We
keep on using bank codes time to time but still some of the things
are unclear and we thus become interested to know banking IFSC system
in detail. Here are the complete details:
IFSC
stands for Indian Financial System Code which is developed so that
you can transfer money from one bank to another account via online
banking facility. Still there are so many things that we do not but
curious to know about. The secrets are unveiled here:
RBI
Maintains IFSC Codes:
Many of us think that IFSC codes are maintained by specific bank
about their own branches and head office assign the codes to its
branches. However, IFSC codes are maintained by Reserve Bank of
India. RBI has list of all the banks that offer online fund transfer
convenience to the customers. In fact, RBI has list of banks that
does not facilitate with IFSC codes.
Uniqueness-The
Plus point of IFSC Codes:
IFSC codes are unique just like the PNR number of railway passenger.
This is all so that money is transferred to one bank and that money
is not misused.
Trouble
if incorrect IFSC Code used:
It is suggested to check twice before hitting the submit button on
the bank’s website. If someone enters the incorrect IFSC code then
it may cause severe trouble. This prevent you from sending money to
intended beneficiary and in addition to this the owner of the account
to which the money is incorrectly deposited can file a case against
you.
IFSC
Code of a bank do change:
There are fewer chances of change to the IFSC bank codes. If in case,
the codes are changed then it is all because to enhance the security
in the online banking transaction. However, there are maximum
possible chances of no changes in the bank codes. Thus, ensure for
checking the bank cheque book while entering the IFSC code. This is
the best idea to attain prevention from severe mishaps. If you have
any doubts then you can even call at the specific branch and know the
apt bank codes. Prevention is better than cure so do confirm the
codes before triggering the transactions.
Those
who are interested to know banking IFSC system must have acquired
enough of the information mentioned above. This will indeed lend you
no issues at your end while making money transactions.
SBI IFSC Code :- State Bank Of India All Branches IFSC code
