new Delhi: In the last few years, online transactions have increased very fast in the country. During the Coronavirus epidemic, digital transactions have increased compared to before. If you do fund transfer through Net Banking or Mobile Banking, then along with other information you must also enter the correct IFSC. The digital transaction process is quite easy and convenient. But a little lapse in this may be overshadowed by you. In such a situation some precaution should be taken while doing digital transaction.
IFSC is required when transferring funds through National Electronic Funds Transfer, Real-Time Gross Settlement or Immediate Payment Service. First of all, you have to register that person’s bank account information as a beneficiary and then after that you can transfer funds through these means. To register a beneficiary, you have to provide many details of the person concerned, including their name, bank name, account number, IFSC code, etc.
IFSC election of wrong branch
Generally, there is little chance of mistake in filling the IFAC code as most banks offer the option to fill the IFSC code (IFCI Code) based on the information about the name of the bank and branch in the dropdown menu. Nevertheless, filling the IFSC code many times can result in the election of the IFSC of the wrong branch. In such a situation, the money will be transferred, but will not reach the right account. The IFSC code is different for different branches of the same bank. Suppose you have to choose the IFSC of a branch in Delhi but you have chosen the IFSC of a branch in Noida. In this situation it is possible that money can be transferred. However, other information should also be correct for this. Actually, the IFSC given by you can be from any other branch. In this case the fund transfer will be completed.
The IFSC code (Indian Financial System Code) is a unique alphanumeric code of 11 digits. Through this, different branches of any bank can be identified. The first 4 digits of this code are bank names. The fifth digit is the code of 0 and the last 6 digit branch. Through this, the Reserve Bank of India gets information about the branch of the bank where the money is sent.