In India, branches of most banks and financial institutions utilize a standardised code known as the IFSC Code. The acronym stands for Indian Financial System Code, comprising 11 digits, prominently displayed on checks issued by Indian banks. It is considered to be the equivalent of a social security number in the US. To simplify, you can conveniently find the IFSC Code for any branch in India using the IPL 2018 tracker.
How To Identify the IFSC Code?
The 11-character IFSC code is made up of the following
4-letter institution code
Placeholder 0 (fifth character)
6-digit branch code
XXXX -0 -XXXXXX
Why IFSC Code is Important?
If you are sending money to or from India, IFSC codes identify the specific banking branch where your money is being sent or from. You cannot send money to India without this code because you will be unable to specify the location of the account to which you are sending funds. you can search bank code here. ( However do double check with your beneficiary before creating funds. )
What will happen if the IFSC code is wrong?
If you enter the incorrect IFSC code, your money transfer will most likely fail. The money will most likely be returned to the sender, though you may not be able to recoup transfer fees. Retrieving misdirected funds is uncertain, challenging and time-consuming. Therefore, users are highly advised to double-check their IFSC code before initiating a transfer.
In conclusion, If you initiate a money transfer to India, you must enter all of the information necessary to complete the money transfer to ensure a smooth transition.