If you’re planning to send money to India, one essential piece of information you will need is the IFSC code. This code is required to route funds to the correct bank in India. In this article, we will explain everything you need to know about the IFSC code, including what it is, where to find it, and where to enter the IFSC code.
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What is an IFSC Code?
IFSC stands for Indian Financial System Code. It’s an 11-character alphanumeric code essential for making both international and domestic payments to India. The IFSC uniquely identifies each bank branch participating in online financial transactions, facilitating electronic fund transfers and ensuring the accurate routing of transactions.
The IFSC code is used in processing payments through India’s IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) payment rails. These systems allow for efficient and secure transfer of funds within India. IMPS provides real-time instant interbank funds transfer, while NEFT processes transactions in hourly batches, both relying on the accurate routing provided by the IFSC code.
Example of an IFSC Code
The IFSC code comprises the bank’s name represented by the first four characters, followed by a numeric 0 (the fifth character), and concludes with six characters indicating the branch. This code is necessary for making payments to bank accounts in India via NEFT and IMPS payment routes.
Bank: State Bank of India (SBI)
Branch: Connaught Place, New Delhi
IFSC Code: SBIN0000691
“SBIN”: Represents the bank’s name (State Bank of India).
“0”: Indicates the fifth character as a numeric value.
“000691”: Represents the branch code for the branch in New Delhi.
To summarise, the IFSC code format ensures that payments are routed accurately and efficiently within India’s banking system. You can obtain the IFSC code from your recipient, and it should be available on their bank statement or chequebook.
Where Do I Find the IFSC Code?
The IFSC code is typically found alongside the bank account number on a cheque or bank statement. Here are the common places where you can locate the IFSC code:
- Cheques: On the cheque leaf, the IFSC code is usually printed near the bank account number.
- Bank Statements: The IFSC code is often mentioned at the top of your bank statement along with other account details.
- Online Banking: You can find the IFSC code in your bank’s online banking portal or mobile app under the account information section.
- Bank’s Website: Most banks list the IFSC codes for all their branches on their official website.
- Invoices: If you are paying for a service or goods, the IFSC code should be on the invoice along with the rest of the bank information.
Where Do I Enter the IFSC Code?
When making a payment to a bank account in India, you will enter the IFSC code on your bank’s or payment provider’s platform. This typically happens when you input the beneficiary’s details, such as their account number and name. Look for a specific field labeled “IFSC code” alongside other fields for beneficiary information. When making a payment to a bank account in India using Rutland FX, you will enter the IFSC code below the account number on the “Create a Beneficiary” page.
As well as the IFSC, you will need the following bank details to send money to India: the recipient's account number, which is their bank account number; the full name of the recipient; and the recipient's complete address.
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