The IFSC and the Branch code are both common in banking terminology, although they have distinct purposes. With an IFSC Code, deposits and withdrawals may be processed quickly and easily inside a financial institution.
Meanwhile, the bank’s branch code is used to locate a specific branch for clients and employees. Find out whether the IFSC and Branch codes are the same or different in this article.
What is the IFSC code?
The IFSC code is a special number that plays a crucial role in financial dealings. It may be accessed in the bank’s cheque books or online with a simple search for the branch’s code. The IFSC code is used in NEFT transactions to identify the bank branch utilised.
What is a branch code?
A client or bank employee may quickly and easily locate a certain branch of a bank by using the branch code. It is always a component of the IFSC or Indian Financial System Code, and it may be located in the bank details of the relevant consumer. Broadly speaking, a branch code is a subset of the IFSC code.
The final six digits (5,6,7,8,9,10) in the example below enable us to determine which branch of the bank is being referenced. Typically, a branch code will be a four-digit number that may or may not include letters.
| 1 | 2 | 3 | 4 | 0 | 5 | 6 | 7 | 8 | 9 | 10 |
| Name/ identity of bank | Zero | Branch Code | ||||||||
Is the branch code and IFSC code the same?
To be clear, a branch code is not an IFSC code. The IFSC code comprises 11 characters and is used to identify the bank and its branch. The particular location of the bank’s branch is indicated by the IFSC code’s last six characters. These six numbers are known as the branch code for the respective location.
Branch code: Features
- Useful if more than one bank location exists within the same metropolitan area.
- This number is included in the IFSC code that appears on the back of every check.
- The bank account number also has the same code.
- Branch codes are not the same as IFSC codes.
- Every location will be given a unique code that represents its branch.
- The last six numbers of the IFSC code identify a particular branch.
FAQs
Is there a universal branch code for all locations in the same city?
No, there is a separate code for each office.
Do bank codes and MICR codes mean the same thing?
No, the two are poles apart from one another.
Is the branch code printed on a cheque leaf?
Yes. Your home branch will print this number on the cheque leaf they provide you. The final six numbers of the IFSC code indicate the specific location of the branch.
Is a branch code necessary to send money?
No. There is no pressing need for the branch code. What is needed is the IFSC code.
