When do you need an IFSC?

You need an IFSC code whenever you make online money transfers in India, such as NEFT, RTGS, or IMPS. It ensures that funds are sent to the correct bank branch and account, preventing errors. IFSC codes are also required when filling out forms for bank deposits, online payments, or electronic transfers.

How banks create IBAN codes?

Banks do not create IFSC codes themselves; instead, the Reserve Bank of India (RBI) assigns them to every branch that participates in electronic fund transfers. 

The IFSC code follows a standard 11-character format: the first four letters represent the bank code, the fifth character is always 0 (reserved for future use), and the last six characters identify the specific branch. This uniform structure ensures that each branch has a unique code for secure and accurate online transactions.

Where can I find my IBAN number?

You can find your IFSC number on your bank passbook, cheque book, or bank statement. It is also available on your bank’s official website or by contacting the branch directly. Most banks list IFSC codes for all their branches online, making it easy to locate the correct code for NEFT, RTGS, or IMPS transfers.