IFSC stands for Indian Financial System Code and it consists of 11 characters that is assigned by RBI such that every bank branch can be identified with this unique identity. Bank here involves, those participating in the NEFT system in India. NEFT stands for National Electronic Fund Transfer and the IFSC is used by electronic payment system applications like CFMS, NEFT and RTGS.
What does it denote? As mentioned earlier, the code will have 11 characters. The first part will have four alphabets that denote the bank, while the 5 th position is held by zero, which is common for all branches. This zero is reserved for future use. This means when the number of branches increases, this place will have a number against zero. The last six positions are held by the actual code of the branch.
Nowadays, there are websites that act as bank IFSC code finder. From these websites, people can find this code for any bank. For example, they can find State Bank of India IFSC code list from these websites. Here is a step-by-step guide on how to find the IFSC for a particular branch, such that a person intending to make online payment to a particular person, can make the payment without any hassle. In fact, it is not possible to make online payment without this number:
- The first step is to select the bank name from the drop down menu. For instance, if a person wants to find, Andhra Bank ISFC code Hyderabad, he will have to select the Andhra Bank from the drop down menu.
- Then, the state name from the drop down menu as Andhra Pradesh.
- Again, in the third box, he will have to select the district name as Hyderabad.
- Finally, if he is aware of the branch name, he can select the appropriate branch name from the drop down menu. Otherwise, he can also find the list of all Andhra Bank in this district, so that he can search for the appropriate IFSC along with complete details about the address and MICR code.
With more and more people doing online payment these days, this facility can be of great help. Earlier, people only had to call up the branch for finding Corporation Bank IFSC Code Chennai before making online payment. But, now with these websites, this hassle can be avoided.