Indian Financial System Code better known as IFSC code to all of us helps in online transfer of funds nationally. IFSC code can helpful while you are using internet banking to transfer funds from one account to another account of any bank within the nation. IFSC Code is used to do NEFT and RTGS transactions online. It is an 11 digit serial number in which each number represents some information about the bank or the Bank branch. IFSC code is generally mentioned on the cheque books of the account holder for his bank branch.
If someone lost Nagpur Nagrik Sahakari Bank IFSC Code then he can easily get it from Bank branch, through online Bank website or with the help of third party website. All the three methods are effective as well as easy.
There are many things which people usually don’t know about IFSC code and they are helpful for them. Let’s see what these characteristics are:
- IFSC codes are allotted by RBI
- IFSC codes are Unique
- Wrong IFSC Code leads to trouble
- RBI can change IFSC Code
People usually think that IFSC Codes are created by Bank or Bank Branches but the truth is, IFSC Codes are always allotted by RBI (Reserve Bank of India). The head office of the Bank assigns these IFSC codes to each branch. RBI maintains the list of IFSC codes for all the banks as well as branches and offers online funding facility to customers. RBI also has list of such banks which do not provide online money transaction facility.
IFSC code is unique for every bank as well as every branch. It is like PNR number of train in which every passenger is allotted with different PNR number. Every branch is allotted with unique number to ease the transaction process without any confusion.
Recheck your allotted IFSC code before hitting the submit button while transacting money. Submitting wrong IFSC code may lend you in problems. If you entered the wrong IFSC code, then you will not be able to transact money online nationally. It may also happen that the receiver and the depositor both have to go court in charge of cheating. There are many other ways through which you can recover the lost money due to wrong IFSC code.
It rarely happens that RBI changes the allotted IFSC Code to any bank or bank branch. But, sometimes RBI does it for security reasons. If RBI changes your bank branch IFSC code then you can get updated code from your Bank Branch. You can also confirm it from Bank cheque that you have entered the right code.
The above things are important about IFSC code as it helps in transfer of money online nationally. In case you face any problems with IFSC code while transferring money, then you should visit the bank branch to get it solved. This unique code should be known by you while transactions as it will be asked at that time. So keep sharing this information with your family and friends. Hope! It helped you.