Need of IFSC Code for Online Funds Transaction
IFSC Code stands for the Indian Financial System code which consists of 11 characters and usually the first 4 characters identify banks name, the fifth character is 0 and the last 6 characters identify the branch of the bank. This code uniquely identifies each bank branch participating in the two main Payment and settlement systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Fund Transfer (NEFT) systems.
Now days the online money transfers become more convenient in all kinds of transactions in day today life. IFSC code is basically requires in in online money transfer from one account to another. This code is as important as other details for money transfer like A/C no, name and other details. Without IFSC code one should not make NEFT or RTGS.
In India there are total 93 commercial banks and their codes are unique and different from each other so it’s very hard to manage the code of all banks. If you want to know your bank branch IFSC code just simply visit you bank and ask for the code or you can find ifsc code online on superb web directories and websites which has the large database of IFSC codes, MICR Codes, and other bank information.
The Reserve Bank of India (RBI) has also directed all banks to provide these unique characters to their customers to facilitate fund transfers. RBI also changes the banks codes time to time and regulates them. NEFT payment transfer system is only applicable in India and not allowed for foreign money transactions or transfers. For More visit Ifsc Code Hub
(http://www.ifsccodehub.com/)