IFSC stands for Indian Financial System Code. It is a unique 11-character code assigned by the Reserve Bank of India (RBI) to identify every bank branch participating in the NEFT (National Electronic Funds Transfer) system in India.
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Frequently Asked Questions (FAQs)
Q : What is an IFSC Code ?
Answer : IFSC stands for Indian Financial System Code. It is a unique 11-character code assigned by the Reserve Bank of India (RBI) to identify every bank branch participating in the NEFT (National Electronic Funds Transfer) system in India.
The IFSC code is used to facilitate electronic money transfers between banks in India. It is used to identify the sender and receiver bank branches, ensuring that the money is credited to the correct account.
Q : What is the purpose of IFSC ?
Answer : The main purpose of IFSC is to ensure accuracy and efficiency in online fund transfers, including electronic fund transfers, RTGS (Real-Time Gross Settlement), and NEFT (National Electronic Funds Transfer) systems. It helps identify the source and destination banks and their respective branches during these transactions.
Q : How is the IFSC structured ?
Answer : The IFSC code is 11 characters long and is structured in a specific format. The first four characters represent the bank code, the fifth character is always zero (0), and the last six characters represent the branch code. For example, in the IFSC code "SBIN0001234," "SBIN" represents the bank code, and "0001234" represents the branch code.
Q : What is the address associated with UBIN0563943 ?
Answer : The address associated with UBIN0563943 is
BANDA, UTTAR PRADESH
Q : What's the MICR Code of BANDA, BANK OF INDIA?
Answer : The MICR Code of BANDA, BANK OF INDIA 110026112.
Q : Is IFSC code and branch code the same?
Answer : IFSC code is not the same as branch code. IFSC (Indian Financial System Code) consists of eleven characters and is used to identify the bank and its branch. While the branch code is a part of the IFSC code, it is not the same.
Q. Can I use the IFSC code for offline transactions?
Answer : No, the IFSC code is primarily used for electronic fund transfers, and it is not applicable for offline or cash-based transactions. It is designed to facilitate secure and efficient electronic transfers between bank accounts.
Q. How long is the IFSC code valid?
Answer : The IFSC code of a bank branch remains constant and does not change over time. It is a static code used for the entire existence of the branch unless there is a merger or some other significant change.