IFSC: If a person had to transfer money to another person’s account, he used to go to the bank and stand in a long line, but now everything has changed in the world of the Internet. Now you can easily transfer money online to anyone sitting in one place. But if you want to transfer money to someone’s bank account through online mode, then you need to know the IFSC code.
Do you know what the IFSC code is? The Reserve Bank of India (RBI) issues a unique IFSC code for each bank branch. It is used to transfer funds online through NEFT and RTGS. Today we will tell you about it in detail….
What is IFSC Code?
The Indian Financial System Code (IFSC) is an 11-digit alphanumeric code. It is a unique code assigned to each branch of every bank. If you are transacting money between any two banks, you need to provide the IFSC code. This will help identify the recipient’s bank account.
The form of the IFSC code
You should know that the IFSC code is of 11 digits. The first 4 digits of the code indicate the name of the bank. While its fifth digit is 0, which is reserved for future use. Its last 6 digits give information about the branch of the bank. Here’s how you can find the IFSC code.
The 4-digit IFSC Code of all PUNJAB NATIONAL BANK branches situated in the PUNJAB of the PUNJAB is given below.
0 – its fifth digit is zero.
055000 – The last 6 digits indicate the bank branch (Mumbai Andheri West).
You can get the information of the bank’s IFSC code in many ways. For this, you can see the bank’s passbook. The information is also available on the RBI’s official website. You can also check your bank’s IFSC code by visiting your bank’s branch.