IFSC ie (IFSC) is an 11 digit code. All banks are given this code by the Reserve Bank of India. This 11 character code is used in electronic payment.
Online banking system has made our life very comfortable. If you want to pay someone or transfer money to someone, within a few seconds we can do this online. Every bank, including SBI, HDFC, has its own mobile app, through which it has become even easier.
One of the most important thing that is required in online transaction with account number, bank, account holder details is IFSC. IFSC means Indian Financial System Code . If you make a mistake while transferring money, then there may be a big loss. Therefore, it is very important to fill it correctly. If banks’ IFSC code is changing then more caution is needed.
BOB’s decision impacts Dena Bank and Vijaya Bank’s customers
Two years ago, in the year 2019, Dena Bank and Vijaya Bank were merged with Bank of Baroda (BOB). After this decision, customers of Dena Bank and Vijaya Bank joined Bank of Baroda. Now Bank of Baroda has made a significant change. Customers of Vijaya Bank and Dena Bank will have to use the new IFSC from 1 March.
Detailed information in this regard has been given by Bank of Baroda. According to the BOB, the IFSC of Dena Bank and Vijaya Bank will be closed from 28 February. In such a situation, if your account is in both these banks, then get a new IFSC as soon as possible. If you do not do this, you will not be able to conduct online transactions from March 1.
What does IFSC mean?
IFSC ie (IFSC) is an 11 digit code. All banks are given this code by the Reserve Bank of India. This 11 character code is used in electronic payment. The name of the bank is known from its initial four digits. The fifth digit in it is zero. The subsequent 6 digits indicate the branch code. The IFSC code of BOB starts with BARB.
How to get new IFSC Code?
During the system integration from the bank, the message was sent to the customers, in which information has been given about this.
1. You go to the bank’s website and scan the QR Code.
2. Contact the Customer Care Help Desk on 1800 258 1700 or visit your branch.
3. Send MIGR <SPACE> the last 4 digits of the old account number to SMS from your registered mobile number on 8422009988.
With these methods, you will get a new IFSC Code. From March 1, through this you will be able to conduct online transactions.
What to do for the new MICR Code check book?
Regarding the check book, it has been told by the Bank of Baroda that check book with new MICR Code code can be obtained from its branch by 31 March 2021. For this, application can also be done through net banking or mobile banking.
Please tell that there is a 9 digit code entered on the MICR check, which gives information about the check. The first three letters of this code reveal the city, the bank information from the next three letters and the last three digits give the information about the branch of the bank.
Incorrect IFSC code can be a big loss?
Care should be taken in case of filling in IFSC code while doing online transaction. Incorrect code is prone to disturbances. However, transaction with wrong code is possible only when the account number and name should be correct. For example, if you are in Lucknow branch of Bank of Baroda and while transferring online, if you put the IFSC code of the branch of Noida instead of that branch, then the transaction will take place.
If there is a big flaw in the IFSC code. Like, you put the code of SBI Delhi in place of BOB Noida. That is, the bank is also wrong and the city is also wrong. Even then it is possible that your money is transferred to the wrong account. However, this is possible only when a customer’s account number in the same bank is the same. It is very unlikely.
If the code or account number is not matching, the online transfer will be canceled. However, it is better to get stuck in such a digestion that you keep your correct IFSC code and keep away the chances of loss.