Hello Aishwarya, I saw you were having a confusion regarding, is branch code and IFSC code same or not. I can tell you that no, they aren’t. This is because the IFSC code is a unique alphanumeric code that is assigned to every bank branch. On the other hand, the branch code is a numerical code that is allocated to a bank branch for the purpose of identification. There are more things about this that I’ll share below to improve your understanding.
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Is IFSC Code and Branch Code Same?
IFSC contains the branch code, as Ms Shrishti stated in her answer. IFSC code comprises 11 digits of alphanumeric code which helps in identifying the bank branches to make electronic payments. IFSC code’s structure is as follows:
Bank Code (4 digits): It is a unique code allocated to every bank.
Zero (1 digit): This is what separates the bank and branch codes.
Branch Code (6 digits): It is a unique code allocated to every branch within a bank.
All these three elements, the bank code, branch code and zero make up the IFSC code. These three are arranged in the IFSC code in the order: Bank Code, Zero and Branch Code.
This is all I know. I hope it helped in clarifying your doubt of, whether branch code and IFSC code are same.
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Hey pal,
Banking terms have always been confusing to me. Slyly, I have asked my friends ‘is branch code and IFSC code same’? This is what I learned. The branch code is the code given to each bank branch. All branches of the bank, even the same bank will have a different code.
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IFSC Meaning :IFSC of the Indian Financial System Code is a code that assists people in conducting money transfers online. The code is printed on the bank cheque books. The code identifies the bank and branch when money is transferred via bank transfer systems like NEFT, RTGS, and IMPS.
The IFSC code has 11 alphanumeric characters. The first four characters are alphabets and used to identify the bank name; the last six characters are numeric or alphanumeric and used to indicate the branch code. The fifth character in the code is zero and always remains constant for all codes.
Is IFSC and branch code same?No, the IFSC code and branch code are not the same. The bank branch code is a part of the IFSC code. The last six characters in the IFSC code define the specific branch of the bank. These six digits are the same as the branch code. IFSC code in its integrity is different as I have explained above.
Eg. UNION bank of India, the IFSC code is UBIN0530786.
The bank branch code is 530786.
I hope your doubt on ‘is branch code and IFSC code same’ has been cleared.
Read more : How many digits in IFSC code? How to find IFSC code from account number? Is SWIFT code and IFSC code same? What is the IFSC code of India Post Payment Bank How to open IPPB account online
Is branch code and IFSC code same ?
Aishwarya
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2022-09-30T22:18:54+00:00 2023-07-26T20:24:29+00:00Comment
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