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IFSC CODE: For Easy Money Transfers Indian Financial System Code (IFSC) codes are assigned to every single bank in India by the RBI. The Indian Financial System Code is being used as an addressing code. The code is an 11 Digit Alphanumeric code with the starting four characters representing the bank code, the next character is a control character, and the remaining characters are to identify the Branch. Full Form of IFSC Code: Now-a-days, the banks have their own IFSC Code and in its full form it is known as "The Indian Financial System Code (IFSC)". The code is provided by Reserve Bank of India to each bank to use for RTGS, NEFT and Centralized Funds Management System (CFMS), important systems to receive or send payments. IFSC Code Definition The Indian Financial System Code is 11 digit serial unique characters to identify bank's branch. The digits are a combination of alpha-numeric characters, where the starting 4 figures, identify the bank branch and are in alphabets, the last 6 numbers in the series are numeric, or alphanumeric in order, signifying the bank's code and the fifth digit in the middle is a bank's future use number (0) Zero. The banks mostly print these unique characters on the Cheque book leaves.
Who Uses IFSC Codes: Any individual, corporate, companies, business and trading centers in India, with or no account in the bank can send payments through NEFT and RTGS systems by using bank branch's unique numbers. NEFT payment transfer system is only applicable in India and not allowed for foreign money transactions or transfers. The net banking customers can find IFSC Code of the destination bank through bank cheque book leaves, bank branch's customer care service and online sites, but they must get the confirmation from the concerned bank branch before using unique numbers obtained from the online site. You can also transfer your funds through EFT systems, and to obtain beneficiary bank's address and IFSC Code, you can browse allifsccode.net . There are two methods to verify PayPal account: First method is by linking your bank account. Second method is by linking your Credit or Debit Cards. Today, individuals, corporates and companies in India do not have to run to banks for each and every transaction and fund transfers. One can find bank customers rarely using bank cheques for making payments. The advancement in IT field has made it possible to receive and send payments electronically, through net banking Electronic Fund Transfer (EFT) systems, instead of Cheques payments. Steps to verify PayPal account without using Credit/Debit cards: In your account page click on "get verified" Select the option "link to my bank account" Enter your Bank account details and click on start process to confirm bank account and get verified. Now PayPal will make two small deposits in your bank account. Check your bank transaction details after 4-5 days and enter the amount deposited by PayPal in the verification page. Now you have verified your PayPal account, but the problem with most of the Indian PayPal users who try to verify their respective PayPal account using "link my bank account" method has to enter the IFSC code for their bank. The code can be easily downloaded from the Reserve bank of India's Website.
The Importance of IFSC Code for Funds Transfer The Indian Banking system, IFSC is known as Indian Financial System Code. It is 11 digits serial number, consisting of unique alpha-numeric character combination. The numbers can be divided as - the first 4 digits are in alphabet order, signifying the bank, the fifth number is single digit 0 (Zero), to be used by the bank in the future, and the last 6 numbers are either a combination of alphanumeric digits, or only numeric numbers, identifying the branch of the bank. The unique serial numbers are assigned by the RBI to all bank branches using the Electronic Fund Transfer systems. Here you can find the complete list of banks, bank branches and each bank branch's IFSC Code: WWW.AllIfscCode.Net
