IFSC Code Finder to Find All Bank Codes

Do you want to find the IFSC code of banks like SBI (State Bank of India) and other banks that operate in India to transfer your funds aka money online to some other account existing in remote location then IFSC Code finder software is the tool you want to use.

What is IFSC Code Finder Software

The definition of the IFSC code finder is damn simple. It is a software, standalone desktop app or web application that responds with the IFSC code of aby banks branch when a user enters or selects a particular bank and its branch from the list of available banks.

This software is not complex at all and it makes use of Excel sheet from RBI which has information about all the banks that allows RTGS and NEFT money transfer methods.

How to Find IFSC Code using IFSC Code Finder

When you download this software from the RBI site or from your bank's site and execute the app it will show you the list of all the banks. Depending upon the bank you choose the other list will be populated with name of branches. You just have to select the branch for which you want to find the IFSC code. The system will make an AJAX request to the bank's server and retrieve and display the branch code on your screen. You can also make use of  'send to my mobile', a feature that will send a text message to your mobile phone.

Things you don't know about IFSC code

IFSC (Indian Financial System Code) is developed to allow you to transfer your money from one bank account to other bank account using online banking, also known as internet banking, facility. Most of the people would be aware of the fact that it is needed to do RTGS and NEFT transactions online.

But there are many things that most of you don't know and you should know about IFSC code. Here are few secrets regarding this bank code -

IFSC Codes are maintained by RBI

Many people think that IFSC codes are maintained by a particular bank about their branches and it is the head office of the bank that assign these codes to the branches. But this wrong since IFSC codes are maintained by RBI (Reserve Bank of India) and it has complete list of all the branches of all the banks that provide online fund transfer facility to their customers. In fact it has also the list of such banks who doesn't yet provide such facility.

IFSC Codes are Unique

Just like every PNR (Passenger Name Record) number of railway passenger is unique so does the IFSC code of every branch in India. This is done intentionally so that money is transferred to one and only branch and there is no misuse of the system.

Recover Money Lost Due to Wrong IFSC Code

Loosing money due to negligence, when one enters a wrong IFSC code, while using bank's online fund transfer facility is quite common. Question is how to recover the lost money and bring it back into your bank account.

It usually happens with people who use the online banking quite frequently. It might sound strange but those who use it once in a while are extra careful while entering the fund transfer codes. Frequent users do become careless. Most time their auto form fillers fill forms for them and it is quite common, actually is a habit, to accept what these auto-form-fillers fill in online forms. Since there can be many different bank accounts and many IFSC codes that a user might have used in the past it is not surprising that so many people end up entering wrong information in their inter-bank fund transfer forms.

Entering a wrong information could mean a direct loss of hard earned money. I say 'could mean' not 'it means' because most times even after entering wrong bank's branch code there is no loss of money. This might sound strange to some of the readers but you have to use a bit of logic here.

Let's suppose that one enters a wrong Indian Financial System Code while using NEFT or RTGS money transfer using online banking and hits a submit button on the form. Will he loose his money?
Many people would think - he will, because the online banking system do warn users that if they enter wrong info the bank won't be responsible for any loss of money. Thus it is easy to draw the inference from that statement that if we end up furnishing wrong information in fund transfer form then "our money is gone". But this doesn't happen very often, thankfully so. This is because for the inter bank transaction to be successful all the pieces of information should be correct. Funds will be transferred to other bank account only if both IFSC code and account number to which the money is to be deposited exist together. In simple words a remitter will loose his money, even after entering wrong information, only if the branch with the unintended IFSC code also has the account number which is provided to get the money transferred. In most cases, when you do enter it wrong, only one of  the two will be correct. Thus the bank's system will fail to transfer money and the money will be credited back to remitter's account due to failed transaction. The only loss of money will be due to service charges imposed by bank in rendering you the inter-bank transfer facility, in this case.

Bank IFSC Code (RTGS, NEFT) Explained

IFSC code is needed to transfer funds to any bank from your account using RTGS/NEFT facility. IFSC, These codes help to identify a branch of bank to whose account fund is required to be transferred. It is a unique code that is assigned to every branch of every bank in India.

Before explaining these codes further let us first know what exactly is the full form of these abbreviations. Here we go -

IFSC - Indian Financial System Code.

RTGS - Real Time Gross Settlement.

NEFT - National Electronic Fund Transfer.

Relation Between Bank IFSC Code, RTGS & NEFT Fund Transfers

While doing inter bank electronic fund transfer (usually for payment of availing some service), using online banking, a user (i.e. bank's customer) can deposit amount into service provider's bank account using 'payments and transfers' option available on your online bank account's dashboard. The transaction can be of two types - 1) RTGS 2) NEFT, and customer can choose any 1 option. It doesn't matter which option is chosen, the bank will imply a service charge for sending money to a 'beneficiary' (a beneficiary is a service provider added to 'approved beneficiaries' list in remitter's online bank profile) holding an account in some other bank.

So which method to choose for transferring bank funds? Since both these systems are maintained by RBI (Reserve Bank of India) - most people are confused about it, but here are guidelines which will make it clear to you on choosing the right option.