Why is an IFSC Code Required?
Real Time Gross Settlement (RTGS)
RTGS or Real Time Gross Settlement is a fund transfer method that facilitates sending and receiving money without any delay. This system allows the money sent by you to reach the beneficiary instantly once the transaction is initiated. The processing of transactions happens on an individual basis and not in a batch-wise system.
What is IFSC Full Form?
Full form of IFSC is Indian Financial System Code.
Contoh Penulisan IFSC Code
Penjelasan: “SBIN” adalah kode bank untuk State Bank of India. “0000” adalah kode cabang (misalnya, kode 0300 dalam contoh di atas).
Penjelasan: “ICIC” adalah kode bank untuk ICICI Bank. “0000” adalah kode cabang (misalnya, kode 0011 dalam contoh di atas).
Setiap kode IFSC memiliki format yang konsisten dengan 4 huruf pertama mewakili kode bank, angka kelima selalu “0”, dan 6 karakter terakhir mewakili kode cabang. Kode cabang bisa berupa kombinasi angka dan/atau huruf, sesuai dengan kebutuhan masing-masing bank.
IFSC Code memastikan transparansi dan akurasi dalam transaksi keuangan elektronik di India. Kode ini memungkinkan identifikasi tepat dari bank dan cabang, memfasilitasi transfer dana yang aman dan efisien.
How Does IFSC Code Work?
Here’s a step-by-step guide on how IFSC codes are used in bank transactions:
Branch Locator tool
Most banks have a Branch Locator tool on their official website. You can use it to find the IFSC for a specific branch by entering the state, city and branch name. For example, if you enter “Uttar Pradesh” in the state field, “Lucknow” in the city field, and “Lucknow Main Branch” in the branch name field, your screen will display the IFSC of this branch.
It is crucial to enter the correct IFSC during an online transfer, as it ensures that the funds reach the intended recipient. If you enter an incorrect IFSC, your bank will decline the transaction.
Methods to Transfer Money by Using IFSC Code
IFSC is used to transfer funds through three primary electronic fund transfer modes – NEFT, RTGS and IMPS. These electronic fund transfer systems enable you to easily transfer money from one account to another. They reduce the chances of errors in a transaction as the fund transfers are authorised only if accurate details like bank account numbers and the bank-specific IFSC are validated.
Step 2: Initiate the Transaction
Mendukung Transfer Dana Elektronik
IFSC Code memungkinkan transaksi keuangan elektronik seperti NEFT, RTGS, dan IMPS. Kode ini penting untuk memfasilitasi proses transfer dana online antar bank.
Is IFSC Code the Same for All Branches?
No, the IFSC code is unique to each branch of a bank. Each branch has a distinct IFSC code to identify it separately. For example, the SBI Main Branch in Lucknow will have a different IFSC than the SBI branch in Kanpur.
