The IFSC code of each bank branch is assigned by the Reserve Bank of India (RBI) to identify every bank branches which are participating in RTGS-NEFT system in India in a unique manner.
The answer to when is IFSC Code needed? is IFSC code is needed at the time of making any of the following transactions:
Suggested reading Know the IFSC code through your bank account number
RTGS stands for Real Time Gross Settlement which is a safe and secure system for funds transfer. It is a system of continuous and real-time settlement of fund transfers, individually on a transaction by transaction basis (without netting). RTGS system is available on all days when most bank branches are functioning including Saturdays. RTGS transactions can be rescheduled in advance as well. At present, there are more than 1,10,000 RTGS enabled bank branches in India. IFSC code of the beneficiary is required for transferring the money.
Suggested reading Search IFSC code by bank branch
NEFT stands for National Electronic Funds Transfer which facilitates one-to-one funds transfer. It is a system where one can electronically transfer funds from any bank branch to any other who is having an account with any other bank branch in the country. The primary benefits of this system is that there is no limit either minimum or maximum on the amount of funds that can be transferred using NEFT. NEFT system requires IFSC code of the beneficiary for transferring the money in his/ her account.
IMPS stands for Immediate Payment Service wherein one can transfer amount upto Rs 2 Lakhs at any time to any bank instantly. This service is offered by National Payments Corporation of India (NPCI). It is a safe and secure system which is easily accessible and cost effective too. In this system, amount can be transferred 24X7 between the accounts of member banks. An example of an IMPS transfer is digital wallets.
PayPal is an online payment system which allows any person to transfer funds electronically. PayPal operates worldwide making online payments possible.
It uses IFSC code of the beneficiary's account for transferring money.
Suggested reading Search bank branch by IFSC code
Paytm is an e-commerce payment system and digital wallet company in India. It offers online facilities like mobile recharges, utility bill payments, travel booking, movies tickets booking, merchant payments, and many more.
You can transfer money from your bank to any bank account using Paytm. It uses IFSC code of the beneficiary's account for transferring amount from one's account.
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