The Indian Financial System Code, or IFSC, is an individual eleven-digit number that the Reserve Bank of India allots to each bank branch. The specific number is a combination of the two alphabets and numerals that are allotted specifically to each bank branch. The Instant Payment Service (IMPS), Real Time Gross Settlement (RTGS), and National Electronic Fund Transfer (NEFT) all use the simple IFSC code as a part of their online financial transactions (NEFT). A financial transaction cannot be completed without the IFSC code since it identifies the bank branch to which the funds must be sent.
Purpose of IFSC code
The major purpose of IFSC codes is to transfer money to the correct bank account in the appropriate branch. Other purposes of the IFSC code are:
- It facilitates transferring funds to the correct account at the right bank.
- Allows for faster and easier money transfers across bank accounts.
- Using the IFSC code eliminates the danger of theft or hacking.
- The recipient and sender may transfer money directly to one another using the IFSC code. Whether it is a credit transaction or a debit transaction, the banks involved will send alerts or emails to both parties when a digital transaction occurs.
- Allow banks to validate the settlement procedure much more easily.
- Encourages the use of cashless transactions. With the help of the IFSC code, you will now enjoy an automated, paperless bank transfer.
- IFSC codes have made business transactions simple, quick, and paperless.
How to transfer money using the IFSC code?
Money transfers with Net Banking are quite simple. To start a money transfer, all you need is the recipient’s account number and the branch name.
Step 1: Log in to your Netbanking account.
Step 2: Select Fund Transfers, then click Add Payee.
Step 3: To add the payee, you must type the receiver’s name (as it appears on the account), the proper account number, and the branch IFSC code.
Step 4: Once the payee has been added, you can immediately send them money using NEFT, IMPS, or RTGS.
How to find the HDFC IFSC code?
- Cheque: The quickest method to locate the IFSC code for your HDFC bank branch is to look in your chequebook. The full address of the bank branch is written in the upper left corner of a cheque leaf. There is an 11-digit code at the end of the address.
- HDFC bank website: The HDFC bank website offers a Branch Locator tool on their website. You can use the Branch Locator function on the bank’s official website to find the IFSC code of your branch, click the tool. You can find your branch and search for information there.
- RBI website: Visit the Reserve Bank of India’s official website for another quick and easy approach to discovering your IFSC code. Navigate to the “IFSC codes” tab. After selecting your bank from the drop-down menu, enter the name of your branch. On the website, you may find the IFSC Code for your branch. Don’t worry if you don’t know what your branch’s name is. The RBI gives a list of the IFSC codes for each of the bank’s branches after you’ve chosen a certain bank. By searching for your branch, you can find the relevant IFSC code.
- Passbook: Check the HDFC bank passbook’s front page. Your account information is included, along with information about your branch. There, you can search for the HDFC IFSC code.
Conclusion
The advancement of digital payment systems has encouraged most banks to have an online banking transactions system. Through IMPS, RTGS, or NEFT procedures, money can be moved from one account to another. As a result, the IFSC code has become a tool to preserve the security of such transactions and guarantee that the money is credited to the right account. The RBI is able to track all digital banking transactions with the use of the IFSC codes. Online transactions are not possible without the IFSC code. In order to guarantee that the funds are credited to the correct account, you must use the correct IFSC code.
