Question: Who Is Allocating IFSC Code?

What happens if I use wrong IFSC code?

If you use the wrong IFSC and the wrong one also belongs to the same bank, then your money gets transferred without any problem.

If u wanna transfer money to any account and don’t know IFSC of that particular branch.

In that case u can use other branch IFSC code as well but bank should be same.

Initials should match..

How can I get IFSC code from account number?

You can know about the IFSC Code of a bank in multiple ways:IFSC code can be found on the cheque and passbook provided by the bank.Visit bank website of the respective bank.You can also find IFSC Code at RBI’s website.To find IFSC code at MyLoanCare website, select Bank, State, District and then branch.

Is it OK to share IFSC code?

One can use account name and number only to transfer some bundles of money. IFSC code (Indian financial system code) which is a 11 digit alphanumeric number which shows any bank branch address,only used to locate the branch of any bank. … So you don’t have to bother about account name, number and IFSC code.

Can I transfer money without IFSC code?

You can do Domestic Money Transfer to any Bank without IFSC Code values. IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank passbook.

Is customer ID and IFSC code same?

IFSC (Indian Financial System Code) is an 11-character code that serves as a unique ID for each bank branch that participates in NEFT. If you have 2 accounts in different branches of the same bank, each branch will have a different IFSC number. … The NEFT system can also be used to pay credit card bills and loan EMIs.

How many digits is a branch code?

Difference between IFSC Code & MICR CodeIFSC CodeMICR CodeIFSC Code is an 11-digit alpha-numeric codeMICR is a 9-digit codeThe first four characters indicate the name of the bank.The first three digits represent the city code where the bank branch is located.2 more rows

Does IFSC code change with branch?

Every bank branch has their own IFSC code.

Is Branch code an IFSC code?

Ans. IFSC code is not the same as branch code. IFSC (Indian Financial System Code) consists of eleven characters and is used to identify the bank and its branch. While the branch code is a part of the IFSC code, it is not the same.

What is IFSC code of bank account?

IFSC stands for Indian Financial System Code. It is a 11-digit alpha-numeric code that uniquely identifies a bank branch participating in any RBI regulated funds transfer system. The IFSC code helps to transfer money using RTGS, NEFT or IMPS method.