What are the Importance of IFSC code of an account?

What are the Importance of IFSC code of an account?

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Friends will ask you about your account number and your IFSC code. Whenever someone puts money in your bank account, then they ask you for your bank account as well as IFSC code, then you must be wondering what is this IFSC code. The post will talk about what is the IFSC code in the banking system, what is the IFSC Code in Hindi and how it works? Today, we will tell you what is the difference with the IFSC code to get money in any bank? Why is it necessary to transfer money to IFSC code?

First of all, let us tell you that the full form of IFSC is Indian Financial System Code. Because each bank of each bank has an identity code, it can be ascertained from which code it belongs to which bank and which branch has its code, and where that bank is located. Just like the children in school are reminded by the roll number of which child will be in the school, similarly the IFSC code of a bank is known which branch of the bank is the IFSC code and where that branch is situated at

If your account is in a bank and you have to transfer money to a friend’s bank account, then when your friend gives you the IFSC code along with your account number then you can use the IFSC code while transferring money to your friend’s bank account. You will know which branch of which bank they are transferring money to and where that branch is located.

Whenever we all transfer money online, it reads the need for IFSC code. In NEFT and RTGS we need IFSC code. For example, suppose you have an account with Punjab National Bank, then if you get the money from anywhere in Punjab Bank within the whole of India, then you will not need the IFSC code there. Because because it is a home branch, they know that if it is an account number, then money should go to this branch. But if you go to another branch and get NEFT and RTGS, any of your checks or if you transfer money from your mobile application or from internet banking, then you need an IFSC code there.

Because friends IFSC code identifies your bank and it becomes easy for them to know which branch of which bank to put money in and inside that your bank account comes in. Friends, the other advantage of this is that sometimes we have to transfer money somewhere and we accidentally enter the account number wrong then it is known through the IFSC code whether the bank account is of the branch having IFSC code or not. , So our money also gets saved from being wasted.

IFSC Code For each branch of each bank, RBI has already determined that this IFSC code is for this branch of this bank.

The IFSC code is of 11 digits, out of which the first 4 digits are of alphabet which shows your bank which bank account it is and which is the bank code which is the last 6 There are numbers. He tells the code of the branch which branch of the bank he is going to. The number 5 digit from the front has been kept zero so that it can be used in future.

So friends, now you must know what is the IFSC code i.e. Indian Financial System Code What is IFSC Code in Hindi and how it works and why it is necessary to transfer money to any bank account.

Importance of IFSC code

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