RBI has allotted IFSC codes to all the bank branches in India to easily identify transactions done through a particular branch. IFSC codes are unique 11-digit codes with alphanumeric characters, which are given to all bank branches and the code won't repeat. It is mandatory to enter IFSC code or MICR code to identify the branches to perform fund or cash transactions. Without this code the bank branches can't transfer funds. These codes help the users to ensure that the transferred funds go to the right person, without any errors.
For example, we can take the IFSC code: “CTBA0000001” of the Commonwealth Bank of Australia (CBA India) in Mumbai, Maharashtra.
This IFSC code can be used for online money transactions via NEFT, RTGS and IMPS to any CBA India account or to other bank accounts.
The Indian Financial System Code in short denoted as IFSC is used for online payment applications like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IPM), from one bank to another through electronic Instant Mobile Money Transfer service (IMPS), and Centralized Funds Management System (CFMS) instructed by RBI.
RBI has allotted IFSC codes for all banks in India to find out the branches when money transfers take place. According to RBI guidelines, the IFSC code is mandatory for interbank transfers via NEFT and RTGS to any bank in India. With help of IFSC codes and MICR codes, the online fund transfers are made easy without any confusion.
The first four Characters mentioned in IFSC code denote the bank names and the last six digits helps to identify the bank branch name involved in the transaction. The fifth digit is zero for all banks which is next to alphabets provided for future use. This code helps to avoid the risk factor while sending and receiving funds through banks in our country and it makes sure that the money reaches the right account holder at the specified branch.
If the customer knows the full name of the bank and its branch location, then it is easy to find IFSC codes and MICR codes within a few seconds. The customer can find MICR codes and IFSC codes which are printed on passbook and cheque books/ leaves issued by CBA India.
The website of Reserve Bank of India also offers the entire list of IFSC codes required for the account holder. The customers can also enter on the bank’s official website. Some of the third-party financial websites or other advertisement websites are also rendering the service to get IFSC codes of any bank and its branches located in India.
Some of the popular financial comparison sites display the table carrying IFSC codes for CBA India branches throughout India. Any account holder visiting the website can choose the Bank IFSC code link present on the home page. Customers by clicking the link will lead to another page where four columns are displayed. Customers must feed some bank details like the state in which it is located, the district in which it is located and branch name to get IFSC codes or MICR codes for CBA India. The website displays all details about the bank such as the phone number, address of the branch, name, branch code etc.
City | Branch | IFSC Code |
---|---|---|
Mumbai | Rtgs-Ho | CTBA0000001 |