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I had to transfer my bank branch last month. I was confused about the transition and wanted to ensure, I wasn't making any errors that could lead to a loss of money. I asked my friend and bank manager ‘does IFSC code change after account transfer?'' Keep reading to know the answer.
Pay your utility bills without any hassle only at NoBroker and earn assured rewards on the move! For legal consultation check out NoBroker legal services and hire expert lawyers to resolve your property related legal issue!IFSC code is used to track the transfer of funds from one account to another. It is also used for completing fund transfer transactions via NEFT, ECS, RTGS, and UPI. All banks and bank branches have their own unique IFSC code. In an IFSC code, the first 4 digits of the IFSC represent the bank and the last 6 characters represent the branch. The 5th character is zero.
Does IFSC code change when we change the branch?When your bank is changed, then you will be allotted the new account number, and a new chequebook can be issued. You will also be given a new IFSC code. You can find your new IFSC code in the bank chequebook. Generally, the code changes with the bank branch.
New Development :Though, nowadays some private sector banks, where NEFT / IMPS etc are handled centrally and have account numbers unique across branches, IFSC Code does not matter. These banks even allow you to have the same IFSC bank and account number even with the change of branch.
This is all from my end on ‘does IFSC code change after account transfer’.
Read more :
How to update IFSC code in EPFO? How many digits in IFSC code? How to find IFSC code from account number? Is SWIFT code and IFSC code same?Your Feedback Matters! How was this Answer?
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Does IFSC code change after account transfer ?
Poonam
8.7k Views
1
2 Year
2022-09-30T22:20:36+00:00 2023-07-26T20:24:05+00:00Comment
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