Nowadays, companies, corporations and even individuals in India need not have to run to banks for carrying each and every transaction and fund transfers. These days, it is turning out to be hard to find customers using checks for making payments. This is made possible because of the advancement in the field of information technology and these days people can send and receive money electronically through NEFT as against making payments through checks.This facility provides the customers to transfer money through internet from any corner through a computer with internet connection. A few years back, this was not the case as people were forced to visit the branches in which they hold account for making money transfers. Also, they were forced to wait in long queues for completing the intended transactions. Otherwise, they had the option of signing the checks for payment. In short, the fund transfer process was lengthy those days as against what it is nowadays and so businesses will not have to waste their valuable business hours and will not have to wait in long queues for completing the transactions.
An introduction to IFSC Code: These days each of every branches different banks in India are provided with the unique IFSC code. For instance, there will a difference between the ICICI bank Mumbai IFSC code and Corporation Bank IFSC Code Chennai. In addition to difference present between the code of one bank and another, there will be difference in the code from one branch and another branch of the same bank. However, the initial digits will be the same for all branches as the denote the name of the bank. So, what is this code? It is the Indian Financial System Code and it is provided by the RBI for each bank to use the CFMS, NEFT and RTGS systems for making and receiving payments.
Generally, this code will have 11 digits with a combination of alphabets and numbers. As mentioned earlier, the starting 4 figures will be common for different branches of the same bank to denote the name, while the remaining digits will differ. Nowadays, most of these financial services have printed these unique characters on the check book leaves.
The Corporation Bank IFSC code Chennai can be used by an individual, corporate, company or trading centers in India for transferring funds to any individual, company or corporate with account in the Corporation Bank, Chennai branch. The same thing is applicable for people planning to transfer funds to an individual/company with account in ICICI bank and they can use ICICI Bank Mumbai IFSC code.
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Want to find bank ifsc code? IFSC code is having great importance in fund transfers. It plays a vital role in online and mobile banking for any transaction to be performed. Get more info on Banks wise ifsc codes, please visit us at http://www.bankifsccodesearch.com/.