Interested to know Banking IFSC System? Visit Us, We Unveil the Secrets Here

We keep on using bank codes time to time but still some of the things are unclear and we thus become interested to know banking IFSC system in detail. Here are the complete details:

IFSC stands for Indian Financial System Code which is developed so that you can transfer money from one bank to another account via online banking facility. Still there are so many things that we do not but curious to know about. The secrets are unveiled here:

RBI Maintains IFSC Codes: Many of us think that IFSC codes are maintained by specific bank about their own branches and head office assign the codes to its branches. However, IFSC codes are maintained by Reserve Bank of India. RBI has list of all the banks that offer online fund transfer convenience to the customers. In fact, RBI has list of banks that does not facilitate with IFSC codes.

Uniqueness-The Plus point of IFSC Codes: IFSC codes are unique just like the PNR number of railway passenger. This is all so that money is transferred to one bank and that money is not misused.

Trouble if incorrect IFSC Code used: It is suggested to check twice before hitting the submit button on the bank’s website. If someone enters the incorrect IFSC code then it may cause severe trouble. This prevent you from sending money to intended beneficiary and in addition to this the owner of the account to which the money is incorrectly deposited can file a case against you.

IFSC Code of a bank do change: There are fewer chances of change to the IFSC bank codes. If in case, the codes are changed then it is all because to enhance the security in the online banking transaction. However, there are maximum possible chances of no changes in the bank codes. Thus, ensure for checking the bank cheque book while entering the IFSC code. This is the best idea to attain prevention from severe mishaps. If you have any doubts then you can even call at the specific branch and know the apt bank codes. Prevention is better than cure so do confirm the codes before triggering the transactions.

Those who are interested to know banking IFSC system must have acquired enough of the information mentioned above. This will indeed lend you no issues at your end while making money transactions.

SBI IFSC Code :-  State Bank Of India All Branches IFSC code