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Why IFSC Codes are necessary for Online Transaction in India

 
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Alex91
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PostPosted: Sun Aug 14, 2016 1:35 am    Post subject: Why IFSC Codes are necessary for Online Transaction in India Reply with quote

Ifsc Code which stands for the Indian Financial System code, and it consists of 11 characters. Usually, the first 4 characters identify banks name. The fifth character is 0. The last 6 characters identify the branch of the bank. All of the payment processes including RTGS, CFMS, and NEFT utilise these codes. So, we must have to know about our bank IFSC codes and there are many ways to find ifsc code. Now a days, the Online money transfers have become more convenient in all kinds of transactions in the day today life. There are so many online platforms, offering the excellent services today and to get the best rates you must have to overlook over the web.

If you are doing the online transaction or sending the money to your loved ones then you must have to know about the IFSC Code in the case of online transfer and one can easily find the codes on internet easily because the money can be sent quickly online or over the phone and it can even be done overseas and finding the right transferring service is also not a hard task and one of the best and conservative method is NEFT(National Electronic Fund Transfer) IMPS(Immediate Payment Service) RTGS(Real-time Gross Settlement Systems). These are the real-time payment methods which are not consuming the people’s time. People don’t want to waste the time while standing in the long queue. In India mostly there are total 93 commercial banks and their codes are unique and different from each other. It’s very hard to manage the code of all banks, so there are superb directories which have the large database of IFSC codes, MICR Codes, and other bank information. http://www.ifsccodehub.com
To make a financial transaction online you no longer need to be face to face with a banker. You just need to know where the money is coming from, and where it is going to. As well as the details of both respective banks. Details such as IFSC codes help you a lot in many perspectives. Here is the small outlook of the NEFT Payment transfer of State Bank of India.
The steps to make N.E.F.T. payment are as follows:
• Visit the website, and get SBI Card added as a third party transfer beneficiary.
• Add your IFSC code to make the SBI Card payment
• The sixteen digit card number has to be entered in the place of the account number on the page.
• Complete the process of registration and then make the payments through this mode of payment.
• The payments would reflect within a couple of working days in the account of SBI Credit.
The Reserve Bank of India (RBI) has also directed all banks to provide these unique characters to their customers to facilitate fund transfers. RBI also changes the bank's codes time to time and regulates them. NEFT payment transfer system is only applicable in India and not allowed for foreign money transactions or transfers.
-IFSC Code Hub
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