IFSC Code to Bank Details converter is a tool that allows users to convert an IFSC (Indian Financial System Code) code into bank account details.
IFSC code stands for Indian Financial System Code. It is a unique alphanumeric code that is used to identify a specific bank branch in India. The code is 11 characters long and is assigned by the Reserve Bank of India (RBI) to all banks that participate in the electronic transfer of funds.
The IFSC code is used for electronic money transfers between banks within India. It helps to ensure that the money is transferred to the correct bank branch. The code is required to make online fund transfers using the National Electronic Fund Transfer (NEFT), Real-Time Gross Settlement (RTGS), and Immediate Payment Service (IMPS) systems.
The IFSC code is composed of 3 parts. The first 4 characters represent the bank code, the fifth character is a zero (0), and the last 6 characters represent the specific bank branch code. For example, the IFSC code for the State Bank of India's Connaught Place branch in New Delhi is SBIN0000691, where SBIN is the bank code and 000691 is the branch code.
IFSC codes are important for smooth and secure electronic fund transfers. They help to avoid errors and ensure that the money is transferred to the correct bank and branch.