IFCS Code is nothing, but the Indian Financial System Code, which is nothing but a system with 11 characters that is assigned by the Reserve Bank of India for each and every nationalized bank branches. This is done with a view to identify every branch uniquely. Generally, those participating in NEFT system in India are assigned with this identity. It is used for electronic payment system applications like National Electronic Fund Transfer, which is the expansion of NEFT and other applications like RTGS and CFMS.
What does it denote? As mentioned earlier, there will be 11 characters. The initial part is the first 4 alphabet characters that represent the bank. Generally, the 5th place will have a zero and this is present just for future purpose when the number of branches increase. The last six characters is actually the code of the branch. Whenever an individual wishes to make online money transfer to account holder in any of the nationalized banks in India, it is important that he should have the code of the particular branch. For instance, if the individual holds account in Andhra Bank in Hyderabad, it is important that the money transferrer should be aware of the Andhra Bank IFSC Code Hyderabad, to make the transfer of funds. Otherwise, he cannot do the transfer. Here is how he can find this code:
Locate website: The first thing to be done by the individual is to search for websites that provide banks wise IFSC codes. Generally, these websites have form like structure with different cells for easy identification of the particular banks IFSC code.
Example: In the above-mentioned example, as the individual intends to find Andhra Bank IFSC Code Hyderabad, he will have to choose, Bank Name as Andhra Bank, then comes the state name, wherein he will have to choose the state as Andra Pradesh. In the third place, he will have to district name column, wherein he will have to choose the district as Hyderabad/Hyderabad Urban. If he is aware of the branch name, it will be easier for him to refine the search. But, if he is not aware of the branch name, he can just go through the list and can find the suitable banks IFSC code.
Earlier, it was not easier to find banks wise IFSC codes. But, nowadays, the internet has made many things easier and this is no exception. All that is to be done is to find a reliable website to find the correct identity.
Want to find Banks ifsc code? IFSC code is having great importance in fund transfers. It plays a vital role in online and mobile banking for any transaction to be performed. Get more info on andhra bank ifsc code Hyderabad, please visit us.