Online Banking: Whenever money is deposited in someone’s account online, IFSC code is required for this. What if wrong IFSC code is entered while transferring money? Let us know the answer to this question.
New Delhi. Nowadays the trend of online banking has increased a lot. People put money online in other’s account. IFSC code is required for this. But have you ever wondered what would happen if you entered the wrong IFSC code while transferring money online? Let’s tell.
What is IFSC Code?
The full form of IFSC Code is Indian Financial System Code. This is an 11-digit alpha-numeric code assigned by RBI (Reserve Bank of India). This code is given to the branch of every bank, that is, every branch has a unique IFSC code. IFSC is used in online banking like NEFT, IMPS and RTGS. Without a valid IFSC, we cannot do internet banking or fund transfer. The first 4 digits of this 11 digit code represent the bank. The digit after this is 0, which is kept in reserve for future use. After this, the last 6 digits of the branch are identified.
Transaction gets done even if wrong IFSC code is entered
One mistake in online transaction can spoil everything. Therefore, a lot of care should be taken in the matter of filling the IFSC code while doing the transaction. For example, if your account is in Delhi branch of SBI Bank, but while transferring money online, you have entered the IFSC code of SBI branch of Noida, then the transaction will happen and your money will be deducted. Even if the letter of the code is manipulated but the account number or other details are correct, your money will go to someone else’s account, because mainly banks see the account number.
What happens if you enter the IFSC code of another bank?
If there is a blunder in the IFSC code, i.e. the code of PNB Ghaziabad is entered instead of SBI Ghaziabad, then it is possible that your money may be transferred to the wrong account. However, this is possible only if any customer in PNB has the same account number that you have entered in SBI. It is less likely, if such matching does not happen then your transaction will get canceled.
