Are you aware of the term IFSC Code? If not, then be aware as the same can be used for many banking transactions such as funds transfer via National Electronic Funds Transfer (NEFT), Real-time Gross Settlement (RTGS), etc.
Even if you don’t know the bank branch where you want to transfer the money, the IFSC Code, which stands for Indian Financial System Code, would help you locate it online. So all those wanting to know the nitty-gritty of IFSC Code Finder can take a cue from this article.
Trace IFSC Code with Bank and Branch Name
When you make a fund transfer via net banking or mobile banking using any of the NEFT or RTGS channels, you are required to enter IFSC Code. The moment you enter the same, the bank branch and other details would start appearing on the screen. You can just match the details before executing a transaction. You can even use IFSC Code to know the details of bank, branch and other relevant details.
IFSC Code Finder Online
There are many websites that allow you to trace the IFSC Code. You can get IFSC Code Finder online wherein you need to enter the names of bank and branch to find the same.
How to Trace IFSC Code Offline?
You can get IFSC Code offline by asking the concerned individual, to whom you intend to transfer funds, to quote you the same from his/her cheque leaves. The code would have the first four characters representing bank name, the following fifth character would be 0 and the last 6 alphanumeric characters would represent identification code of bank branch.
How to Transfer Funds Via Net Banking Using IFSC Code?
Transferring the money via net banking requires you add the beneficiary. You first need to login to net banking and click on Add Beneficiary. Upon clicking the same, a new page will come to the screen. You need to enter the beneficiary name, which would be the name of the individual to whom you want to send the money online, his/her account number, as well as IFSC Code. After entering all these details, the beneficiary gets added. However, it beneficiary would require another 30 minutes or so to get activated. The moment the beneficiary gets added, you can transfer the funds to the concerned bank account.
Charges on NEFT Transactions
There would be no charges on inward transactions via NEFT. However, the charges apply to the sender. Transactions of up to ₹10,000, a charge of ₹2.50 plus applicable GST would apply. A transfer of more than ₹10,000 and up to ₹1 lakh would incur a charge of ₹5 along with applicable GST. Transactions of more than ₹1 lakh and up to ₹2 lakhs would cost you ₹15 plus applicable GST. When you transfer more than ₹2 lakhs, you would be levied a charge of ₹25 plus the taxes.
How About Funds Transfer via RTGS?
The process of beneficiary activation in RTGS is same as that of NEFT as illustrated earlier. However, the minimum transaction amount in RTGS is ₹2 lakhs. Like NEFT, there’s no charge on inward transactions. For transferring between ₹2-5 lakhs, the sender would be levied ₹30. Above ₹5 lakh transfer would cost you ₹55.