IFSC Code To Bank Finder
Search and Find IFSC Code, MICR Code and Addresses of all Banks in India. Select Bank, State, District, City and Search.
|Name||STATE BANK OF INDIA|
|Address||GROUNDFLOOR, 262, KRISHNANIKETAN, OPPOGANDHIMARKET, SION, MATUNGAMAINROAD, SION, MUMBAI400022|
What is an IFSC Code?
IFSC is an acronym for Indian Financial System Code. IFSC code is a unique eleven-digit number which is a combination of alphabets and numerals. It is used to transfer funds online for NEFT, IMPS and RTGS transactions. Usually, the IFSC code can be found on the cheque-book provided by the bank. It can also be found on the front page of the accountholder’s passbook. The IFSC code of each bank branch is assigned by the Reserve Bank of India. The accountholders can easily check the IFSC code of their bank/branch on the Reserve Bank of India’s website. Internet banking transactions for transferring funds, using NEFT, IMPS and RTGS, can’t be initiated without a valid Indian Financial System Code.
Generally, there isn’t any change or update in the 11-digit IFSC code. Recently, the State Bank of India changed Indian Financial System Code of its branches all over the nation after the merger with five associate banks and 1 other bank.
The Importance of IFSC Code
- Unique Identification- It helps in identifying a particular bank branch
- Elimination Errors It helps to eliminate any discrepancy in the fund transfer process.
- Electronic Payments Made Easier- It used in electronic payment tools such as RTGS, IMPS, and NEFT.
How to transfer money with IFSC code?
IFSC Code enables you to transfer money in a quick, easy and hassle-free manner. RBI has assigned IFSC codes specific to each bank and its branches. Fund transfers are done through NEFT, RTGS and IMPS fund with a valid IFSC code. Let’s find out how IFSC Code works while transferring money. Assume the IFSC code of ICICI Bank, Mumbai branch is ICIC000027.
- The first four digits of IFSC code identify the bank, here it is ICICI Bank
- The 5th digit is generally 0 (Zero).
- The following 6 characters 000027, identifies the specific branch of the bank
When a fund transfer is initiated by the payer be it NEFT, RTGS or IMPS. He/she has to provide the bank details such as bank name, branch, account number and the IFSC code of the payee. Once the payer provides all the required details only then will the fund be transferred to the account of the payee with the help of IFSC Code in an error-free manner. Fund transfer with IFSC code is secure, convenient and takes minutes from the time of initiation.