What is the meaning of IFSC codes?
IFSC is a unique identification code that is used to identify the bank and branch of a particular bank account. It is used across multiple electronic bank transfer systems in India.
Is it safe to share IFSC Code?
Yes, it is safe to share your bank IFSC. The transaction can only be completed if the other person knows your bank account number, name and IFSC.
Immediate Payment Service (IMPS)
Immediate Payment Service is a real-time electronic fund transfer method where the money is credited instantly to the payee or beneficiary account. It can be carried out at any time on a 24/7 basis. In this system, interbank transfers can be initiated via multiple channels such as SMS, ATM, mobile banking, NetBanking, etc. The primary advantage of IMPS over RTGS and NEFT is that the facility can be availed around the clock.
MICR is an acronym for Magnetic Ink Character Recognition. MICR code is a nine-digit code that speeds up the processing of cheques. MICR codes are unique for each bank branch and play a vital role in identifying both the bank and the branch participating in an Electronic Clearing System (ECS), which is a method of transferring funds electronically.
A MICR code has three essential components that provide information about the location, bank and branch of the cheque issuer. The structure of a MICR code is as follows –
Features of IFSC Codes
Step 3: System Validates the Branch Code
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.
IFSC Code in Cheque Leaf
The IFSC is usually printed at the end of the branch address on the top left corner of the cheque leaf.
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.
This projects puts EP Climbing in the lights at the center of Jakarta park.
Bought by the PUPR, the Indonesian's Sport and Health ministry (public tender), this project was the local federation of climbing's first tender to build a climbing wall.
EP Climbing managed to fulfill the contractor's mission and took a good care of the local federation, the FPTI, for their 3rd international competition in November 2023: The Asian Quailfiers. 4 places are to be taken by the Asian athletes for the 2024 Olympic games in Paris!
The FPTI have decided to install the IFSC official Titan boulder for the competition, and to be able to train and develop the teams boulder skills, as this boulder is the one will be featured at the Olympics 2024. This should be the first international Boulder competition for Indonesia, on the Titan boulder, 30m version validated by the IFSC.
This is also the first project in Asia in Mozaik XP with full PVC rafters, to ease the route setting. The wall will be filled with a big range of the latest wooden volumes, macros and holds to use during the Asian Qualifiers, and for the training of the national team.
How Does IFSC Code Work?
Here’s a step-by-step guide on how IFSC codes are used in bank transactions: