Monday, 6 March 2017

what happens if we use wrong ifsc code

What is IFSC
          IFSC it is the abbreviation for Indian Financial System Code. IFSC code is mainly used to transfer funds. IFSC is a unique code for banks to identify particular bank branches. Indian Financial System Code is an 11-digit code in alpha numeric format the first four characters will represents bank name/bank code,the fifth character will represent 0 (zero and reserved for future use) and the next six characters represents the branch code.

Why IFSC code is important?
          The IFSC code is an essential feature for validating bank transactions. Knowledge of IFS Code allows you to receive payments or transactions virtually. Banks and organizations use the IFSC to conduct National Electronic Funds Transfer and Real-Time Gross Settlement transactions to identify and help streamlining transactions between various accounts, bank branches and banks.
NEFT is an friendly payment method used by individuals or an organization to transfer funds electronically from one account to another account.It takes the form of an e-cheque as it takes a specific time period for the amount to be cleared and verified. RTGS is another electronic gateway to make payments, receive and transfer funds between accounts and banks in real time.The Reserve Bank of India(RBI), the central http://www.citybusinessinfo.com/blog/post/what-happens-if-we-use-wrong-ifsc-code

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