of new banks and their branches, chooses their base holds, and controls and coordinates every single business bank in the nation.

By utilizing the IFSC codes, RBI can without much of a stretch recognize where money have been exchanged from, and were they wind up, also can track beginning and end point. It's unmistakable to see, this makes the procedure a great deal more proficient as they can screen all exchanges. IFSC code likewise eliminate errors.

For More Info:-IFSC Code Axis Bank