Bank IFSC Code
List of Bank IFSC Code, MICR Code and Addresses of all Branches in India
Find Bank IFSC Code for Banks in India
What is IFSC Code
The Indian Financial System Code (or IFSC) is an 11-digit alpha-numeric code assigned by the Reserve Bank of India to identify every bank branch participating in the payment system uniquely. This code is used by electronic payment system applications such as RTGS, and NEFT. It is mandatory for fund transfers from one bank account to another. Every bank branch will have a unique code and no two branches (even of the same bank) will ever be the same.
For State Bank of India's (SBI) 11-digit IFSC code, the first four letters will be 'SBIN', and the last 6 digits will represent a specific branch code. For example, the IFSC code of the SBI branch at 23, Himalaya House, Kasturba Gandhi Marg, New Delhi 110001, is SBIN0005943. Here, 005943 is the branch code.
Features of IFSC Code
Smooth online funds transfer: IFSC code enables convenient and hassle-free transfer of funds from one bank account to another. The use of IFSC Code is mandatory in facilitating all the electronic or online transfer of funds via NEFT, RTGS or IMPS
Monitoring transactions: IFSC code is used by the RBI to keep a regular track of all the banking transactions, thereby minimising the possible chances of any discrepancy in the fund transfer process
Unique identification: IFSC code helps in the unique identification of all banks and their respective branches, hence helping customers to avoid any possible errors Eliminating Errors: IFSC code helps users to carry out the fund transfer process securely, hence eliminating the possible chances of any fraudulent activity in the online funds transfer process
National Electronic Funds Transfer (NEFT)
National Electronic Funds Transfer ensures a hassle-free and convenient online fund transaction. However, HDFC has fixed a time schedule for such transactions. The account holder has to adhere to a daily transaction limit of up to Rs. 10 lakh.
Timing for National Electronic Funds Transfer (NEFT)