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You must be wondering how banks all over the world classify themselves. It is done through the bank branch, bank sort code, and IFSC code. You can find necessary bank-related details on the face of your card or your cheque book. Keep reading to know more.
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What is bank sort code in India?It is a number assigned to each bank to determine which bank branch/ institution is handling the account. In short, the bank sort code is the number that identifies the bank and branch.
You might have noticed that the bank account number and bank sort code is numeric. If the account number is below eight digits, add leading zeros. For instance, if the bank account number is 123456, the account number you make use of is 00123456. Here, the Bank sort codes will have six digits, and be divided into three different pairs, such as 12-34-56.
If you have an international account or make frequent international transactions, you should know what bank sort code means. For the most part, I have seen the sort code given in Irish and English banks. In Ireland, SORT codes are also known as NSC or National SORT Code. They are regulated by the IPSO (Irish Payment Services Organization). In India, SORT codes are known as SWIFT codes.
I hope you can explain the bank sort code to others now.
Read more:
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What is INT in bank statement?
Is BIC and SWIFT code the same?
What is SWIFT code?
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What is bank sort code in India?
Arpit
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2 Year
2022-10-21T13:02:47+00:00 2022-10-31T09:57:29+00:00Comment
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