Indian Financial System Code, also known as IFSC, is an alphanumeric 11-character code used for electronic or online transfers of funds between bank accounts utilizing NEFT, RTGS, or IMPS which the Reserve Bank of India assigns.
For Real Time Gross Settlement (RTGS), National Electronic Fund Transfer, and Immediate Payment Service (IMPS), you will require the IFSC Code.
There will never be a duplicate code among any two branches because each code is distinct. To identify themselves and their branches in the ECS for fund transfers made using checks, banks also rely on a 9-digit special identifier known as the Magnetic Ink Character Recognition (MICR Code).
Importance of an IFSC Code for Banks
The Indian Financial System Code (IFSC) has the following significance and advantages:
- The code helps consumers prevent potential errors during the online transfer of funds via NEFT, RTGS, or IMPS because it identifies a particular bank branch.
- For any financial transfer, the customer need not physically visit the office; instead, they can use the IFSC Code to send money online. Thus, it is a reasonably practical and environmentally friendly choice.
- The IFSC code may be used to efficiently conduct all online transactions, including paying bills.
- The RBI uses the code to track every online transaction made by a person, reducing the possibility of any discrepancy in the fund transfer process.
How Can I Look For The IFSC Code?
Both online and offline, consumers can look up a certain bank branch’s IFSC code. The four different methods for discovering the IFSC code are as follows:
Online Techniques
Visit the IFSC Code search tool website offered by several online platforms and take then follow the steps as mentioned below:
- Visit the page and choose the specific bank.
- Choose the city, state, and bank branch.
- On the right side of the page, the IFSC Code and all necessary information will be shown.
- Mobile and Internet banking
The IFSC code is available to account holders via their particular bank’s online banking portal or mobile banking app. If you are a Union bank account holder, you can check the Union bank IFSC code on the net banking portal or in the mobile banking portal.
- Reserve Bank of India
Users can also search for the IFSC codes on the RBI’s official website.
Offline Techniques
You can also find the IFSC offline, adopting the following methods:
- Cheque Book
In a checkbook, the IFSC code may be located at the top of the cheque leaf issued by the specific bank, while the MICR (Magnetic Ink Character Recognition) number is printed at the bottom. For example, if you have a bank account in Union bank, it will be published as Union Bank IFSC code.
- Passbook
The first page of the passbook supplied by the bank has both the IFSC and MICR codes. For instance, the Union bank IFSC code is UBIN0549584.
How Do I Use Internet Banking To Search For An IFSC Code?
The user must log in to the bank’s net banking portal using their User ID and password to look for the IFSC Code of a particular bank branch through internet banking. The “Accounts” portion of the menu allows the user to find the IFSC Code of his or her specific branch. It should be emphasized, nonetheless, that each bank’s net banking interface operates uniquely.
Conclusion
You must ensure you enter the right code during the fund transfer process since the Union bank IFSC code is essential to electronic funds transfers. If you enter the incorrect code, your transaction might not get completed, or your money might end up in the wrong account if the name and other details match.Â
