Every time you transfer money online, you wanted to be sure that money has been reached to the right person or not. When you transfer money online, it may be risky and causes multiple problems too. In case, you have initiated a wrong transaction then process cannot be reversed at all. Here, role of Bank IFSC/MICR code comes into play.
So, what is IFSC code and why it was needed for the Indian banking system?
IFSC code stands for Indian Financial System code consist of 11 characters where every character has its own meaning and significance. First four digits represent bank name, fifth is always Zero and last six digits signifies for the branch address.
Usually online transactions are completed using any one of processes like NEFT, RTGS, and IMPS etc. Traditionally, fund transfer was a long and time consuming process but IFSC code has the capability to complete the same task within matter of minutes only. There are multiple benefits associated with Bank IFSC/MICR code. Here is quick list of benefits that we have summarized after continuous research and regressive study.
Summarizing the benefits of Bank IFSC/MICR code
-Bank visits are reduced considerably
You don’t have to visit any local branch or you don’t have to stand in queues for hours. Now IFSC codes help you to transfer money online with a matter of minutes only. It does not matter where you are sitting, you can complete your transaction from anywhere across the world.
-Faster fund transfers at your convenience
As we have discussed already, money transfers that were completed in weeks earlier, it can be completed in minutes today. The process is not only efficient but work amazingly even in the case of emergency.
Chances of fraud are also reduced negligibly
Every branch of the bank is assigned unique IFSC code that makes overall find transfer process highly safe and secure. When money is directed through NEFT or RTGS channels, it is encoded to other forms and makes sure that funds are safe and secure.
-24*7 availability even in emergency
The local bank branch stay open at selected time intervals only but online banking shop is open all the time. You can initiate fund transfers at any time of the day.
-Role of RBI in online fund transfers
All the transactions are continuously monitored or controlled by the RBI. This is the duty of RBI to manage all the transactions and develop a working structure for the same. The structure is made successful with the help of IFSC codes only. To check IFSC code for your bank land on Bizhancer.com right away. We cater all of your needs with accuracy and efficiency.
So, what is IFSC code and why it was needed for the Indian banking system?
IFSC code stands for Indian Financial System code consist of 11 characters where every character has its own meaning and significance. First four digits represent bank name, fifth is always Zero and last six digits signifies for the branch address.
Usually online transactions are completed using any one of processes like NEFT, RTGS, and IMPS etc. Traditionally, fund transfer was a long and time consuming process but IFSC code has the capability to complete the same task within matter of minutes only. There are multiple benefits associated with Bank IFSC/MICR code. Here is quick list of benefits that we have summarized after continuous research and regressive study.
Summarizing the benefits of Bank IFSC/MICR code
-Bank visits are reduced considerably
You don’t have to visit any local branch or you don’t have to stand in queues for hours. Now IFSC codes help you to transfer money online with a matter of minutes only. It does not matter where you are sitting, you can complete your transaction from anywhere across the world.
-Faster fund transfers at your convenience
As we have discussed already, money transfers that were completed in weeks earlier, it can be completed in minutes today. The process is not only efficient but work amazingly even in the case of emergency.
Chances of fraud are also reduced negligibly
Every branch of the bank is assigned unique IFSC code that makes overall find transfer process highly safe and secure. When money is directed through NEFT or RTGS channels, it is encoded to other forms and makes sure that funds are safe and secure.
-24*7 availability even in emergency
The local bank branch stay open at selected time intervals only but online banking shop is open all the time. You can initiate fund transfers at any time of the day.
-Role of RBI in online fund transfers
All the transactions are continuously monitored or controlled by the RBI. This is the duty of RBI to manage all the transactions and develop a working structure for the same. The structure is made successful with the help of IFSC codes only. To check IFSC code for your bank land on Bizhancer.com right away. We cater all of your needs with accuracy and efficiency.
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