IFSC Code:
IFSC Code is an alpha numeric code that have contributed a lot in our lives to make it comfortable and at par with the race of life. With the growing complexities of life, we have entered into a phase where we have to compete daily with the fast moving world. In the race of said competition, we do not get time to fulfill our certain obligations like visiting bank to get the transactions done, going for shopping goods and many more obligations in a line.
Therefore, to ease us onto these unfulfilled obligations, banking industry has converted itself into an online banking industry, where you can do all your transactions in fraction of seconds, you can shop, pay your bills on time and all these things without even visiting a branch and without leaving your race of competition.
But, to facilitate all these above comforts or to facilitate the banking transactions online, there is a code called an “IFSC Code” that is required every time. Now, you must be wondering that what this IFSC code is?
An IFSC code is an 11 character alpha numeric code that depicts the unique address or identification of a said bank’s branch where you are willing to send money.
For your kind information, we have jotted down some of the advantages of an IFSC code. Please have a look and facilitate yourself with the world of online banking.
10 Advantages of an IFSC Code:
- Facilitates NEFT transactions: NEFT transaction is a National Electronic funds transfer where you can transfer any amount to the beneficiary account of another bank in a country either through cheque presented at branch of a bank or through online mode using an IFSC code. You must know an IFSC code of the beneficiary branch and facilitate your NEFT transactions.
- Facilitates RTGS transactions: RTGS Transaction is a Real time gross settlement where you can transfer funds, minimum of Rs 2 lacs and maximum of any amount from your account to the beneficiary account of another bank in a country, either through cheque presented in a branch or through an online mode, by using an IFSC code of the beneficiary’s bank’s branch.
- Facilitates IMPS transactions: IMPS transaction is an Immediate Payment system that is used through mobile banking, where you can transfer the funds from one bank account to another bank account immediately, by putting an IFSC code of the beneficiary’s bank’s branch.
- Facilitates all your online transactions through net banking: Now a days there is a concept called net banking that is used to access your bank account and facilitate the required transactions by just putting your customer id and password (secret). By knowing an IFSC code of the beneficiary’s bank’s branch, you can anytime transfer the required funds in its account through your net banking.
- Facilitates in the payment of all your bills and booking amounts online: By using an IFSC code you can transfer your bills, any travel booking amounts or any payment of fees online from your account to the other account.
- Identification of the correct location/address of the branch: Through an IFSC code, you get to know the correct location and address of the branch of a bank so as to avoid any mistake in transferring of funds to the wrong account.
- Safe and secure transaction: You can avoid any kind of fraudulent transactions in your account by using an IFSC code. It facilitates the safe and secure transactions avoiding any kind of cheating and frauds.
- Facilitates fast transactions in 2 hours: Your money will get transferred within 2 hours from one account to other through online transactions using an IFSC code.
- Unique identification for a particular branch of a bank: An IFSC code is unique in nature. It is a unique identification for a particular branch of a bank that shows the correct branch where the money is to be transferred, if used.
- Depicts the bank name and a branch code: It is an alphanumeric 11 character code that shows the bank name in its first four characters and branch code in the next 7 characters. So, you’ll get to know the bank name and a branch code through an IFSC code. Example: IFSC code for Axis Bank Lucknow is UTIB0000053.
Therefore, these are the advantages of an IFSC code which is used to process an online transactions or NEFT, RTGS and IMPS transactions.
If you want to know an IFSC code of any branch of a particular bank and get all the required details related to IFSC code, MICR code and full address of the bank in just 2 minutes.
