Banking institutions everywhere have improved the safety and precision of online financial dealings in response to the widespread use of internet banking. From anywhere in the globe, you may send money to your loved ones by simply entering the IFSC code of the receiving bank.
However, a question often arises whether or not the IFSC code depends on the branch. Here in this article, we will discover the answer.
Methods for locating a branch’s IFSC code
The relevant IFSC code will be recorded in the account holder’s passbook. The chequebook of the bank contains the same information as well. However, if you require the IFSC code for a different bank, you may get that information by going to the bank’s website or contacting the bank’s customer service line. There may also be other websites that, given enough information, such as the bank name in the relevant state and district, may be used to locate the desired IFSC code.
Do all bank branches have the same IFSC code?
None of the bank’s branches will have the same IFSC code. Initials (often the first four letters) of the bank’s name may be repeated. When a customer has many accounts at the same branch, the passbook or chequebook for each account may have the same IFSC code engraved on it.
IFSC code: Things to remember
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Allotment by RBI
Many people mistakenly believe that banks develop and distribute their own unique IFSC codes. Still, the Reserve Bank of India (RBI) is the only entity with the power to do so.
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Unique
There is no possibility that the IFSC code would be reused by more than one bank in any given scenario. It is often different for each individual bank.
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Absolute Authorization by RBI
The Reserve Bank of India (RBI) has complete authority over the IFSC code, including creating, modifying, and scraping it entirely.
FAQs
Does each branch use the same IFSC code?
Every single bank branch will be assigned its own one-of-a-kind code, and no two branches, not even those belonging to the same bank, will ever feature the same code.
What will happen if I switch banks?
As soon as the new branch receives the request, they will move the funds from the old account there. Upon opening an account at the new location, you will get a new account number, passbook, and cheque book.
What happens to the IFSC code after the account transfer?
Your IFSC code will not change if the bank does not combine with another financial institution. However, if you move the branch at which you have a bank account, the IFSC code that is associated with that account will also change.
