IFS code is known as Indian Financial System code which an alpha-numeric identification code is uniquely allotted by our RBI to the bank’s branch. IFSC code and IFS code is same, they are just written with a difference. Every bank informs you the IFS code of the bank branch by writing it on the passbook and cheque book. Your IFSC code will be unique and different from the IFS code of any other bank’s branch. It is very simple to know your IFS code, in case you do not have your passbook or chequebook handy. You have to visit the RBI’s official website or search for the code by entering the bank and its branch’s name at Google.
The 11 digit alpha-numeric IFS code has first 4 characters as alphabets and last 6 characters as numeric. Our Reserve Bank of India, (RBI) maintains a list of all the IFS codes of the banks and their branches on its online website. RBI is the only authorized body to allot IFS codes to the banks and their branches. All the banks have been strictly asked by RBI to mention their IFS codes on the passbooks and cheque books issued by them. The first page of every passbook will have IFS code mentioned on it and on a cheque book every page has the IFS code mentioned on it.
Uses of knowing IFS code:
The IFS code helps you to make easy payments and transfers to the bank accounts of your beneficiary. To make any payment through App/ Wallet/ Cheque/ RTGS/ NEFT/ UPI/ IMPS etc you will need to enter the IFS code. Also, to make any transfer through SMS using the MMID code you will have to enter the IFSC code of the beneficiary’s account. The IFS code facilitates direct transfer from your account to the beneficiary’s account.
How can you search for your IFSC code?
Below are three different ways to know your IFS code:
Search IFSC code online:
To know your IFS code you can just enter the bank’s name along with the branch’s name at the search bar of your Google. Google will show you a list of all the website links that have the information about the codes. Click on any of the links and it will redirect you to the page that has the relevant information.
Reserve Bank of India’s official website:
You can know the IFS code of your bank from the official RBI’s website. This website has all the relevant information about current policies and any amendments in the policies. Reserve Bank of India has the sole authority to allot IFS codes to the bank branches. Visit the website to know about IFS codes and current policies about banks.
Passbooks/ Cheque books:
Every bank provides cheque books and passbooks on opening a regular or specialized savings account with the bank. The passbook and the cheque books have the Indian Financial System Code mentioned on the first page and every page respectively.
Why are IFSC codes unique?
Every IFS code is unique for the bank branches. These codes cannot be duplicated with any other IFS codes. Like, for every individual PAN card number is unique to identify them uniquely, similarly, IFS codes are different for every bank branch.
How to avoid making errors while entering the IFS codes before making transactions?
Follow the below steps to avoid errors:
- Always verify the IFS codes from reliable websites such as Paisabazaar.com, bank’s official website, RBI’s website.
- Before proceeding to make transactions, cross check the IFS code and account number.
- To avoid a bigger loss because of incorrect details, make a small transaction of RS 10 and wait for the transaction message.
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