In India, most banks and financial institutions use a common code to identify their branches. The code is called IFSC Code. IFSC Code stands for Indian Financial System Code and it's an 11-digit-code that you will see printed on any check issued by a bank in India. It is considered to be the equivalent of a social security number in the US. Actually, it's more like an SSN because SSN is 9 digits whereas IFSC is 11 digits. That being said, it basically boils down to the fact that IFSC Code for every branch in India can be found using this IPL 2018 tracker.
How To Identify 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 are very important because they 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.
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 is typically returned to the sender and the transfer is cancelled, though you may not be able to recoup transfer fees. In rare cases, money is debited to the wrong account, and recovering the funds is difficult and time-consuming. Before initiating a transfer, double-check your IFSC.
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.